By James McCandless
San Antonio, May 2 – B. Riley Financial, Inc. priced an upsized $87 million offering of $25-par five-year senior notes (Egan-Jones: BBB+) at par with a coupon of 6.75% on Thursday, according to an FWP filing with the Securities and Exchange Commission.
There is a $13.05 million greenshoe.
The deal was upsized from an initial $50 million.
B. Riley FBR Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Incapital LLC are the joint bookrunners.
The notes are redeemable on or after May 31, 2021 and prior to May 31, 2022 at $25.50 per note, on or after May 31, 2022 and prior to May 31, 2023 at $25.25 per note and on or after May 31, 2023 at par.
B. Riley Financial plans to use the proceeds for general corporate purposes.
The company plans to list the notes on the Nasdaq Global Market under the symbol “RILYO”.
B. Riley Financial is a Woodland Hills, Calif.-based financial services provider.
| Issuer: | B. Riley Financial
|
| Description: | Senior notes
|
| Amount: | $87 million
|
| Greenshoe: | $13.05 million
|
| Maturity: | May 31, 2024
|
| Bookrunners: | B. Riley FBR Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Incapital LLC
|
| Co-managers: | Boenning & Scattergood Inc., National Securities Corp., Wedbush Securities Inc. and William Blair & Co. LLC
|
| Coupon: | 6.75%
|
| Price: | Par of $25.00
|
| Yield: | 6.75%
|
| Call: | On or after May 31, 2021 and prior to May 31, 2022 at $25.50 per note, on or after May 31, 2022 and prior to May 31, 2023 at $25.25 per note and on or after May 31, 2023 at par
|
| Pricing date: | May 2
|
| Settlement date: | May 7
|
| Rating: | Egan-Jones: BBB+
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: RILYO
|
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