RiverNorth Closes $75M Series B Mandatory Redeemable Preferred Offering at 6.476%
RIV is trading near its 52-week low of $10.34 (1.8% above the low).
Summary
RiverNorth Opportunities Fund closed a $75 million private placement of Series B Mandatory Redeemable Preferred Shares at $25.00 per share with a 6.476% dividend, due September 18, 2031. Proceeds will refinance existing debt and fund new investments.
Key Events · Financing and Capital Events · RIV
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$75M Preferred Placement Closed
Issued and sold 3,000,000 Series B Mandatory Redeemable Preferred Shares at $25.00 per share for gross proceeds of approximately $75,000,000 in a Rule 506(b) private placement.
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6.476% Dividend, Due 2031
The MRP Shares pay a monthly cumulative dividend at 6.476% annually ($1.619 per share per year) and must be redeemed on September 18, 2031 at the $25.00 liquidation preference plus accrued dividends.
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Proceeds to Refinance Debt
Net proceeds will primarily refinance the fund's existing BNP Paribas credit facility (which had $15,000,000 outstanding as of June 30, 2026) and fund new portfolio investments.
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Senior to Common, Pari Passu with Series A
The Series B MRP Shares rank senior to common stock in dividends and liquidation, and pari passu with the existing 6.00% Series A Cumulative Perpetual Preferred Stock.
Analysis · RIV · Unknown
A $75 million private placement of 3,000,000 Series B Mandatory Redeemable Preferred Shares at $25.00 per share was completed by RiverNorth Opportunities Fund. The new preferred carries a 6.476% annual dividend and must be redeemed by September 18, 2031. Proceeds will primarily refinance the fund's existing BNP Paribas credit facility and fund new portfolio investments. The shares rank senior to common stock and pari passu with the existing Series A preferred, adding a new layer of leverage to the capital structure. The fund trades near its 52-week low, and this financing provides capital flexibility but introduces a fixed dividend obligation and mandatory redemption liability.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.2% of the 1645 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, RIV was trading at $10.53 on NYSE in the Unknown sector, with a market capitalization of approximately $386.1M. The 52-week trading range was $10.34 to $12.15. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.