B. Riley Financial Inc. closed an underwritten registered public offering of 6.50% senior notes due 2026 in an aggregate principal amount of $115 million, which included $15 million of notes issued following the full exercise of the underwriters' overallotment option.
The notes will be listed on Nasdaq under the symbol RILYN and are expected to begin trading within 30 business days of the offering's closing date.
Net proceeds from the offering were about $111.4 million after deducting underwriting discounts and commissions but before expenses. The company expects to use the net proceeds for the full redemption of its existing 7.50% senior notes due 2021 and for general corporate purposes, including funding future acquisitions and investments, repaying debt, making capital expenditures and funding working capital.
B. Riley FBR, Janney Montgomery Scott, Ladenburg Thalmann and Incapital were book-running managers for the offering. Wedbush Securities, William Blair and Boenning & Scattergood were co-managers.
The NBD Group was legal counsel to B. Riley Financial, while Duane Morris was legal counsel to the underwriters.
