LOS ANGELES, Jan. 20, 2021 /PRNewswire/ — B. Riley Monetary, Inc. (NASDAQ: RILY) (“B. Riley” or the “Firm”) as we speak introduced that on January 20, 2021 it priced an underwritten registered public providing of $200 million combination principal quantity of 6.00% senior notes due 2028. The Firm has granted the underwriters a 30-day choice to buy as much as a further $30 million combination principal quantity of senior notes in reference to the providing. The providing is anticipated to shut on January 25, 2021, topic to customary closing circumstances.
B. Riley Monetary and this issuance of notes each acquired an funding grade ranking of BBB+ from Egan-Jones Rankings Firm, an impartial, unaffiliated ranking company. The Firm has utilized to record the notes on NASDAQ beneath the image “RILYT” and expects the notes to start buying and selling inside 30 enterprise days of the time limit of this providing, if authorized.
The Firm expects to make use of the online proceeds in extra of $50 million from the sale of the notes for the redemption of all or a portion of its current 7.50% Senior Notes due 2027 as quickly as practicable and the remaining internet proceeds for basic company functions, together with funding future acquisitions and investments, repaying indebtedness, making capital expenditures and funding working capital.
B. Riley Securities, Ladenburg Thalmann, Nationwide Securities Company, William Blair and Incapital are performing as book-running managers for this providing. Aegis Capital Corp., Boenning & Scattergood, Huntington Capital Markets, Kingswood Capital Markets, division of Benchmark Investments, Inc., Newbridge Securities Company and Wedbush Securities are performing as co-managers.
The notes shall be supplied beneath the Firm’s shelf registration assertion on Kind S-3, which was declared efficient by the Securities and Trade Fee (“SEC”) on February 24, 2020. The providing of those notes shall be made solely by way of a prospectus complement and accompanying base prospectus, which shall be filed with the SEC.
Copies of the prospectus complement and the accompanying base prospectus could also be obtained on the SEC’s web site at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by emailing firstname.lastname@example.org.
This press launch doesn’t represent a suggestion to promote or the solicitation of a suggestion to purchase, nor shall there be any sale of the notes in any state or jurisdiction during which such supply, sale or solicitation could be illegal previous to registration or qualification beneath the securities legal guidelines of any such state or jurisdiction.
About B. Riley Monetary (NASDAQ:RILY)
B. Riley Monetary, Inc. supplies collaborative monetary companies options tailor-made to suit the capital elevating, enterprise, operational, and monetary advisory wants of its purchasers and companions. B. Riley operates by way of a number of subsidiaries which supply a various vary of complementary end-to-end capabilities spanning funding banking and institutional brokerage, personal wealth and funding administration, company advisory, restructuring, due diligence, forensic accounting, litigation help, appraisal and valuation, and public sale and liquidation companies. Sure registered associates of B. Riley originate and underwrite senior secured loans for asset-rich firms. B. Riley additionally makes proprietary investments in firms and property with enticing return profiles.
Statements on this press launch that aren’t descriptions of historic info are forward-looking statements which might be based mostly on administration’s present expectations and assumptions and are topic to dangers and uncertainties. If such dangers or uncertainties materialize or such assumptions show incorrect, our enterprise, working outcomes, monetary situation and inventory value might be materially negatively affected. You shouldn’t place undue reliance on such forward-looking statements, that are based mostly on the knowledge at the moment out there to us and converse solely as of the date of this press launch. Such ahead wanting statements embody, however usually are not restricted to, statements concerning the phrases and circumstances and timing of the senior notes providing and the meant use of proceeds. As a result of these forward-looking statements contain recognized and unknown dangers and uncertainties, there are vital components that might trigger precise outcomes, occasions or developments to vary materially from these expressed or implied by these forward-looking statements. Elements that might trigger precise outcomes to vary embody (with out limitation) the chance that the notes providing won’t be consummated on the anticipated time, on the anticipated phrases, or in any respect; and the Firm’s monetary efficiency; and people dangers described infrequently in B. Riley’s periodic filings with the SEC, together with, with out limitation, the dangers described in B. Riley’s Annual Report on Kind 10-Ok for the 12 months ended December 31, 2019 beneath the captions “Threat Elements” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations.” Extra data can be set forth in our Quarterly Reviews on Kind 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020. These components ought to be thought-about fastidiously, and readers are cautioned to not place undue reliance on such forward-looking statements. All data is present as of the date this press launch is issued, and B. Riley undertakes no obligation to replace this data.
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SOURCE B. Riley Monetary