By Cady Vishniac
Detroit, Jan. 21 – B. Riley Financial, Inc. priced an upsized $200 million issue of 6% senior notes due Jan. 31, 2028 at par of $25 (Egan-Jones: BBB+), according to a press release and FWP filing with the Securities and Exchange Commission.
The company announced on Wednesday its plans to price an offering of $100 million of the notes, as previously reported.
The notes will be redeemable at a price of $25.75 per note beginning on Jan. 31, 2022. The redemption price will be $25.50 beginning on Jan. 31, 2023, $25.25 beginning on Jan. 31, 2024 and par beginning on Jan. 31, 2025.
Bookrunning managers are B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc., National Securities Corp., Incapital LLC and William Blair & Co. LLC.
The notes carry a $30 million greenshoe.
B. Riley anticipates net proceeds in excess of $50 million, which it will use to redeem its 7.5% notes due 2027. The remaining net proceeds will be used for general corporate purposes, including funding future acquisitions and investments, repaying debt, making capital expenditures and funding working capital.
The company intends to list the notes on the Nasdaq as “RILYT” within 30 days of the issue date.
B. Riley is a Los Angeles-based financial services company.
| Issuer: | B. Riley Financial, Inc.
|
| Description: | Senior notes
|
| Amount: | $200 million
|
| Greenshoe: | $30 million
|
| Maturity: | Jan. 31, 2028
|
| Bookrunners: | B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc., National Securities Corp., Incapital LLC and William Blair & Co., LLC
|
| Co-managers: | Aegis Capital Corp., Boenning & Scattergood, Huntington Capital Markets, Newbridge Securities Corp., Kingswood Capital Markets, division of Benchmark Investments, Inc. and Wedbush Securities Inc.
|
| Coupon: | 6%
|
| Price: | Par of $25.00
|
| Yield: | 6%
|
| Call: | At $25.75 after one year; $25.50 after two years; $25.25 after three years; par after four years
|
| Pricing date: | Jan. 20
|
| Settlement date: | Jan. 25
|
| Rating: | Egan-Jones: BBB+
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: RILYT
|
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