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”
Unsure which place you check first, so I posted this here and in Reader Initiated Alerts:
OPP-B priced at 4.75%
Temp ticker is OPPBV
RIVERNORTH / DOUBLELINE STRATEGIC OPPORTUNITY FD INC PFD SER B Preferred Stock
“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. “
“PROSPECTUS SUPPLEMENT…To Prospectus dated October 17, 2019”
“The date of this Prospectus Supplement is October 19, 2020”
That was the old prospectus, maybe? Maybe: new prospectus here with Divvies commencing on February 15, 2022?
“PROSPECTUS SUPPLEMENT..To Prospectus dated November 10, 2021”