B. Riley Raises $97 Million for MagicJack Purchase

B. Riley Financial Inc. has raised nearly $97 million in a senior note placement, the company announced Thursday. The Woodland Hills finance conglomerate held a public offering for $100 million worth of notes at 7.375 percent. Net proceeds totaled $96.9 million after deducting underwriting discounts and commissions, but before expenses. The company intends to use a portion of the net proceeds from this offering to partially fund the previously announced acquisition of MagicJack VocalTec Ltd. MagicJack is an Israeli corporation that sells a plug-in device that allows users to make phone calls on a personal computer. In November, B. Riley offered about $143 million for the company. Shares of B. Riley (RILY) closed Thursday unchanged at $20.85 on the Nasdaq.