secwatch.observer — SEC 8-K summary
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Issuer:     RB GLOBAL INC. (RBA)
CIK:        0001046102
Form:       8-K
Filed at:   2023-02-01T23:59:59+00:00
Accession:  0001104659-23-009288
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 3.02, 3.03, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ritchie Bros. closes $500M private placement with Starboard Value; issues $485M convertible preferred shares
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- Closed PIPE transaction with Starboard Value: $485M Series A Senior Preferred Shares ($1.00 each) and 251,163 common shares at $59.722 per share ($15M total).
- Preferred shares carry 5.5% annual dividend (quarterly), rising to 7.5% after 4 years and to SOFR+600bps (floor 10.5%) after 9 years.
- Initial conversion rate: 0.0136986 common shares per $1 of face amount; maximum conversion rate including make-whole is 0.0167442.
- Company may redeem shares at 102% of face plus accrued dividends if the IAA merger is terminated, and at 100% after increased dividend demand or after 9 years.
- Starboard gets customary registration rights for the purchasable shares; Preferred shares rank senior to common and junior to existing debt.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1046102/000110465923009288/0001104659-23-009288-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1046102/000110465923009288/tm235162d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-009288

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