Sep 18, 5:29 PM ET
RiverNorth Opportunities Fund sells 3 million Series B preferred shares for $75 million
On September 18, 2026, RiverNorth Opportunities Fund issued 3,000,000 Series B Mandatory Redeemable Preferred shares to purchasers in a private placement, with gross proceeds of approximately $75 million before expenses. The Fund says it will use the proceeds mainly to refinance existing debt and make new portfolio investments. The shares carry a fixed 6.476% annual dividend, must be redeemed on September 18, 2031, and rank ahead of common stock, so they add senior claims that common shareholders sit behind.
- 3,000,000 Series B MRP shares issued September 18, 2026, with a $25.00 liquidation preference per share
- Monthly dividend at an annual rate of 6.476%, or $1.619 per share per year, first payable September 30, 2026
- Mandatory redemption of all shares on September 18, 2031; shares rank senior to common stock and are subordinate to the BNP Paribas Prime Brokerage credit agreement dated March 9, 2023
- Asset coverage tests can force redemptions if coverage is at or below 235% for five of ten business days, or below 225% at a Friday check date