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B. Riley Financial Announces Offering of $150 Million Senior Notes Due 2026
LOS ANGELES, Nov. 29, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley Financial" or "the Company"), a diversified provider of business
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[{"type":"text","content":"LOS ANGELES, Nov. 29, 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 commenced an underwritten registered public offering of $150 million aggregate principal amount of Senior Notes due 2026 (the \"Notes\"), subject to market and certain other conditions. The Company expects to grant the underwriters a 30-day option to purchase additional Notes in connection with the offering.\n\n \n \n \n \n \n \n\n \nB. Riley Financial and this issuance of Notes each received a BBB+ rating from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.\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.\nIn connection with the offering, the Company has applied to list the Notes on the Nasdaq Global Market under the ticker symbol \"RILYG.\"\nB. Riley Securities, Janney Montgomery Scott, Oppenheimer & Co., Ladenburg Thalmann, William Blair and InspereX are acting as book-running managers for this offering. EF Hutton, division of Benchmark Investments, LLC is acting as lead manager for this offering. Aegis Capital Corp., Boenning & Scattergood, Brownstone Investment Group, Colliers Securities LLC, Huntington Capital Markets, Newbridge Securities and Wedbush Securities are acting as co-managers.\nThe Notes will be 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 is being made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the SEC and be made available on the SEC's website at www.sec.gov. Copies of the prospectus supplement and the accompanying base prospectus, when available, may be obtained from B. Riley Securities by calling (703) 312-9580 or emailing pros...