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Moody's assigns Ba3 Ritchie Bros. notes
Moody's Investors Service said it assigned a Ba3 rating to the planned offering of about the equivalent of about $935 million of unsecured notes by Ritchie Bros. Holdings Inc. and Ritchie Bros. Holdings Ltd.
All the Ritchie Bros. Auctioneers Inc. ratings, including its Ba2 corporate family rating, Ba2-PD probability of default rating and Ba3 senior unsecured rating remain unchanged. Moody's also assigned new negative outlooks for Ritchie Bros. Holdings Inc. and Ritchie Bros. Holdings Ltd. The outlook for RBA remains negative.
The proceeds and around $205 million from the company's senior secured credit facility, will be used to finance the £775 million acquisition of unrated Euro Auctions and the related transaction expenses.
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