Banc of California, Inc. (NYSE: BANC), the holding company for Banc of California, N.A. (“Bank”), today announced that it has acted as lead agent bank in providing a $90 million credit facility to subsidiaries of B. Riley Financial, Inc. (NASDAQ: RILY) (“B. Riley”) following its acquisition of magicJack VocalTec Ltd. (“magicJack”), a leading provider of Voice over IP cloud-based communications.
magicJack was acquired by B. Riley on November 14, 2018 and is co-borrower on the credit facility along with another subsidiary of B. Riley, United Online, Inc., which provides value-priced internet access services and products through the NetZero and Juno brands.
“Banc of California is a strategic partner to us as we execute on our principal investment strategy,” said Phil Ahn, Chief Financial Officer at B. Riley. “This facility furthers our effort to invest in companies that demonstrate strong cash flow profiles and represent attractive potential return opportunities for our shareholders.”
B. Riley operates through several wholly-owned subsidiaries including B. Riley Principal Investments, which invests in and acquires companies and assets with attractive return profiles. Banc of California and B. Riley closed the financing in December 2018 with an initial drawdown in the amount of $80 million on the credit facility.
