RiverNorth Opportunities Fund, Inc. (NYSE: RIV) announced the execution of a securities purchase agreement on September 18, 2026, to issue and sell 3,000,000 shares of its Series B Mandatory Redeemable Preferred Stock (MRP Shares). The transaction, conducted under Rule 506(b) of the Securities Act of 1933, generated gross proceeds of approximately $75,000,000 before expenses.
The MRP Shares carry a liquidation preference of $25.00 per share and are scheduled to mature on September 18, 2031. Holders are entitled to receive monthly cumulative cash dividends at an annual rate of 6.476%, or $1.619 per share, payable on the last business day of each month, beginning September 30, 2026.
According to the filing, the Fund intends to utilize the proceeds primarily to refinance existing debt and to fund new portfolio investments. The preferred shares rank senior to the Fund’s common stock and equal in priority to its 6.00% Series A Cumulative Perpetual Preferred Stock regarding dividend payments and asset distribution upon liquidation.
The offering includes specific redemption provisions. The Fund is required to redeem all outstanding MRP Shares on the Term Redemption Date of September 18, 2031, at a price equal to the liquidation preference plus accrued dividends. Additionally, the Fund may redeem shares in whole or in part at any time with 20 to 40 days' notice, subject to a minimum redemption of 5% of outstanding shares. The MRP Shares are not listed on an exchange and may not be transferred without the Fund's consent.
