RBA - Ritchie Bros. announces amendments to credit facility

• Ritchie Bros. Auctioneers ( NYSE: RBA ) has amended its credit agreement with a syndicate of lenders.
• The asset management and disposition company obtained amendments to the facility to specifically permit the previously announced proposed merger with IAA, including upsizing various covenant baskets upon the closing date of the deal reflect the size and needs of the combined company.
• Additionally, the firm obtained commitments for a term loan A facility in an aggregate principal amount of up to $1.825B and the ability to borrow up to $200M of the revolving facility on a limited conditionality basis - both to be used to fund the proposed merger.
• The amendment allowed Ritchie Bros. ( RBA ) 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 Ritchie Bros.' existing credit agreement.

For further details see: