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B. Riley Principal to draw $115 million on ABL facility, $155 million on note-purchase facility
By Wendy Van Sickle
Columbus, Ohio, Feb. 7 – B. Riley Principal Merger Corp. plans to draw down $115 million on its new $300 million asset-based lending facility, according to an 8-K filing with the Securities and Exchange Commission.
The company had anticipated a higher drawdown, but said that it now expects the amount of cash in its trust account established in connection with the company’s initial public offering to be greater than $131 million as a result of only 1,453,762 shares, or less than 11%, of the 14,375,000 public shares of its class A common stock being submitted for redemption under a put option that expired Friday.
Holders of shares of the class A common stock included in the units sold by the company in its initial public offering were entitled to request that the company redeem all or a portion of their public shares for cash in connection with a vote to approve the company’s business combination with Livonia, Mich.-based Alta Equipment Holdings Inc.
The company also said Friday it will request an advance of $155 million under its second-lien note-purchase facility.
Both the ABL and note-purchase facility were entered on Feb. 3. The company had the option to draw either $155 million or $165 million under the note-purchase facility.
B. Riley Principal Merger is a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc., which combined with Livonia, Mich.-based Alta Equipment Holdings Inc., a provider of industrial and construction equipment and related services. The combined business will be named Alta Equipment Group Inc.
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