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Moody's gives RiverNorth preferreds A1
Moody's Investors Service said it assigned an A1 rating to the fixed-rate perpetual preferred shares to be issued by the RiverNorth Opportunities Fund, Inc.
The fund plans to raise about $100 million in publicly traded perpetual preferred shares. Each share will have a $25 liquidation preference.
The A1 preferred share rating reflects the fund’s strong risk-adjusted asset coverage, capacity to service its obligations as well as its concentrated focus on the closed-end fund sector and other investment companies, Moody’s said.
The proceeds will be used to pay down the balance on the fund's margin financing facility and to invest in securities in accordance with its investment strategy.
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