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Friday, Jun 14, 2024

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.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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