Ritchie Bros. to draw on loan, revolver to fund IronPlanet purchase

By Tali Rackner

Norfolk, Va., Dec. 21 – Ritchie Bros. Auctioneers Inc. plans to use the proceeds from its delayed-draw term loan and cash on hand or available under its revolving facilities to fund the consideration payable in the previously announced acquisition of IronPlanet Holdings, Inc. and its subsidiaries, according to an 8-K filing with the Securities and Exchange Commission.

The acquisition will also be funded with the proceeds from a new $500 million senior note offering.

Ritchie Bros. is a Vancouver, B.C.-based industrial auctioneer and equipment distributor. IronPlanet is a California-based online marketplace for used heavy equipment and other durable asset sales.

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