LOS ANGELES - B. Riley Financial, Inc. (NASDAQ: RILY), a diversified financial services company, has announced it will redeem $25 million in aggregate principal amount of its 6.75% Senior Notes due 2024. The redemption is set for May 31, 2024, and will include the total principal plus any accrued and unpaid interest until, but not including, the redemption date.
The company has made it clear that interest on these notes will stop accruing after the redemption date. Consequently, the notes, currently traded on NASDAQ under the ticker symbol "RILYO," will be delisted and removed from trading on that same day.
Noteholders have been advised to reach out to the bank or broker holding their beneficial interest in the notes to learn more about the redemption payment. B. Riley specified that this press release does not serve as a redemption notice nor an offer to purchase or sell any securities.
B. Riley Financial operates a multi-faceted financial services platform designed to address the various strategic, operational, and capital needs of its clients throughout different business life cycle stages. The company's services span across investment banking, institutional brokerage, private wealth and investment management, financial consulting, and more, often investing opportunistically to benefit its shareholders.
This announcement is based on a press release statement and aims to provide essential information to investors and the market. It is not a recommendation or an offer of securities.
InvestingPro Insights
B. Riley Financial (NASDAQ: RILY) has been in the spotlight with its recent announcement to redeem senior notes, a move that reflects its strategic financial management. To provide a broader perspective on the company's financial health and market performance, here are some key metrics and insights from InvestingPro.
InvestingPro Data reveals a significant market capitalization of $1.04 billion, indicating the company's substantial presence in the financial sector. Moreover, B. Riley has demonstrated a strong return over the last month with a price total return of 53.09%. This performance is consistent with the company's historical pattern, as it has shown a high return over the last decade, which is a testament to its long-term growth and stability.
Despite a challenging market environment, B. Riley has maintained dividend payments for 11 consecutive years, showcasing its commitment to shareholder returns. The current dividend yield stands at an attractive 5.81%, a figure that income-focused investors may find particularly appealing.
InvestingPro Tips highlight that while the stock generally trades with high price volatility, the company's liquid assets exceed its short-term obligations, indicating a strong liquidity position. This is a crucial factor for investors considering the company's ability to meet its immediate financial obligations.
For those seeking further insights and tips on B. Riley Financial, InvestingPro offers additional guidance, including a total of 10 InvestingPro Tips on the company's performance and outlook. Interested investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to in-depth analysis and data to inform their investment decisions.
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