B. Riley Financial Inc. priced an underwritten registered public offering of $100 million of 6.50% senior notes due 2026.
Underwriters have a 30-day option to purchase up to an additional $15 million of notes in connection with the offering, solely to cover overallotments. The offering is expected to close Sept. 23.
B. Riley Financial expects to use the net proceeds of the offering to redeem all or a portion 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.
The company has applied to list the notes on Nasdaq under the symbol RILYN and expects the notes to begin trading within 30 business days of the closing date of the offering, if approved.
B. Riley FBR, Janney Montgomery Scott, Ladenburg Thalmann and Incapital are acting as book-running managers for the offering. Wedbush Securities, William Blair and Boenning & Scattergood are serving as co-managers.
