B. Riley Financial (RILY) said Monday it entered into an exchange agreement with an institutional investor that will reduce its outstanding debt by about $12 million.
The investor agreed to exchange roughly $22 million in outstanding senior notes for $10 million in newly issued 8% senior secured second lien notes due Jan. 1, 2028, the company said.
B. Riley will also issue warrants to purchase 40,000 common shares at an exercise price of $10 per share. The warrants will be exercisable for seven years from the date of issuance, the company added.
Shares of B. Riley Financial were down more than 4% in recent trading.
Price: 3.17, Change: -0.14, Percent Change: -4.23
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