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Ritchie Bros. starts roadshow for $935 million equivalent two-part offering of senior notes
By Paul A. Harris
Portland, Ore., Dec. 6 – Ritchie Bros. started a roadshow on Monday for $935 million equivalent of senior notes (Ba3/BB), according to market sources.
The offering was set to kick off on a Monday morning global conference call with investors and is scheduled to be marketed on a roadshow through Wednesday.
Ritchie Bros. Holdings Inc. is offering $500 million of 10-year Rule 144A and Regulation S for life notes with five years of call protection, in the market with initial guidance in the low-to-mid 5% area.
Goldman Sachs is the left bookrunner. RBC and BofA are the joint bookrunners BMO, CIBC, Citizens, HSBC, MUFG, Scotia and U.S. Bancorp are the co-managers.
Ritchie Bros. Holdings Ltd. is offering C$350 million eight-year notes with three years of call protection, in the market with initial guidance in the low 5% area.
The Canadian dollar-denominated Rule 144A and Regulation S notes offering, which is formatted as a private placement in Canada, is being led by left bookrunner RBC, along with joint bookrunners Goldman Sachs and BofA. BMO, CIBC, HSBC, MUFG and Scotia are the co-managers.
The Vancouver, B.C.-based auctioneer of industrial equipment plans to use the proceeds from both tranches plus its delayed-draw term loan and cash on hand or available under its revolver to fund the acquisitions of Euro Auctions Ltd., William Keys & Sons Holdings Ltd., Equipment & Plant Services Ltd. and Equipment Sales Ltd. Remaining proceeds plus cash on hand or borrowings under existing credit facilities will be held in escrow and used to prefund accrued interest, pending completion of the acquisitions.
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