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B. Riley Financial Announces Closing of $200 Million Offering of Senior Notes Due 2028
LOS ANGELES, Jan. 25, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced that it has closed an
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"LOS ANGELES, Jan. 25, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\") today announced that it has closed an underwritten registered public offering of $200 million aggregate principal amount of 6.00% senior notes due 2028. The Company has granted the underwriters a 30-day option to purchase up to an additional $30 million aggregate principal amount of senior notes in connection with the offering.\n\n \n \n \n \n \n \n\n \nB. Riley Financial and this issuance of notes both received an investment grade rating of BBB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The notes are expected to begin trading on NASDAQ under the symbol \"RILYT\" following the closing date of this offering.\nThe offering resulted in net proceeds of approximately $193.7 million after deducting underwriting discounts and commissions, but before expenses. The Company expects to use the net proceeds in excess of $50 million from the sale of the notes for the redemption of all or a portion of its existing 7.50% Senior Notes due 2027 as soon as practicable and the remaining net proceeds for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness, making capital expenditures and funding working capital.\nB. Riley Securities, Ladenburg Thalmann, National Securities Corporation, William Blair and Incapital acted as book-running managers for this offering. Aegis Capital Corp., Boenning & Scattergood, Huntington Capital Markets, Kingswood Capital Markets, division of Benchmark Investments, Inc., Newbridge Securities Corporation and Wedbush Securities acted as co-managers.\nThe NBD Group acted as legal counsel to the Company. Duane Morris LLP acted as legal counsel to the underwriters.\nThe notes were offered under the Company's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (\"SEC\") on February 24, 2020. The offering of these notes was made only by means of a prospectus supplement and accompanying base prospectus, which was filed with the SEC. \nCopies of the prospectus supplement and the accompanying base prospectus may be obtained on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by phone at (703) 312-9580, or by emailing [email protected]. \...