Financial services firm B Riley Financial (RILY) has priced their new issue of baby bonds.
The company has priced 6 million shares with a coupon of 5.50%. There are 900,000 shares for over allotment.
The company has stated that proceeds over $100 million (if any) will be used to redeem some (or all) of the 7.25% issue (RILYG) issue.
The issue is rated BBB+ by Egan Jones.
The ticker RILYK will be used for the new issue once it begins to trade on NASDAQ. There will be no OTC grey market trading in this issue.