B. Riley Financial (RILY) has priced their previously announced new preferred stock issue.
The issue has a fixed coupon of 6.875%, which I believe to be a substandard coupon (of course I am talking my book) for this particular company. Given that the company just sold a baby bond issue with a 6.50% coupon which trades just above $25 right now we can find no motivation to be interested in this issue.
No OTC Grey market ticker has been announced as of now.
The company has many baby bond issues outstanding which can be seen here.
The pricing term sheet can be seen here.
The Old Flipping Gunslinger put on his holster for another battle here. May be one battle too many for the aging gunslinger, pressing his luck. But yet here is the battle. 1000 shares of BRYIL at $24.67. By hook or crook it wont be held long either way. Just long enough to post on exchange under permanent ticker a few days…
From a PRNEWS press release:
The Company’s depositary shares are expected to begin trading on NASDAQ under the symbol “RILYP” within 30 business days of the closing date of this offering, if approved.
temp ticker symbol?
haven’t seen one yet…
BRYIL
Thanks Fred
What website did you find that temp ticker symbol on?
https://www.otcmarkets.com/stock/BRYIL/overview
You can see it trading here, eyeman
Looks like Merrill is queuing this up in their system…
is this qualified?
Yes it is…Per prospectus.