On August 29, 2016, Ritchie Bros. Auctioneers and IronPlanet, an online marketplace for used heavy equipment and other durable asset sales, entered into an agreement under which Ritchie Bros. will acquire IronPlanet for approximately $758.5 million, subject to customary closing adjustments.

According to a related 8-K filing, on October 27, 2016, the company entered into a credit agreement with Bank of America as administrative agent, U.S. swing line lender and letter of credit issuer and Royal Bank of Canada, as Canadian swing line lender and letter of credit issuer.

Canadian Imperial Bank of Commerce, Export Development Canada, HSBC Bank Canada, National Bank of Canada, The Bank Of Tokyo-Mitsubishi, U.S. Bank, Wells Fargo Bank, Canadian Branch were co-senior managing agents.

Merrill Lynch, Pierce, Fenner & Smith and RBC Capital Markets served as joint lead arrangers and joint bookrunners.

The facility provides for multi-currency revolving facilities in an aggregate amount of up to $675 million, a delayed-draw term loan facility and together with the revolving facilities in an aggregate amount of $325 million and at the election of the company, subject to certain conditions, including receipt of related commitments, incremental term loan facilities and/or increases to the revolving facilities in an aggregate amount of up to $50 million.

The proceeds of the delayed-draw facility can be used solely to finance the transactions contemplated by the agreement and plan of merger, pursuant to which the company agreed to acquire IronPlanet Holdings.

The facilities will remain unsecured until the closing of the IronPlanet acquisition, after which the facilities will be secured by the assets of the company and certain of its subsidiaries in the U.S. and Canada.

Founded in 1999, IronPlanet complements Ritchie Bros. primarily end-user customer base, as it focuses largely on the needs of corporate accounts, equipment manufacturers, dealers and government entities in equipment disposition solutions.