B. Riley Financial Announces Private Bond Exchange to Reduce Debt by Approximately $35 Million

Core Viewpoint - B. Riley Financial, Inc. has entered into a privately negotiated exchange agreement with an institutional investor, which will reduce the company's total outstanding debt by approximately $35 million [1][2]. Debt Exchange Details - The investor will exchange approximately$123 million in outstanding Senior Notes for $88 million in newly issued 8.00$86 million in 5.5% Senior Notes due March 31, 2026 and approximately $37 million in 5.0$10.00 per share, exercisable for seven years from the issuance date [2]. Management Commentary - Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, stated that this exchange is an important step in addressing the company's capital structure and that there are expectations for additional transactions to improve the balance sheet [3]. Advisory Roles - Moelis & Company LLC acted as financial advisor and Sullivan & Cromwell LLP acted as legal advisor to B. Riley Financial regarding the agreement [3]. - Seaport Global Securities LLC served as financial advisor to the institutional investor [3]. Company Overview - B. Riley Financial is a diversified financial services company that provides tailored solutions across various sectors, including investment banking, institutional brokerage, and financial consulting [5]. - The company aims to deliver collaborative solutions at every stage of the business life cycle and opportunistically invests to benefit its shareholders [5].