B. Riley Financial Announces Full Redemption of 6.875% Senior Notes due 2023

Rhea-AI Summary

B. Riley Financial (NASDAQ: RILY) announced the full redemption of its 6.875% Senior Notes due 2023, totaling $115,726,350, effective October 22, 2021. The redemption price will equal 100% of the principal plus a $0.25 premium and accrued interest. After the Redemption Date, interest will cease, and the Notes will be delisted from NASDAQ. Investors holding the Notes should consult their brokers for redemption details. This announcement is informational and does not constitute an offer to purchase or sell securities.

Positive

• Full redemption of 6.875% Senior Notes indicates strong financial management.
• Redemption eliminates future interest obligations, potentially improving cash flow.

Negative

• Total redemption of the Notes may reflect underlying liquidity concerns.
• Delisting from NASDAQ could impact investor perception and trading volume.

LOS ANGELES, Sept. 22, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced it will redeem all of the issued and outstanding 6.875% Senior Notes due 2023 (the "Notes") on October 22, 2021 (the "Redemption Date"). The Notes have an aggregate principal amount of $115,726,350.

The redemption price is equal to 100% of the aggregate principal amount, plus a premium of $0.25 in accordance with the supplemental indenture, plus any accrued and unpaid interest up to, but excluding, the Redemption Date, as set forth in each notice of redemption delivered to noteholders (the "Redemption Payment").

Interest on the Notes will cease to accrue on and after the Redemption Date. There will be no interest payment made on October 31, 2021 and all interest payment dates for the Notes will cease following the Redemption Date. The Notes, which are listed on NASDAQ under the ticker symbol "RILYI," will be delisted and cease trading on the Redemption Date.

Investors in the Notes should contact the bank or broker through which they hold a beneficial interest in the Notes for information about the Redemption Payment.

This press release is for informational purposes only and shall not constitute a notice of redemption of the Notes or an offer to purchase, or a solicitation of an offer to sell, any Notes or other securities.

About B. Riley Financial
B. Riley Financial provides collaborative solutions tailored to fit the capital raising and business advisory needs of its clients and partners. B. Riley operates through several subsidiaries that offer a diverse range of complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction and liquidation services. For more information, please visit www.brileyfin.com.

Forward-Looking Statements
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the terms and conditions and timing of redemption of these Notes. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Factors that could cause actual results to differ include (without limitation) the Company's financial performance; and those risks described from time to time in B. Riley Financial's periodic filings with the SEC, including, without limitation, the risks described in B. Riley Financial's Annual Report on Form 10-K for the year ended December 31, 2020 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Additional information is also set forth in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and B. Riley Financial undertakes no duty to update this information.

Contacts

Investors
Mike Frank
ir@brileyfin.com
(212) 409-2424

Media
Jo Anne McCusker
press@brileyfin.com
(646) 885-5425

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SOURCE B. Riley Financial

FAQ

What is the significance of B. Riley Financial redeeming the 6.875% Senior Notes due 2023?

The redemption signifies B. Riley's strategic financial management, reducing future interest obligations.

When will B. Riley Financial redeem its Senior Notes?

The redemption will take place on October 22, 2021.

What is the total amount of the Senior Notes being redeemed by B. Riley Financial?

The total amount being redeemed is $115,726,350.

What happens to the interest payments on the Senior Notes after redemption?

Interest on the Senior Notes will cease to accrue after the Redemption Date.

Will the Senior Notes remain listed on NASDAQ after redemption?

No, the Notes will be delisted and cease trading on the Redemption Date.