B. Riley to sell $25 million of $25-par notes due 2027 at 7.5% talk

By Stephanie N. Rotondo

Seattle, May 23 – B. Riley Financial Inc. is planning a $25 million offering of $25-par senior notes due May 31, 2027, the company said in a prospectus filed with the Securities and Exchange Commission on Tuesday.

Price talk is 7.5%, according to a market source.

FBR Capital Markets, B. Riley, Wunderlich Securities Inc. and Incapital LLC are the joint bookrunners. Boenning & Scattergood Inc., William Blair & Co. and Wedbush Securities are the co-managers.

There is a $3.75 million over-allotment option.

Interest will be paid on a quarterly basis. The company can redeem the issue on or after May 31, 2020 at par plus accrued interest.

The new securities will be listed on the Nasdaq Global Select Market.

The Woodland Hills, Calif.-based financial services company will use the proceeds to fund its recently announced merger with Wunderlich Investment Co. Any remaining funds will be used for general corporate purposes.

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