** Shares of B. Riley Financial jump 9% to $4.42, set for best day in one month
** Co announces private bond exchange with an institutional investor to reduce debt by around $35 million
** Investor to exchange about $123 million in outstanding senior notes for $88 million in newly issued 8.00% notes
** Co also issuing investor warrants to purchase 351,000 common shares at $10/share
** RILY estimated total debt to be $1.78 billion for the year ended December 31, 2024, as per co's non-timely 10-K filing in March
** Co estimated net FY 2024 loss of $23.25 to $23.91 per diluted common share - filing
** RILY shares fell sharply last August over losses from its investment in Vitamin Shoppe-parent Franchise Group
** In February, co received $160 million debt facility from Oaktree Capital, used to help pay off debt to Nomura
** Stock has lost about 3.9% year-to-date
(Reporting by Lisa Pauline Mattackal)
((LisaPauline.Mattackal@thomsonreuters.com;))
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