Published on 3/24/2021 in the Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.
New Issue: B. Riley sells upsized $150 million 5.5% $25-par senior notes due in 2026
By Wendy Van Sickle
Columbus, Ohio, March 24 – B. Riley Financial, Inc. priced a $150 million offering of 5.5% $25-par senior notes (Egan-Jones: BBB+) due March 31, 2026, according to an FWP filing with the Securities and Exchange Commission.
There is a $22.5 million greenshoe. The issue was upsized from $125 million with an $18.75 million greenshoe.
B. Riley Securities, Inc., Incapital LLC, Ladenburg Thalmann Co., Inc., National Securities Corp. and William Blair & Co., LLC are the bookrunners.
The notes have a make-whole call until Jan. 1, 2026.
B. Riley anticipates net proceeds in excess of $100 million will be used for the redemption of all or a portion of existing 7.25% 2027 notes and the remaining for general corporate purposes, including funding future acquisitions and investments, repaying debt, making capital expenditures and funding working capital.
B. Riley is a Los Angeles-based financial services company.
| Issuer: | B. Riley Financial, Inc.
|
| Description: | $25-par senior notes
|
| Amount: | $150 million
|
| Greenshoe: | $22.5 million
|
| Maturity: | March 31, 2026
|
| Bookrunners: | B. Riley Securities, Inc., Incapital LLC, Ladenburg Thalmann Co., Inc., National Securities Corp. and William Blair & Co., LLC
|
| Co-managers: | Aegis Capital Corp., Boenning & Scattergood, Inc., Huntington Securities, Inc., Kingswood Capital Markets, division of Benchmark Investments, Inc., Newbridge Securities Corporation and Wedbush Securities Inc.
|
| Coupon: | 5.5%
|
| Price: | Par of $25.00
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| Yield: | 5.5%
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| Call: | Make-whole call until Jan. 1, 2026
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| Trade date: | March 25
|
| Settlement date: | March 29
|
| Rating: | Egan-Jones: BBB+
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: RILYK
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