Business
Ritchie Bros. Announces Closing of Senior Notes Offering to Partially Fund IAA Merger
Ritchie Bros. Announces Closing of Senior Notes Offering to Partially Fund IAA Merger C...
About this update from Rb Global, Inc.
[{"type":"text","content":"\n \n \n \n Ritchie Bros. Announces Closing of Senior Notes Offering to Partially Fund IAA Merger\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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\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 March 15, 2023\n \n \n /CNW/ -\n \n Ritchie Bros\n \n . Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) (\"\n \n Ritchie Bros\n \n .,\" the \"Company,\" \"we,\" \"us\" or \"our\"), today announced that its subsidiary,\n \n Ritchie Bros\n \n . Holdings Inc. (the \"Issuer\"), has closed an offering of (a)\n \n $550 million\n \n aggregate principal amount of 6.750% senior secured notes due\n \n March 15, 2028\n \n (the \"Secured Notes\") and (b)\n \n $800 million\n \n aggregate principal amount of 7.750% senior notes due\n \n March 15, 2031\n \n (the \"Unsecured Notes\" and collectively with the Secured Notes, the \"Notes\").\n \n \n The Notes are the senior secured obligations of the Issuer, secured only by the amounts deposited in the applicable escrow account. Upon consummation of the Merger (as defined below), each series of Notes will be, jointly and severally, fully and unconditionally guaranteed, on a senior unsecured basis, in the case of the Unsecured Notes, and on a senior secured basis, in the case of the Secured Notes, by the Company and each of the Company's subsidiaries (other than the Issuer) that is a borrower, or guarantees indebtedness, under the Company's credit agreement or certain capital markets indebtedness, including the other series of Notes. The Secured Notes and the Unsecured Notes bear interest at a rate equal to 6.750% and 7.750% per year, respectively, payable semiannually in arrears on\n \n March 15\n \n and\n \n September 15\n \n of each year, beginning on\n \n September 15, 2023\n \n , and mature on\n \n March 15, 2028\n \n and\n \n Marc...