LOS ANGELES, Sept. 23, 2019 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") announced today that it has closed an underwritten registered public offering of 6.50% Senior Notes due 2026 in an aggregate principal amount of $115 million, which included $15 million of notes issued pursuant to the full exercise by the underwriters of their overallotment option. The Company and this issuance of notes both received an investment grade rating of BBB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The notes will be listed on NASDAQ under the symbol "RILYN" and are expected to begin trading within 30 business days of the closing date of this offering.
The offering resulted in net proceeds of approximately $111.4 million after deducting underwriting discounts and commissions, but before expenses. The Company expects to use the net proceeds of this offering for the full redemption of the Company's existing 7.50% Senior Notes due 2021 and for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness, making capital expenditures and funding working capital.