B. Riley Financial Prices $150 Million Offering of Senior Notes Due 2026

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[{"type":"text","content":"LOS ANGELES, March 24, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\") today announced that it has priced an underwritten registered public offering of $150 million aggregate principal amount of 5.50% senior notes due 2026. The Company has granted the underwriters a 30-day option to purchase up to an additional $22.5 million aggregate principal amount of senior notes in connection with the offering. The offering is expected to close on March 29, 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 \"RILYK\" 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 $100 million from the sale of the notes for the redemption of all or a portion of its existing 7.25% 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, Incapital, Ladenburg Thalmann, National Securities Corporation and William Blair 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-3ASR, which was automatically effective upon filing with the Securities and Exchange Commission (\"SEC\") on January 28, 2021. 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 shall not constitute an offer t...

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