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October 2020

RiverNorth/DoubleLine Offering of Preferred Stock Nets $52+ Million

United States - Illinois

RiverNorth Capital Management, LLC — an investment management firm specializing in niche markets — was advised by Faegre Drinker on their RiverNorth/DoubleLine Strategic Opportunity Fund’s (NYSE: OPP) underwritten public offering of 2.2 million shares of 4.375% Series A Cumulative Preferred Stock at $25 per share, netting the fund approximately $52.8 million after expenses.

The Fund had approximately $266 million of total managed assets as of September 30, 2020. The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do.

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