- B. Riley Financial Inc RILY subsidiary has purchased a second portfolio of performing receivables from home-furnishing retailer W.S. Badcock Corporation, a subsidiary of Franchise Group Inc FRG.
- Under terms of the agreement, an SPV majority owned by B. Riley has purchased $198 million of Badcock's performing receivables for an aggregate purchase price of about $168 million.
- B. Riley previously acquired $535 million of performing Badcock receivables for approximately $400 million in connection with FRG's acquisition of Badcock in December 2021.
- The SPV has the option to purchase up to an additional $75 million of receivables over the six months post-closing.
- The transaction was financed using a $148 million senior secured term loan credit facility from Pathlight Capital LP.
- Badcock will continue to service and administer the purchased receivables.
- Price Action: RILY shares are trading higher by 0.65% at $41.76 on the last check Tuesday.
- Photo Via Company
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.