Closed end fund RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) has announced they will be selling a new issue of perpetual preferred shares.
The new issue will be a quarterly payor and will be cumulative.
This issue will be strongly investment grade-likely A1 from Moody’s. Of course being a closed end fund they must maintain an asset coverage ratio of at least 200% on their senior securities.
There will be an optional redemption for the company starting 2/15/2027.
The permanent ticker will be OPP-B when it begins to trade on its permanent exchange.
Rob in Vegas was on top of this one earlier today.