B Riley hits one-month high on deal to reduce debt

BRC group

21/05/2025 15:34

** Shares of B Riley Financial RILY.O climb 7.4% to $3.51, hitting their highest in more than a month

** Brokerage signs deal to reduce outstanding debt by nearly $46 million

** An institutional investor to exchange $139 million of bonds for $93 million of bonds yielding 8% interest

** Investor will also get warrants, valid for seven years, to purchase nearly 372,000 of RILY's common shares at $10 each

** RILY had total liabilities of $2.6 billion as of September 30, the last time it updated its financials

** Moelis is advising the firm on the transaction

** Stock has fallen 29% YTD as of last close

 (Reporting by Niket Nishant in Bengaluru)

 ((Niket.Nishant@thomsonreuters.com))