4/28/2024
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Financial services company B Riley (RILY) has priced their new previously announced preferred stock issue.
The issue prices with a coupon of 7.375%. The issue is unrated, but cumulative and qualified.
The OTC grey market ticker has NOT been announced as of this moment, but expect it this morning yet.
NOTE that the ticker RILYL is a ticker they used on a redeemed baby bond last year–we will post if a change is made in the ticker. At times reused tickers cause confusion.
As Eugene noted in the Reader Initiated Alerts my old friend WR Berkley (WRB) is finally stepping up and doing a partial call on the WRB-B 5.625% Jr Subordinated Debentures which have been callable since 5/2018.
Shares tumbled the last 3 days from the $25.80 area to $25.39 now–obviously someone had this info early.
The company will fund the partial redemption with further issuance of 4% Senior Notes.
The info is in the prospectus here.
I have owned this issue many times over the years–but not lately.
Financial services company B Riley (RILY) will be selling a new cumulative perpetual preferred stock issue.
The company has 7 baby bond issues outstanding as well as 1 other preferred issue outstanding. The outstanding issue can be seen here.
The preliminary prospectus for the new issue can be read here.
The company has not announced any ‘call’ on debt outstanding with proceeds from the new issue.
Fabrib has this new issue right away this morning with EarlyBird chiming in with ‘yield talk’ in the 7.25-7.375% area.
Hard money lender Sachem Capital (SACH) priced their new issue of baby bonds.
The coupon is 7.75%. The issue will trade under ticker SCCC in the next week or two.
The company has 2 other lower coupon issues outstanding and you can see them here.
