B. Riley Financial (RILY) said Thursday it has obtained a $160 million senior secured term loan from Oaktree Capital Management.
B. Riley said it used about $118 million to retire debt under its Nomura (NMR) senior secured credit agreement and the rest for working capital, which includes up to $35 million related to its portion of the loan and investment in the joint venture overseeing the liquidation of retailer JOANN.
B. Riley said that GA Group, in which it has a 44% stake, was recognized on Wednesday as the bidder to serve as JOANN's agent to monetize the retailer's assets under an auction approved by the Bankruptcy Court for the District of Delaware.
The liquidation, which includes about $2 billion in retail inventory, is expected to be completed in about 12 weeks, the company said.
Separately, B. Riley said late Wednesday it regained compliance with a Nasdaq listing rule following the filing of its 10-Q for Q3.
B. Riley shares were rising 19% in recent trading.
Price: 6.71, Change: +1.07, Percent Change: +18.97
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