B. Riley Financial Inc. has priced its underwritten registered public offering of $87 million of 7.375% senior notes due 2023 at 100% of the principal amount.
The company has granted the underwriters a 30-day option to buy about $13.1 million of additional notes to cover any overallotment.
B. Riley Financial intends to use a portion of the net proceeds to fund a part of its planned acquisition of Netanya, Israel-based magicJack VocalTec Ltd. The remaining net proceeds are expected to be used for general corporate purposes.
The offering is expected to close May 17.
B. Riley FBR Inc., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc. and Incapital LLC are acting as book-running managers for the offering, and Boenning & Scattergood Inc., Wedbush Securities Inc. and William Blair & Co. LLC are acting as co-managers.