CEF (Closed End Fund) RiverNorth Opportunities Fund (RIV) has completed their previously announced common share rights offering.
RIV has a 6% perpetual preferred issue outstanding (RIV-A) which constitutes the funds ‘leverage’ on which they must have 200% asset coverage. The fund had adequate coverage as of 7/31/2022 (281% +/-), but we don’t know where they stand today. The preferred shares remain at A1 from Moody’s.
The company will be sellling 2.752 million shares to holders who exercised their right to purchase shares for gross proceeds of $32.9 million.