B. Riley Financial Amends and Restates Telecom Credit Agreement with Banc of California

B. Riley Financial, Inc. entered into an amended and restated credit agreement on January 6, 2025, with certain subsidiaries, including BRPI Acquisition Co LLC, United Online, YMAX Corporation, and Lingo Management, all indirect wholly owned subsidiaries. The agreement, known as the Telecom Credit Agreement, was made in collaboration with Banc of California as the agent and lender. Under this agreement, various financial provisions were modified, including making new term loans, guarantee obligations, collateral pledges, and guidelines for future incremental loans.

The Telecom Credit Agreement secures first-priority liens on the assets of the Credit Parties, including equity interests and intellectual property. It involves a five-year $80,000,000 term loan used to repay previous credit facilities and for general corporate purposes. Additional provisions allow for incremental term loans up to $40,000,000. The annual interest rate is dynamic, ranging between 2.75% to 3.50% based on the Borrowers’ consolidated total funded debt ratio.

Moreover, specific covenants within the agreement restrict the Credit Parties’ ability to undertake certain actions, such as incurring additional indebtedness or engaging in transactions with related parties. Failure to comply with these covenants could lead to various consequences, including the acceleration of outstanding amounts due.

The amended and restated agreement, although not covered in exhaustive detail here, reflects the company’s commitment to financial refinements and strategic financial management. For more comprehensive insights, the complete text of the Telecom Credit Agreement is advised for review.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read B. Riley Financial’s 8K filing here.

B. Riley Financial Company Profile

B. Riley Financial, Inc, through its subsidiaries, provides financial services to corporate, institutional, and high net worth clients in North America, Australia, the Asia Pacific, and Europe. The company operates through six segments: Capital Markets, Wealth Management, Financial Consulting, Auction and Liquidation, Communications, and Consumer.