B. Riley Financial (RILY) said Wednesday morning it has negotiated an exchange agreement with an institutional investor that is expected to reduce the company's outstanding debt by around $35 million.
Under terms of the private agreement, the unnamed investor agreed to swap about $123 million in existing senior notes, consisting of $86 million of the company's 5.5% senior notes maturing in March 2026 and $37 million of Rily's 5.0% senior notes coming due in December 2026, for $88 million of newly issued 8% senior secured second-lien notes due in January 2028.
B. Riley also said it is issuing seven-year warrants to the investor to buy up to 351,000 common shares exercisable at $10 apiece.
Shares were up nearly 2% in early trading.
Price: 4.13, Change: +0.08, Percent Change: +1.85
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