By James McCandless
San Antonio, May 14 – B. Riley Financial, Inc. priced an upsized $87 million of senior notes due 2023 at par of $25 on Monday to yield 7.375%, according to a market source.
Talk was originally for a $50 million deal size with a 7.25% to 7.375% yield range.
B. Riley FBR, Ladenburg Thalmann and Incapital are the joint bookrunners.
There is an over-allotment option for $13.05 million, up from talk of $7.5 million.
The notes will be callable after two years at $25.50 per note, declining to $25.25 after three years and par after four years.
B. Riley Financial plans to use the proceeds for general corporate purposes and to fund a portion of its acquisition of magicJack VocalTec Ltd., an Israel-based VoIP provider.
The company intends to list the notes on the NASDAQ under the symbol “RILYH.”
B. Riley Financial is a Woodland Hills, Calif.-based asset management company.
| Issuer: | B. Riley Financial, Inc.
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| Issue: | $25-par senior notes
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| Amount: | $87 million
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| Greenshoe: | $13.05 million
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| Maturity: | May 31, 2023
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| Dividend: | 7.375%
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| Price: | Par of $25.00
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| Yield: | 7.375%
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| Call option: | Two years at $25.50 per note, stepping down to $25.25 after three years and par after four years
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| Bookrunners: | B. Riley FBR, Ladenburg Thalmann and Incapital
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| Co-managers: | Boenning & Scattergood, Inc., Wedbush Securities Inc., William Blair & Co., LLC
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| Ratings: | Egan-Jones Rating Co.: A-
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| Expected listing: | NASDAQ: RILYH
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| Pricing date: | May 14
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| Settlement date: | May 17
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