In what is a new direction for financial services firm B Riley Financial (RILY) the company will sell a new issue of fixed rate preferred stock.
B Riley has been a serial issuer of baby bonds, most recently issuing a 6.50% issue. All their outstanding issues can be seen here. NOTE that the RILYL 7.50% baby bond is in the process of being called.
A quick look at the preliminary prospectus shows this to be fairly typical for preferreds, although we have not studied it completely.
Fabrib was right on this one posting it only minutes after the announcement on the Reader Initiated Alerts page.