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.
The pricing term sheet can be read here.
Strange that it’s higher than the other preferred RILYP -callable 10/01/24
Might as well save some dry powder & wait for it to go down with all the others in the next sell-off.
This is a higher coupon than some of their outstanding issues (O and G, to name 2).
yes, but more interest rate risk and less seniority than their baby bonds