By Stephanie N. Rotondo
Seattle, May 23 – B. Riley Financial Inc. sold an upsized $52.5 million of 7.5% $25-par senior notes due May 31, 2027 at par on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The issue, which was increased from a planned $25 million, was talked at 7.5%.
There is a $7,875,000 greenshoe.
FBR Capital Markets, B. Riley, Wunderlich Securities Inc. and Incapital LLC are the joint bookrunners.
Interest will be payable 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 under the symbol “RILYZ.”
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.
| Issuer: | B. Riley Financial Inc.
|
| Securities: | Senior notes
|
| Amount: | $52.5 million
|
| Greenshoe: | $7,875,000
|
| Maturity: | May 31, 2027
|
| Bookrunners: | FBR Capital Markets, B. Riley, Wunderlich Securities Inc. and Incapital LLC
|
| Co-managers: | Boenning & Scattergood Inc., William Blair & Co. and Wedbush Securities
|
| Coupon: | 7.5%
|
| Price: | Par of $25
|
| Yield: | 7.5%
|
| Talk: | 7.5%
|
| Call options: | On or after May 31, 2020 at par plus accrued interest
|
| Pricing date; | May 23
|
| Settlement date: | May 31
|
| Distribution: | SEC registered
|
| Expected listing: | Nasdaq: RILYZ
|
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