RBA - Ritchie Bros. initiates senior notes offering for partially funding IAA merger
- Ritchie Bros. Auctioneers ( NYSE: RBA ) initiates an offering for ~$550M principal amount of senior secured notes due 2028 and $800M principal amount of senior notes due 2031.
- Net proceeds along with proceeds from its term loan A facility and cash from its balance sheet will be used for funding the cash portion of the consideration payable in the earlier announced merger with IAA and its subsidiaries, refinance IAA's existing indebtedness, repay or refinance all of Ritchie Bros.' indebtedness.
- Gross proceeds from the offering will be held in an escrow account pending the merger closure.
For further details see:
Ritchie Bros. initiates senior notes offering for partially funding IAA merger