CEF RiverNorth/Doubleline Strategic Opportunity Fund (OPP) is issuing a new series of term preferred stock.
Via a rights offering to current shareholders the company will be issuing around 419,000 Series C term preferred shares under the ticker (OPP-C). The company has applied to have shares listed on the NYSE. The shares have a $10/share liquidation preference.
The rights offering results can be found here.
The mandatory redemption date will be December 1, 2027. There will be no early redemption feature.
My assumption is the issue will be rated A1 by Moodys as the other 2 preferred issues are rated–the Moodys rating has not been updated since 12/2023.
I have seen not grey market listings yet (nor do I know if it will trade OTC)—we will have to keep an eye open for details on any public exchange trading.
OPP has 2 perpetual preferred issues outstanding with low coupons–4.375% and 4.75% which are trading in the $19 area for current yields in the 5.8% to 6% area.
