** 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))
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