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Ritchie Bros. Announces Senior Notes Offering to Partially Fund IAA Merger
Ritchie Bros. Announces Senior Notes Offering to Partially Fund IAA Merger Canada NewsW...
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[{"type":"text","content":"\n \n \n \n Ritchie Bros. Announces 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.prnsbbb1{\nBORDER-BOTTOM:black 1pt\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prnvat{\nVERTICAL-ALIGN: TOP\n}\n.prnsblb1{\nBORDER-LEFT:black 1pt\n}\n.prnsbtb1{\nBORDER-TOP:black 1pt\n}\n.prnpr2{\nPADDING-RIGHT:0.17em\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n.prnrbrb1{\nBORDER-RIGHT:black 1pt\n}\n.prnpl2{\nPADDING-LEFT:0.17em\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\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 Feb. 28, 2023\n \n \n /CNW/ - Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA), (\"Ritchie Bros.,\" the \"Company,\" \"we,\" \"us\" or \"our\"), today announced that Ritchie Bros. Holdings Inc., a\n \n Washington\n \n corporation and wholly-owned subsidiary of Ritchie Bros. (the \"Issuer\"), intends to commence an offering for approximately (a)\n \n $550 million\n \n aggregate principal amount of senior secured notes due 2028 and (b)\n \n $800 million\n \n aggregate principal amount of senior notes due 2031 (collectively, the \"Notes\"), subject to market conditions.\n \n \n Ritchie Bros. intends to use the net proceeds from the offering of the Notes, together with proceeds from its term loan A facility and cash from its balance sheet, to fund the cash portion of the consideration payable in the previously announced merger with IAA, Inc. and its subsidiaries (\"IAA\" and such transaction, the \"Merger\"), refinance IAA's existing indebtedness, repay or refinance all of Ritchie Bros.' indebtedness, including Ritchie Bros.' existing 5.375% Senior Notes due 2025 (the \"existing 2025 notes\"), pay a one-time, special cash dividend to Ritchie Bros.' shareholders\n \n 1\n \n and pay related fees and expenses. This news release does not constitute a notice of redemption of the existing 2025 notes. The gross proceeds from the offering will be held in an escr...