By James McCandless
San Antonio, Oct. 16 – RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. priced a $55 million offering of $25-par series A cumulative preferred stock (A1) with a dividend of 4.375% at par, according to an FWP filing with the Securities and Exchange Commission.
There is an $8.25 million greenshoe.
UBS Securities LLC is the bookrunner.
Dividends are payable on Feb. 15, May 15, Aug. 15 and Nov. 15, starting on Nov. 15, 2020.
The preferreds are redeemable on or after Nov. 15, 2025 at par. Prior to that, the company can redeem the preferreds in order to maintain its status as an investment company or if its shareholders elect to convert the company into an open-end management investment company at par.
RiverNorth plans to use the proceeds to repay borrowings under its credit facility and for general working capital purposes.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “OPPPrP.”
RiverNorth is a Chicago-based closed-end fixed-income mutual fund.
| Issuer: | RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
|
| Description: | Series A cumulative preferred stock
|
| Amount: | $55 million, or 2.2 million shares
|
| Greenshoe: | $8.25 million, or 330,000 shares
|
| Maturity: | Perpetual
|
| Bookrunner: | UBS Securities LLC
|
| Dividend: | 4.375%
|
| Price: | Par of $25.00
|
| Yield: | 4.375%
|
| Call: | On or after Nov 15, 2025 at par; prior to that, the company can redeem the preferreds in order to maintain its status as an investment company or if its shareholders elect to convert the company into an open-end management investment company at par
|
| Pricing date: | Oct. 16
|
| Settlement date: | Oct. 23
|
| Rating: | Moody’s: A1
|
| Distribution: | SEC registered
|
| Listing: | NYSE: OPPPrP
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
