B. Riley Financial Announces Pricing of $100 Million Offering of Senior Notes due 2026
B. Riley Financial Announces Pricing of $100 Million Offering of Senior Notes due 2026 |
[18-September-2019] |
LOS ANGELES, Sept. 18, 2019 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced that on September 18, 2019 it priced an underwritten registered public offering of $100 million aggregate principal amount of 6.50% Senior Notes due 2026. The Company has granted the underwriters a 30-day option to purchase up to an additional $15 million aggregate principal amount of notes in connection with the offering solely to cover overallotments. The offering is expected to close on September 23, 2019, subject to customary closing conditions.
The Company and this issuance of notes both received an investment grade rating of BBB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The Company has applied to list the notes on NASDAQ under the symbol "RILYN" and expects the notes to begin trading within 30 business days of the closing date of this offering, if approved. The Company expects to use the net proceeds of this offering to redeem all or a portion of the Company's existing 7.50% Senior Notes due 2021 and for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness, making capital expenditures and funding working capital. B. Riley FBR, Janney Montgomery Scott, Ladenburg Thalmann and Incapital are acting as book-running managers for this offering. Wedbush Securities, William Blair and Boenning & Scattergood are acting as co-managers. The notes will be offered under the Company's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (SEC). The offering of these notes will be made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus may be obtained on the SEC's website at www.sec.gov, or from the offices of B. Riley FBR at 1300 North 17th Street, Suite 1400, Arlington, VA 22209 or by calling (703) 312-9580 or by emailing prospectuses@brileyfbr.com. This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would not be permitted. About B. Riley Financial, Inc. (NASDAQ:RILY) Forward-Looking Statements Investor Contact Media Contact
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Company Codes: NASDAQ-NMS:RILY |
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