Funding
Badger Infrastructure Solutions Prices C$200 Million Senior Unsecured Notes Due 2033
By News Desk ·
Key takeaways
- Badger Infrastructure Solutions priced C$200 million of senior unsecured notes due 2033 at a 6.000% annual interest rate.
- TD Securities Inc. and CIBC World Markets Inc. are joint bookrunners on the private placement offering.
- Badger intends to use net proceeds to repay certain existing indebtedness and for general corporate purposes.
- The offering is expected to close on or about November 19, 2026, subject to customary closing conditions.
Badger Infrastructure Solutions Ltd. priced C$200 million in senior unsecured notes due 2033 at a 6.000% annual interest rate, the company said in a November 12, 2026 announcement. Aktien reported the pricing, with TD Securities Inc. and CIBC World Markets Inc. as joint bookrunners.
Badger's C$200 Million Note Offering
The Badger Infrastructure Solutions notes were priced at C$1,000 per C$1,000 principal amount, according to the company. The offering is being made through a syndicate of underwriters led by TD Securities Inc. and CIBC World Markets Inc., as joint bookrunners. Badger said it intends to use the net proceeds to repay certain existing indebtedness and for general corporate purposes.
The notes are being offered for sale in Canada on a private placement basis pursuant to certain prospectus exemptions. The notes have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to any U.S. persons. The offering is expected to close on or about November 19, 2026, subject to customary closing conditions.
CIBC World Markets' role follows its purchase of a new stake in NextEra Energy, buying 807,188 shares valued at approximately $70.85 million in the second quarter, American Banking and Market News reported on August 31, 2026.
Badger's Earlier C$300 Million Notes
Badger closed a C$300 million private placement of 5.375% senior unsecured notes due May 14, 2031, in May 2026, led by CIBC World Markets and TD Securities, to repay credit facility indebtedness and support its growth strategy, according to akta.pro company records. The same records show Badger announced a 2026 capital spending plan of CAD 198-230 million to build 270-310 new hydrovac units, representing 7-10% fleet growth and continued in-house manufacturing ramp at its Red Deer facility.
| Event | Amount | Rate | Maturity |
|---|---|---|---|
| May 2026 notes | C$300 million | 5.375% | May 14, 2031 |
| November 2026 notes | C$200 million | 6.000% | 2033 |
Badger's Record Third Quarter
Badger reported record third-quarter 2026 revenue of $286.5 million, up 21% year-over-year, and adjusted EBITDA of $83.4 million, up 25%, Aktien reported on November 5, 2026. The company also approved a quarterly cash dividend of CAD$0.195 per share for the fourth fiscal quarter.
On July 30, 2026, Newsfile reported that Badger's second-quarter 2026 revenue was $257.1 million, up 23% year-over-year, and adjusted EBITDA was $66.1 million, up 25% year-over-year, both reaching record levels.
Badger's November 19 Closing Date
The offering is expected to close on or about November 19, 2026, subject to customary closing conditions, the company said.