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Badger Daylighting Ltd. Announces Increase and Extension to Credit Facility

GlobeNewswire - Tue Oct 1, 5:00PM CDT

Badger Daylighting Ltd. ("Badger") is pleased to announce that its wholly-owned subsidiaries, Badger Daylighting Limited Partnership and Badger Daylighting Corp., have increased their senior secured credit facility (the "Credit Facility") with a group of five lenders from $145.0 million to $300.0 million, with The Toronto-Dominion Bank as Sole Bookrunner, Co-Lead Arranger and Administrative Agent, and Canadian Imperial Bank of Commerce as Co-Lead Arranger and Syndication Agent. The term of the Credit Facility has been extended from four years to five years, with a maturity date of September 30, 2024. The Credit Facility maintains an accordion feature which could provide an additional $150.0 million of credit capacity. Financial covenants and drawn pricing are consistent with the previous credit facility, with the exception of the Total Debt to EBITDA covenant, which has been increased from 2.75:1 to 4.0:1.

The extension of the Credit Facility has no impact on Badger's existing US$75.0 million of senior secured notes, including the financial covenant ratios and the maturity dates. Amortizing principal repayments of US$25.0 million for the senior secured notes are due on January 24, 2020, 2021 and 2022.

"We are pleased to have completed the increase and extension of the credit facility with strong support from our lenders. With the extension of the Credit Facility, Badger will enhance its financial flexibility to operate the business over the long-term ensuring the required capital to support existing and future growth in working capital requirements and capital expenditures in addition to the management of future debt maturities," said Darren Yaworsky, Vice President, Finance and Chief Financial Officer.

About Badger Daylighting Ltd.

Badger Daylighting Ltd. (TSX:BAD.TO) is North America's largest provider of non-destructive excavating services. Badger traditionally works for contractors and facility owners in a broad range of infrastructure industries. Badger's key technology is the Badger Hydrovac, which is used primarily for safe digging in congested grounds and challenging conditions. The Badger Hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger manufactures its truck-mounted hydrovac units.

Non-IFRS Financial Measures

This press release contains references to certain financial measures, including some that do not have any standardized meaning prescribed by IFRS and that may not be comparable to similar measures presented by other companies or entities. These financial measures are identified and defined below. See Badger's second quarter 2019 management's discussion and analysis for detailed reconciliations of Non-IFRS financial measures as at June 30, 2019.

"EBITDA" is earnings before interest, taxes, depreciation, amortization, calculated on a 12-month trailing basis, and is used by Badger to calculate compliance with its debt covenants and other credit information.

"Total Debt" consists of long-term debt and lease liabilities, including the current portion thereof, and issued letters of credit, less up to a maximum of $50.0 million in cash on deposit. Total Debt is used by Badger to calculate compliance with its debt covenants and other credit information.

For further information:

Paul Vanderberg, President and Chief Executive Officer

Darren Yaworsky, Vice President, Finance and Chief Financial Officer

Jay Bachman, Vice President, Financial Operations and Investor Relations

Badger Corporate Office

ATCO Centre â?¡

Suite 400, 919 - 11th Avenue SW

Calgary, Alberta T2R 1P3

Telephone (403) 264-8500

Fax (403) 228-9773

Source: Badger Daylighting Ltd.

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