B. Riley Financial Announces Offering of $150 Million Senior Notes Due 2028 and "BBB+" Rating from Egan-Jones
LOS ANGELES, July 30, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced it has commenced an underwritten registered public offering of $150 million aggregate principal amount of senior notes due 2028, subject to market and certain other conditions. The Company expects to grant the underwriters a 30-day option to purchase additional senior notes in connection with the offering.
B. Riley Financial and this issuance of notes both received an investment grade rating of BBB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.
The Company expects to use the net proceeds from the sale of the notes for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness (which may, at the Company's option, include redeeming all or a portion of our existing 7.375% Senior Notes due 2023), making capital expenditures and funding working capital.
B. Riley Securities, Janney Montgomery Scott, Ladenburg Thalmann and William Blair 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, Huntington Capital Markets, InspereX, Maxim Group LLC, Newbridge Securities Corporation and Wedbush Securities are acting as co-managers.
The 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 ("SEC") on January 28, 2021. The offering of these notes will be made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the SEC.
Copies of the prospectus supplement and the accompanying base prospectus may be obtaned on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by phone at (703) 312-9580, or by emailing firstname.lastname@example.org
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About B. Riley Financial
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SOURCE B. Riley Financial
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