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B Riley Prices New Baby Bond Issue

While the SEC documents have not yet been filed, thus not all details are known, B Riley (RILY) has priced a larger than expected baby bond issue.

The company has priced the bonds at 6%, and instead of the original offering of 4 million shares they have sold 8 million shares with another option of 1.2 million shares available for over allotment.

The permanent ticker will be RILYT.

We will publish all the details when the SEC filing is available.

The company press release can be read here.

Fabrib noted this earlier this evening.

6 thoughts on “B Riley Prices New Baby Bond Issue”

  1. With an IPO market value of $200+ million, this new offering can now cover a full redemption of the 7.5% notes. RILYZ trading at 25.08 is priced for full redemption, so it would seem the market is also expecting a call.

    1. 6%? RILY is a highly leveraged (but well diversified) investment bank.

      The thirst for yield is unquenchable right now. Just hoping RILY doesn’t use the extra $100 million to start (partially) calling 7.25% baby bond RILYG.

      RILYG was callable as of 12/31/20.

      1. Rob, I wouldn’t expect RILYG to get called this year. In fact…the G-series might be a good place to roll cash from the RILYZ redemption, if and when that happens. It will also be interesting to see where the newly issued RILYT trades in comparison to the other series.

        1. With RILYH not callable @ $25 until 2022, I would think RILYG would be next in line after Z, Before this new issue, RILY’s been reluctant to do calls and just when you think they’re about to, like Tim’s said, up until now they’ve been just adding on instead… They did, though, also do a recent equity deal too so better support for debt ratios….. Yet as they become bigger with better rep in managing other company’s new issues, you’d think maybe some companies they’re making pitches to for refunding outstanding issues (with RILY as mgr of course), might be asking them what about you guys too???? Eat your own cooking kind of mentality

      2. Rob–their financials have worsened every year for quite a while–while they pile on debt. I have watched this for quite a long time which has scared me out of any long term investments–but obviously thus far folks have done well.

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