B. Riley prices $70 million $25-par notes; Bank of Montreal eyes deal; preferreds gain

By Cristal Cody

Tupelo, Miss., Dec. 6 – B. Riley Financial Inc. sold $70 million of 7.25% $25-par senior notes due Dec. 31, 2027 on Wednesday, according to an FWP filed with the Securities and Exchange Commission.

In other market action, Bank of Montreal held fixed-income investor calls on Wednesday for an offering of dollar-denominated fixed-to-floating rate subordinated notes due 2032, according to a market source and an 424B5 filed with the SEC.

Interest will accrue at a fixed rate initially and then at a rate based on mid-swaps.

BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. and UBS Securities LLC are the bookrunners.

Preferred stocks, soft at the market open, improved over the day.

The Wells Fargo Hybrid and Preferred Securities index climbed 12 basis points.

The U.S. iShares Preferred Stock ETF headed out up 8 bps.

B. Riley Financial sold $70 million of 7.25% $25-par senior notes due Dec. 31, 2027 (Egan-Jones: A-) on Wednesday, according to an FWP filed with the SEC.

There is a $10.5 million over-allotment option.

B. Riley FBR, Inc., Incapital LLC and Ladenburg Thalmann & Co. Inc. were the bookrunners.

The new securities will be listed on the Nasdaq exchange under the symbol “RILYG.”

Proceeds will be used for general corporate purposes.

B. Riley is a Los Angeles-based diversified financial services company.

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