B. Riley shares jump on private bond exchange to cut debt

BRC group

26/03/2025 15:10

** 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;))