Ritchie Bros. amends its credit facilities

Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA), "Ritchie Bros." and the "Company"), a global asset management and disposition company offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets, is pleased to announce the closing of an amendment to its credit agreement with a syndicate of lenders pursuant to which, among other things, Ritchie Bros. obtained:

amendments to the facility to specifically permit the  previously announced proposed merger with IAA, Inc. (the "proposed IAA merger"), including upsizing various covenant baskets upon the closing date of the proposed IAA merger to reflect the size and needs of the combined company,

commitments for a term loan A facility in an aggregate principal amount of up to $1.825 billion (the "term loan A facility") to be used to finance the proposed IAA merger, and

the ability to borrow up to $200 million of the revolving facility on a limited conditionality basis to finance the proposed IAA merger.