Business
B. Riley Financial Announces Pricing of $115 Million Offering of Senior Notes due 2025
LOS ANGELES, Feb. 10, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced that on February 10, 2020 it
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"LOS ANGELES, Feb. 10, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\") today announced that on February 10, 2020 it priced an underwritten registered public offering of $115 million aggregate principal amount of 6.375% Senior Notes due 2025. The Company has granted the underwriters a 30-day option to purchase up to an additional $17.25 million aggregate principal amount of notes in connection with the offering solely to cover overallotments. The offering is expected to close on February 12, 2020, subject to customary closing conditions. \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 Company has applied to list the notes on NASDAQ under the symbol \"RILYM\" and expects the notes to begin trading within 30 business days of the closing date of this offering, if approved.\nThe Company expects to use 20% of the net proceeds of this offering to redeem a portion of its existing 7.50% Senior Notes due 2027 (once these notes are subject to optional redemption, on or after May 31, 2020) 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 FBR, Ladenburg Thalmann, Incapital and William Blair & Company, LLC are acting as book-running managers for this offering. Boenning & Scattergood and Wedbush Securities are acting as co-managers. \nThe 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. \nCopies 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 [email protected]. \nThis 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...