By James McCandless
San Antonio, Sept. 18 – B. Riley Financial, Inc. priced an upsized $100 million offering of $25-par seven-year senior notes (BBB+) with a coupon of 6.5%, according to an FWP filing with the Securities and Exchange Commission.
There is a $15 million greenshoe.
The deal, announced Wednesday morning, was upsized from an initial $50 million.
Bookrunners were B. Riley FBR, Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Incapital LLC.
The notes are redeemable on or after Sept. 30, 2022 at $25.50, on or after Sept. 30, 2023 at $25.25 and on or after Sept. 30, 2024 at par.
B. Riley plans to use the proceeds to redeem all or a portion of its existing 7.5% senior notes due 2021 and for general corporate purposes, including funding future acquisitions and investments, repaying debt, making capital expenditures and funding working capital.
The company plans to list the notes on the Nasdaq under the symbol “RILYN.”
B. Riley is a Woodland Hills, Calif.-based financial services company.
| Issuer: | B. Riley Financial, Inc.
|
| Description: | Senior notes
|
| Amount: | $100 million
|
| Greenshoe: | $15 million
|
| Maturity: | Sept. 30, 2026
|
| Bookrunners: | B. Riley FBR, Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Incapital LLC
|
| Co-managers: | Wedbush Securities Inc., William Blair & Co., LLC and Boenning & Scattergood, Inc.
|
| Coupon: | 6.5%
|
| Price: | Par of $25.00
|
| Yield: | 6.5%
|
| Call: | On or after Sept. 30, 2022 at $25.50, on or after Sept. 30, 2023 at $25.25 and on or after Sept. 30, 2024 at par
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 23
|
| Rating: | Egan-Jones: BBB+
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: RILYN
|
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