B. Riley bankers put brakes on loans

The deal requires B. Riley to cut the balance on its term loans to US$100mil within the next year and eliminate a revolving credit line. — Bloomberg

NEW YORK: B. Riley Financial Inc’s bankers hiked the interest rate on the company’s key loan and cut how much the embattled firm can borrow as it grapples with a debt load of about US$2bil.

The amendment with a group of lenders led by Nomura Holdings Inc lets B. Riley avoid paying some of the interest it owes on its term loan in cash, but tack it on to the total amount outstanding, according to a regulatory filing on Monday.