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Financial Services Company B Riley to Sell New Baby Bond

B Riley (RILY) has announced they will be selling a new issue of Senior Notes.

The issue will have a maturity date in 2026.

The company has stated they ‘may’ redeem all or a portion of the 6.75% 2024 notes (RILYO) baby bonds currently outstanding.

B Riley (RILY) has many outstanding issues of baby bonds and preferred stocks which can be seen here.

The preliminary prospectus for the new issue can be seen here.

Fabrib was right on top of this one.

2 thoughts on “Financial Services Company B Riley to Sell New Baby Bond”

  1. B. Riley Financial Prices $300 Million Offering of Senior Notes Due 2026
    LOS ANGELES, Dec. 1, 2021 /PRNewswire/ — B. Riley Financial, Inc. (NASDAQ: RILY) (“B. Riley Financial” or “the Company”), a diversified provider of business advisory and financial services, today announced it has priced an underwritten registered public offering of $300 million aggregate principal amount of 5.00% Senior Notes due 2026 (the “Notes”). The Company has granted the underwriters a 30-day option to purchase up to an additional $45 million aggregate principal amount of Notes in connection with the offering. The offering is expected to close on December 3, 2021, subject to customary closing conditions.
    B. Riley Financial and this issuance of Notes each received a BBB+ rating from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The Company has applied to list the Notes on the Nasdaq Global Market under the ticker symbol “RILYG” and expects the Notes to begin trading following the closing date of this offering.
    The Company intends to use the net proceeds from the offering for general corporate purposes, including funding future acquisitions and investments, repaying and/or refinancing indebtedness (which may, at the Company’s option, include redeeming all or a portion of its existing 6.75% Senior Notes due 2024), making loans and/or providing guaranty or backstop commitments to its clients in the ordinary course of business, making capital expenditures and funding working capital.

  2. A reminder … call price is $25.50 if redeemed by May 30, 2022.

    From the IPO prospectus (link on QOL):
    “The Notes will mature on May 31, 2024. We may redeem the Notes for cash in whole or in part at any time at our option (i) on or after May 31, 2021 and prior to May 31, 2022, at a price equal to $25.50 per note, plus accrued and unpaid interest to, but excluding, the date of redemption, …”

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