BofA and RBC Amend and Extend $1.045B Credit Agreement for Ritchie Bros.



Ritchie Bros. closed an amendment and extension of its credit agreement totaling $1.045 billion with a syndicate of lenders. The amended and extended credit agreement includes multicurrency revolving facilities of up to $750 million and a delayed draw term loan facility of up to $295 million.

The maturity date of the facilities was extended from Oct. 27, 2023, to Sept. 21, 2026. Drawn amounts under the delayed-draw facility will amortize in equal quarterly installments in an annual amount of 5%, with the balance payable at maturity. The facilities continue to be secured by the assets of Ritchie Bros. and certain of its subsidiaries in the United States and Canada.

BofA Securities and RBC Capital Markets served as joint lead arrangers and joint bookrunners for the facilities, while Bank of America served as administrative agent and the Royal Bank of Canada served as syndication agent.

“We are very pleased with the interest the banks expressed in participating in the extension and upsize of our syndicated credit facilities,” Sharon Driscoll, CFO of Ritchie Bros., said. “The upsized debt arrangement provides us with increased financial flexibility relative to the previous debt arrangement and will help us achieve future growth initiatives, including our previously announced acquisition of Euro Auctions. Ritchie Bros.’ strong cash flow profile will assist with de-levering of our balance sheet following the acquisition of Euro Auctions. We would like to thank our syndicate of banking partners for their support and demonstrating their confidence in our business, especially during these uncertain times.”


Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
terry.mulreany@monitordaily.com
Susie Angelucci
Advertising: 484.459.3016
susie.angelucci@monitordaily.com

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com