RiverNorth/DoubleLine Strategic Opportunity Fund to Sell Preferred Issue

Closed end fund RiverNorth/DoubleLine Strategic Opportunity Fund (OPP) has announced they will be selling a new issue of perpetual preferred shares.

The fund already has 1 issue of preferred stock outstanding with a 4.37% coupon (OPP-A) which is trading at $24.74.

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.

The preliminary prospectus can be read here.

Rob in Vegas was on top of this one earlier today.

3 thoughts on “RiverNorth/DoubleLine Strategic Opportunity Fund to Sell Preferred Issue”

  1. What?
    “Dividends and distributions will be paid quarterly on February 15, May 15, August 15 and November 15 in each year (or, in each case, if such date is not a business day, the next succeeding business day), commencing on November 15, 2020. “

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