B Riley (NASDAQ:RILY) has priced the new issue of notes mentioned earlier today and terms are a bit more lucrative than we had imagined. The issue priced at 7.375%. The notes will mature in 2023.
We had previously mentioned a bonus for early redemption in the preliminary prospectus – the bonus remains but the final pricing is a bit more generous. If called after 5/31/2020 and before 5/30/2021 holders will receive $25.75 plus accrued interest. Between 5/31/2021 and 5/30/2022 holders receive $25.375 plus accrued interest. After this date and up to maturity redemption is for $25 plus accrued interest.
Shares will trade under the ticker RILYH likely before the week is over. No OTC Grey market trading will take place.