11:40 AM EDT, 04/07/2025 (MT Newswires) -- B. Riley Financial ( RILY ) said Monday it entered into an exchange agreement with an institutional investor that will reduce its outstanding debt by about $12 million.

The investor agreed to exchange roughly $22 million in outstanding senior notes for $10 million in newly issued 8% senior secured second lien notes due Jan. 1, 2028, the company said.

B. Riley will also issue warrants to purchase 40,000 common shares at an exercise price of $10 per share. The warrants will be exercisable for seven years from the date of issuance, the company added.

Shares of B. Riley Financial ( RILY ) were down more than 4% in recent trading.

Price: 3.17, Change: -0.14, Percent Change: -4.23