B. Riley Financial Amends Senior Credit Facility with Oaktree

Rhea-AI Summary

B. Riley Financial (NASDAQ: RILY) has amended its senior secured credit agreement with Oaktree Capital Management, enhancing operational flexibility. The amendment includes key improvements: a new $100 million investment basket for balance sheet transactions, an increased parent company investment basket from $20 million to $30 million, and authorization to use up to $25 million to reduce other debt, including potential repurchase of unsecured notes.

The original Term Loan Facility, established in February 2025, was used to retire Nomura Senior Secured Credit Agreement debt and fund working capital. The outstanding balance stands at $62.5 million, with no provision for incremental borrowings.

Positive

• New $100 million investment basket enables increased transaction flexibility
• Parent company investment basket increased by 50% to $30 million
• Gained ability to deploy $25 million for debt reduction
• Reduced outstanding balance to $62.5 million

Negative

• Term Loan Facility does not allow for incremental borrowings
• Company maintains significant debt obligations requiring management

Amendment Substantially Increases Operational Flexibility
Outstanding Balance Reduced to $62.5 Million

LOS ANGELES, July 9, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services company, today announced that it has entered into an amendment to its senior secured credit agreement ("Term Loan Facility") with funds managed by Oaktree Capital Management, L.P. ("Oaktree").

The amended Term Loan Facility provides incremental flexibility, including: a new investment basket that enables an incremental $100m to facilitate transactions using B. Riley Financial's balance sheet; a $30 million investment basket for parent company investments upsized from $20 million; and the ability to deploy up to $25 million of cash to reduce other indebtedness, including through the potential repurchase of the Company's unsecured notes.

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley, said: "We appreciate our relationship with Oaktree and the enhanced opportunities this amendment affords us." 

The initial credit agreement, executed in February 2025, was utilized to retire the outstanding debt under B. Riley's Nomura Senior Secured Credit Agreement and to fund working capital. The Term Loan Facility does not allow incremental borrowings.

No other material terms of the Term Loan Facility have been amended.

About B. Riley Financial
B. Riley Financial (BRF) is a diversified financial services company that through its operating entities or affiliates deliver tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. BRF leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its subsidiaries and affiliated entities, BRF provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, appraisal and valuation, auction, and liquidation services. BRF opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. BRF refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.

Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. All statements other than statements of historical fact are forward-looking statements and include the completion of the closing procedures related to the exchange. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward-looking statements, except as required by law. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's 2023 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and the Company undertakes no duty to update this information.

Contacts
Investors
ir@brileyfin.com

Media
press@brileyfin.com 

 

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SOURCE B. Riley Financial

FAQ

What changes were made to B. Riley Financial's (NASDAQ: RILY) credit facility with Oaktree in July 2025?

The amendment added a $100 million investment basket for transactions, increased the parent company investment basket to $30 million, and allowed up to $25 million for debt reduction.

What is the current outstanding balance of B. Riley's (RILY) Term Loan Facility?

The outstanding balance of the Term Loan Facility is $62.5 million.

When was B. Riley Financial's (RILY) original credit agreement with Oaktree established?

The original credit agreement was executed in February 2025 to retire Nomura debt and fund working capital.

Can B. Riley (RILY) make additional borrowings under the amended Term Loan Facility?

No, the Term Loan Facility does not allow for incremental borrowings.

How much can B. Riley (RILY) now invest through its parent company investment basket?

The parent company investment basket was increased from $20 million to $30 million under the amendment.