US$530 million revolving credit score facility to help working cash circulation wants and better enterprise volumes
US$100 million delayed-draw time period loan that was used to fund a portion of the acquisition of IronPlanet in May 2017
Maturity date prolonged to October 27, 2023
Syndicate consists of 13 banks
VANCOUVER, BC, Aug. 17, 2020 /CNW/ – Ritchie Bros. Auctioneers Included (NYSE: RBA) (TSX: RBA) “Ritchie Bros.” and the “Firm”), the world’s largest industrial auctioneer and a number one gear distributor, is happy to announce the closing of an modification and extension of its credit score settlement totaling US$630 million with a syndicate of lenders comprising:
(1) Multicurrency revolving services of as much as US$530 Million (the “Revolving Amenities”), and,
(2) A delayed-draw time period loan facility of as much as US$100 Million (the “Delayed-Draw Facility” and along with the Revolving Amenities, the “Amenities”).
The maturity date of the Amenities has been prolonged from October 27, 2021 to October 27, 2023. The Delayed-Draw Facility will proceed to amortize in equal quarterly installments in an annual quantity of 10%, with the steadiness payable at maturity. The Amenities proceed to be secured by the belongings of the Firm and sure of its subsidiaries in the USA and Canada.
“We’re more than happy to have closed the extension of our credit score services at the moment,” mentioned Sharon Driscoll, Chief Monetary Officer of Ritchie Bros. “The extension of the credit score services to October of 2023 enhances our sturdy cash and dealing capital place and additional strengthens our liquidity place and monetary flexibility. We wish to thank our syndicate of banking companions for his or her help and demonstrating their confidence in our enterprise, particularly throughout these unsure instances.”
Bank of America, N.A. and RBC Capital Markets served as Joint Lead Arrangers and Joint Bookrunners. Bank of America, N.A. served as Administrative Agent and the Royal Bank of Canada as Syndication Agent.
About Ritchie Bros.:
Established in 1958, Ritchie Bros. (NYSE andTSX: RBA) is a world asset administration and disposition Firm, providing prospects end-to-end options for purchasing and promoting used heavy gear, vehicles and different belongings. Working in various sectors, together with development, transportation, agriculture, power, oil and gasoline, mining, and forestry, the Firm’s promoting channels embrace: Ritchie Bros. Auctioneers, the world’s largest industrial auctioneer provides dwell public sale occasions with on-line bidding; IronPlanet, a web based market with featured weekly auctions and offering the unique IronClad Assurance® gear situation certification; Market-E, a managed market providing a number of price and timing choices; Mascus, a number one European on-line gear itemizing service; and Ritchie Bros. Personal Treaty, providing privately negotiated gross sales. The Firm’s suite of multichannel gross sales options additionally consists of RB Asset Options, an entire end-to-end asset administration and disposition system. Ritchie Bros. additionally provides sector-specific options together with GovPlanet, TruckPlanet, and Kruse Power Auctioneers, plus gear financing and leasing by means of Ritchie Bros. Monetary Providers. For extra details about Ritchie Bros., go to RitchieBros.com.
SOURCE Ritchie Bros. Auctioneers
For additional data: For investor inquiries, please contact: Zaheed Mawani | Vice President, Investor Relations, Telephone: 1.778.331.5219 | E-mail: [email protected] Associated Hyperlinks http://www.rbauction.com