B. Riley Financial Inc. completed a public offering of about $60.4 million of its 7.50% senior notes due 2027.
The aggregate principal amount included about $7.9 million aggregate principal amount of notes issued in connection with the full exercise of the underwriters' overallotment option.
The company raised net proceeds of about $58.5 million from the offering, after deducting underwriting discounts and commissions but before expenses. B. Riley Financial intends to use a portion of the net proceeds to fund the company's pending deal with Wunderlich Securities Inc., if the merger is consummated. The company will use the remaining net proceeds for general corporate purposes.
FBR Capital Markets & Co., B. Riley & Co. LLC, Wunderlich Securities and Incapital LLC acted as book-running managers for the offering. Boenning & Scattergood Inc., William Blair & Co. LLC and Wedbush Securities Inc. acted as co-managers.