By Wendy Van Sickle
Columbus, Ohio, Nov. 15 – RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. priced $60 million of 4.75% series B cumulative preferred shares (A1) at par with a $25.00 liquidation preference, according to a prospectus filed with the Securities and Exchange Commission.
The company sold 2.4 million preferreds.
Dividends will be payable quarterly, starting Feb. 15, 2022.
The shares are redeemable at the fund’s option on or after Feb. 15, 2027.
UBS Securities LLC and RBC Capital Markets LLC are the bookrunners.
RiverNorth plans to use the proceeds to repay its credit facility and for general working capital purposes.
The issuer expected to list the securities on the New York Stock Exchange under the symbol “OPPPrB.”
RiverNorth Marketplace Lending is a closed-end management investment company based in Chicago.
| Issuer: | RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
|
| Issue: | Series B cumulative preferred shares
|
| Amount: | $60 million, or 2.4 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | UBS Securities LLC and RBC Capital Markets LLC
|
| Dividend: | 4.75%
|
| Price: | Par of $25.00
|
| Yield: | 4.75%
|
| Call option: | On or after Feb. 15, 2027 at par plus dividends
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 22
|
| Rating: | Moody’s: A1
|
| Expected listing: | NYSE: OPPPrB
|
| Cusip: | 76882G404
|
|
|
© 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.
