Business
B. Riley Financial Announces Exercise of Underwriters' Option in Connection with its 5.00% Senior Notes Offering due 2026
LOS ANGELES, Dec. 13, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley Financial" or "the Company"), a diversified provider of business
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"LOS ANGELES, Dec. 13, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley Financial\" or \"the Company\"), a diversified provider of business advisory and financial services, today announced it has sold approximately $22.7 million in an additional aggregate principal amount of its 5.00% Senior Notes due 2026 (the \"Notes\") pursuant to the partial exercise of the underwriters' option in connection with the Company's previously closed public offering of $300 million aggregate principal amount of Notes.\n\n \n \n \n \n \n \n\n \nTogether with the closing of the partial exercise of the underwriters' option, total net proceeds to the Company were approximately $312.5 million, after deducting underwriting discounts and commissions, but before expenses.\nTrading of the Notes commenced on December 6, 2021 on the Nasdaq Global Market under the ticker symbol \"RILYG.\"\nThe Company intends to use the net proceeds from the offering for general corporate purposes, including funding future acquisitions and investments, repaying and/or refinancing indebtedness (which may, at the Company's option, include redeeming all or a portion of its existing 6.75% Senior Notes due 2024), making loans and/or providing guaranty or backstop commitments to its clients in the ordinary course of business, making capital expenditures and funding working capital.\nB. Riley Securities, Janney Montgomery Scott, Oppenheimer & Co., Ladenburg Thalmann, William Blair and InspereX acted as book-running managers for this offering. EF Hutton, division of Benchmark Investments, LLC, acted as lead manager for this offering. Aegis Capital Corp., Boenning & Scattergood, Brownstone Investment Group, Colliers Securities LLC, Huntington Capital Markets, 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-3ASR, which was automatically effective upon filing with the Securities and Exchange Commission (the \"SEC\") on January 28, 2021. The offering of these Notes was made only by means of a prospectus supplement and accompanying base prospectus, which was filed with the SEC. Copies of the prospectus supplement and the accompanying base pro...