Financing ·
RiverNorth raises $75 million from issuing 3M shares of Series B preferred stock at $25 per share
RIVRivernorth Opportunities Fund, Inc.
RiverNorth Opportunities Fund, Inc. issued 3,000,000 shares of Series B Mandatory Redeemable Preferred Stock at a liquidation preference of $25.00 per share, raising approximately $75 million in gross proceeds. The securities carry an annual dividend rate of 6.476%, equating to $1.619 per share annually, payable monthly starting September 30, 2026. The Fund intends to use the capital primarily to refinance existing debt and fund new portfolio investments. These shares are mandatory redeemable on September 18, 2031, and rank senior to common stock but subordinate to senior indebtedness. RiverNorth Opportunities Fund, Inc. operates as a closed-end investment company focused on generating current income and capital appreciation through investments in fixed-income securities.