Business
Ritchie Bros. amends its credit facilities
Ritchie Bros. amends its credit facilities Canada NewsWire VANCOUVER, BC ...
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[{"type":"text","content":"\n \n \n \n Ritchie Bros. amends its credit facilities\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Dec. 12, 2022\n \n \n /CNW/ -\n \n Ritchie Bros\n \n . Auctioneers Incorporated (NYSE: RBA) (TSX: RBA), \"\n \n Ritchie Bros\n \n .\" and the \"Company\"), a global asset management and disposition company offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets, is pleased to announce the closing of an amendment to its credit agreement with a syndicate of lenders pursuant to which, among other things,\n \n Ritchie Bros\n \n . obtained:\n \n \n \n amendments to the facility to specifically permit the  previously announced proposed merger with IAA, Inc. (the \"proposed IAA merger\"), including upsizing various covenant baskets upon the closing date of the proposed IAA merger to reflect the size and needs of the combined company,\n \n \n \n \n commitments for a term loan A facility in an aggregate principal amount of up to\n \n $1.825 billion\n \n (the \"term loan A facility\") to be used to finance the proposed IAA merger, and\n \n \n \n \n the ability to borrow up to\n \n $200 million\n \n of the revolving facility on a limited conditionality basis to finance the proposed IAA merger.\n \n \n \n The amendment allowed\n \n Ritchie Bros\n \n . to permanently: (i) terminate the previously announced backstop senior secured revolving credit commitments in their entirety; and (ii) reduce the previously announced senior secured bridge facility commitments by the amount of the term loan A facility and the amount of existing term loans under\n \n Ritchie Bros\n \n .' existing credit agreement.\n \n \n \"We are very pleased to have the continued support of our lending partners with this amendment of our credit facility,\" said\n \n Eric Jacobs\n \n , Chief Financial Officer.  \"The amended facility highlights the strong support from our lenders for our business strategy and management team.  The amended credit facility is another step f...