B. Riley Financial Announces Pricing of $200 Million Offering of Senior Notes Due 2028

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[{"type":"text","content":"LOS ANGELES, Jan. 20, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\") today announced that on January 20, 2021 it priced 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. The offering is expected to close on January 25, 2021, subject to customary closing conditions.\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 Company has applied to list the notes on NASDAQ under the symbol \"RILYT\" 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 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 are acting 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 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\") on February 24, 2020. 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 by contacting B. Riley Securities by phone at (703) 312-9580, or by emailing [email protected].\nThis press release does not constitute an offer to sell or...

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