B Riley hits one-month high on deal to reduce debt

Shares of B Riley Financial RILY.O climb 7.4% to $3.51, hitting their highest in more than a month

Brokerage signs deal to reduce outstanding debt by nearly $46 million

An institutional investor to exchange $139 million of bonds for $93 million of bonds yielding 8% interest

Investor will also get warrants, valid for seven years, to purchase nearly 372,000 of RILY's common shares at $10 each

RILY had total liabilities of $2.6 billion as of September 30, the last time it updated its financials

Moelis is advising the firm on the transaction

Stock has fallen 29% YTD as of last close