B. Riley greenshoe ups 6.375% five-year notes to $132.25 million

By Wendy Van Sickle

Columbus, Ohio, Feb. 12 – Underwriters for B. Riley Financial, Inc.’s 6.375% $25-par five-year senior notes (Egan-Jones: BBB+) fully exercised their $17.25 million greenshoe, increasing the total issue size to $132.25 million, according to a press release on Wednesday.

The company priced an upsized $115 million of the notes on Monday, as previously reported.

The deal was upsized from an initial $50 million.

B. Riley FBR, Inc., Ladenburg Thalmann & Co. Inc., Incapital LLC and William Blair & Co., LLC are the joint bookrunners.

The notes are redeemable on or after Feb. 28, 2021 and prior to Feb. 28, 2022 at $25.75, on or after Feb. 28, 2022 and prior to Feb. 28, 2023 at $25.50, on or after Feb. 28, 2023 and prior to Feb. 29, 2024 at $25.25 or on or after Feb. 29, 2024 at par.

B. Riley plans to use the proceeds for the redemption of a portion of its existing 7.5% notes due 2027 and for general corporate purposes, including funding future acquisitions and investments, repaying debt, making capital expenditures and funding working capital.

The company plans to list the notes on the Nasdaq under the symbol “RILYM.”

B. Riley is a Woodland Hills, Calif.-based financial services company.

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