Ritchie Bros. Auctioneers Incorporated announced the closing of an amendment and extension of its credit agreement totaling $630 million with a syndicate of lenders comprising: multicurrency revolving facilities of up to $530 million and a delayed-draw term loan facility of up to $100 million.

Bank of America, N.A. and RBC Capital Markets served as Joint Lead Arrangers and Joint Bookrunners. Bank of America, N.A. served as Administrative Agent and the Royal Bank of Canada as Syndication Agent. The syndicate consists of 13 banks.

The maturity date of the facilities has been extended from Oct. 27, 2021 to Oct. 27, 2023. The Delayed-Draw Facility will continue to amortize in equal quarterly installments in an annual amount of 10 percent, with the balance payable at maturity. The facilities continue to be secured by the assets of the company and certain of its subsidiaries in the United States and Canada.

"We are very pleased to have closed the extension of our credit facilities at this time," said Sharon Driscoll, Chief Financial Officer of Ritchie Bros. "The extension of the credit facilities to October of 2023 complements our strong cash and working capital position and further strengthens our liquidity position and financial flexibility. 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."