B. Riley Financial to Cut Debt by $12 Million Via Bond Exchange Deal
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B. Riley Financial announced an exchange agreement with an institutional investor to reduce its debt by approximately $12 million. The deal involves exchanging about $22 million in senior notes for $10 million in new 8% senior secured second lien notes due January 1, 2028. Additionally, the company will issue warrants for 40,000 common shares at an exercise price of $10 per share, exercisable for seven years. Following the announcement, B. Riley Financial's shares fell over 4%.
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