Kirkland Advises Oaktree Capital on $160 Million Debt Facility for B. Riley Financial
Kirkland & Ellis advised Oaktree Capital Management, L.P., on providing a $160 million senior secured debt facility to B. Riley Financial, Inc. (NASDAQ: RILY), a diversified financial services company. The transaction was announced February 27, 2025. B. Riley used approximately $118 million to retire the outstanding debt under its Nomura Senior Secured Credit Agreement and the rest for working capital, including up to $35 million in respect of its portion of the loan and investment in the joint venture overseeing the liquidation of JOANN, the fabric and crafts retailer that is commencing store closing sales at all 790 locations nationwide.
Read the transaction press release
The Kirkland team included debt finance lawyers Austin Witt, David Nemecek and Jennifer McWhaw; corporate lawyers Hamed Meshki and Philippe Simard; and capital markets lawyers Shagufa Hossain, Rachel Ward Sheridan and Anthony Sanderson.