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RiverNorth/DoubleLine Strategic Opportunity Fund Term Preferred Now at $10

The series C, 6% short duration term preferred (OPP-C) from closed end funds RiverNorth/Doubleline Strategic Opportunity Fund (OPP) is now trading somewhat ‘normally’–right around the liquidation value of $10. This ‘rights offering’ series sold with strange pricing for a few days before now settling in. This has just 410,000 shares outstanding and it looks like the $10 liquidation value threw folks off for a few days.

The issue has a mandatory redemption on 12/1/2027 so maybe it is a decent spot to hide out in as a cash alternative of sorts.

BDC Gladstone Investment to Sell New Baby Bonds

Business development company Gladstone Investment (GAIN) has announced they are selling a new issue of baby bonds.

The issue will have a maturity date in 2030 and an early call available to the company in 2027.

The company has a number of low coupon baby bonds outstanding which can be seen here.

The preliminary prospectus can be found here.

Thanks to 2whiteroses for posting this yesterday afternoon.

RiverNorth/Doubleline $10 Term Preferred Ready to Trade

Folks are noting that the new RiverNorth/Doubleline Strategic Opportunity Fund $10/Share 6% Term Preferred (OPP-C) is ready to trade.

It looks to me that a few early shares sold at $14–that is crazy and will likely correct itself quickly. For a test I tried to put in an order on Fido for 100 shares–got the Mother Fido message ‘maximum shares allowed has been exceeded’ (or something like that). Changed to 25 shares at $9.75 and it took-we’ll see what happens–not one I really want to own that badly.

This one is ‘thin’ with just 419,000 shares outstanding–God forbid someone puts in a ‘market’ order.