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B. Riley Financial Prices $300 Million Offering of Senior Notes Due 2026
LOS ANGELES, Dec. 1, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley Financial" or "the Company"), a diversified provider of business
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"LOS ANGELES, Dec. 1, 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 priced an underwritten registered public offering of $300 million aggregate principal amount of 5.00% Senior Notes due 2026 (the \"Notes\"). The Company has granted the underwriters a 30-day option to purchase up to an additional $45 million aggregate principal amount of Notes in connection with the offering. The offering is expected to close on December 3, 2021, subject to customary closing conditions.\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. The Company has applied to list the Notes on the Nasdaq Global Market under the ticker symbol \"RILYG\" and expects the Notes to begin trading following the closing date of this offering.\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.\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 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 (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 p...