Business
B. Riley Financial Closes Offering of $115 Million Senior Notes due 2026 including Full Exercise of Overallotment Option
LOS ANGELES, Sept. 23, 2019 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") announced today that it has closed an
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"LOS ANGELES, Sept. 23, 2019 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\") announced today that it has closed an underwritten registered public offering of 6.50% Senior Notes due 2026 in an aggregate principal amount of $115 million, which included $15 million of notes issued pursuant to the full exercise by the underwriters of their overallotment option. The Company 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 will be listed on NASDAQ under the symbol \"RILYN\" and are expected to begin trading within 30 business days of the closing date of this offering.\n\n \nThe offering resulted in net proceeds of approximately $111.4 million after deducting underwriting discounts and commissions, but before expenses. The Company expects to use the net proceeds of this offering for the full redemption of the Company's existing 7.50% Senior Notes due 2021 and for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness, making capital expenditures and funding working capital.\nB. Riley FBR, Janney Montgomery Scott, Ladenburg Thalmann and Incapital acted as book-running managers for this offering. Wedbush Securities, William Blair and Boenning & Scattergood acted as co-managers.\nThe NBD Group acted as legal counsel to the Company. Duane Morris 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). 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 from the offices of B. Riley FBR at 1300 North 17th Street, Suite 1400, Arlington, VA 22209, 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 which such offer, solicitation or sale would not be permitted.\nAbout B. Riley Financial, I...