B. Riley Financial Announces Offering of $150 Million Senior Notes Due 2028 and "BBB+" Rating from Egan-Jones
LOS ANGELES, July 30, 2021 /
PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced it has commenced an underwritten registered public offering of $150 million aggregate principal amount of senior notes due 2028, subject to market and certain other conditions. The Company expects to grant the underwriters a 30-day option to purchase additional senior notes in connection with the offering.
B. Riley Financial and this issuance of notes both received an investment grade rating of BBB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.
The Company expects to use the net proceeds from the sale of the notes for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness (which may, at the Company's option, include redeeming all or a portion of our existing 7.375% Senior Notes due 2023), making capital expenditures and funding working capital.