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RiverNorth Marketplace Lending talks $30 million preferreds due 2024 at 5.875%-6.125% area
By Cristal Cody
Tupelo, Miss., Oct. 16 – RiverNorth Marketplace Lending Corp. is marketing $30 million of series A term preferred shares due 2024 (Egan Jones: AA) that were initially talked to price with a dividend in the 5.875% to 6.125% area, according to a market source and a preliminary prospectus with the Securities and Exchange Commission on Monday.
The offering includes 1.2 million shares and is subject to upsizing.
Ladenburg Thalmann & Co. and Janney Montgomery Scott LLC are the bookrunners.
The preferreds have a three-year non-call period and a liquidation preference of $25.00 per share.
The company has applied to list the preferreds under the ticker “RMPL” on the New York Stock Exchange.
Proceeds from the deal will be used to acquire investments and for general corporate purposes.
RiverNorth Marketplace Lending is a closed-end management investment company based in Chicago.
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