Ritchie Bros. Holdings Inc. closes senior notes offerings to partially fund IAA Merger
On March 15, 2023, Ritchie Bros. Auctioneers Incorporated ("Ritchie Bros."), through its subsidiary Ritchie Bros. Holdings Inc., closed the issuance of (a) US$550 million 6.750% senior secured notes due March 15, 2028 and (b) US$800 million aggregate principal amount of 7.750% senior notes due March 15, 2031.
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.
Ritchie Bros. is the world's largest industrial auctioneer of used equipment for the construction, transportation, agriculture, material handling, energy, mining, forestry, marine and other industries. The company is based in Burnaby, British Columbia.
McCarthy Tétrault LLP advised Ritchie Bros. with a team led by David Frost and Andrew Parker that included Glynnis Morgan, Simran Choongh (Corporate, Securities), Liezl Behm, Francois Dupuis, and Xinya Wang (Financial Services), Kim Brown, Jeremy Ho, Randy Schwartz and Simon Douville (Tax).
