SANTA ANA, Calif., Jan. 25, 2019 /PRNewswire/ -- Banc of California, Inc. (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. (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.
About Banc of California, Inc.
Banc of California, Inc. (BANC) provides comprehensive banking services to California's diverse businesses, entrepreneurs and communities. Banc of California operates 32 offices in California.
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the documents filed or furnished by Banc of California, Inc. with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and Banc of California, Inc. undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.
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