PR Newswire
LOS ANGELES, March 26, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("BRF" or the "Company"), a diversified financial services company, today announced it has entered into a privately negotiated exchange agreement (the "Agreement") with an institutional investor, which will reduce the Company's total outstanding debt by approximately $35 million.
Pursuant to the Agreement and subject to the completion of certain closing procedures, the investor has agreed to exchange approximately $123 million in outstanding Senior Notes, consisting of approximately $86 million in 5.5% Senior Notes due March 31, 2026 (NASDAQ: RILYK) and approximately $37 million in 5.0% Senior Notes due December 31, 2026 (NASDAQ: RILYG), for $88 million in newly issued 8.00% Senior Secured Second Lien Notes due January 1, 2028 (the "Notes"). In addition, the Company is issuing to the investor warrants to purchase an aggregate of approximately 351,000 common shares at an exercise price of $10.00 per share. The warrants are exercisable for a period of seven years from the issuance date.
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