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RiverNorth Specialty Finance Corp, 5.875% Ser A Term Preferred Stock due 2024
Ticker Symbol: RMPL-* CUSIP: 76882B207 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/04/2024
Security has been Called for: Friday, October 4, 2024
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-The Board of Directors of the RiverNorth Capital and Income Fund, Inc. (the “Fund”) (NYSE: RSF) has authorized the redemption of all 1,656,000 outstanding shares of its 5.875% Series A Term Preferred Stock (the “Series A Preferred Stock”) (NYSE: RMPL). In conjunction with the planned redemption, the Series A Preferred Stock will be suspended from the New York Stock Exchange (“NYSE”) before market open on the anticipated redemption date of October 4, 2024. April 15, 2020 -- the Fund’s name has been changed to RiverNorth Specialty Finance Corporation. The Fund’s common shares continue to trade under its existing New York Stock Exchange (“NYSE”) symbol “RSF”. The Fund’s preferred shares continue to trade under the NYSE symbol “RMPL”. CUSIP numbers for RSF and RMPL will not change. Further, the Fund’s investment objective, seeking a high level of current income, will remain the same. Effective as of May 22, 2020, the following changes will be made to the Fund’s investment strategy: Under normal market conditions, invest, directly or indirectly at least 80% of its Managed Assets in marketplace lending investments. TO
Under normal market conditions, invest, directly or indirectly in credit instruments, including a portfolio of securities of specialty finance and other financial companies that the Fund's Advisor believes offer attractive opportunities for income.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: RiverNorth Specialty Finance Corp Formerly, RiverNorth Marketplace Lending Corp., 5.875% Series A Term Preferred Stock due 10/31/2024, liquidation preference $25 per share, redeemable at the issuer's option on or after 10/31/2020 at $25 per share plus accrued and unpaid dividends, and maturing on 10/31/2024. Cumulative distributions of 5.875% per annum ($1.46875 per annum or $0.36719 per quarter) will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date fixed by the board, not more than 20 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). If the Fund is unable to obtain sufficient liquidity prior to the date of redemption, it may be forced to engage in a partial redemption or delay a required redemption (see prospectus for further information). If the Fund fails to maintain an asset coverage ratio of at least 200% the Fund will be required to redeem, within 90 calendar days of the Asset Coverage Cure Date, shares of preferred stock (see page 10 of prospectus for further information). Dividends paid by preferreds issued by closed-end funds can be 0% to 100% eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and can also be 0% to 100% eligible for the dividends received deduction for corporate holders (see page 22 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (RSF)
IPO - 10/17/2017 - 1.44 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: RVNOP Changed: 10/26/2017
Previous Name: RiverNorth Marketplace Lending Corp Changed: 4/15/2020
Market Value $36.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 325 North LaSalle Street, Suite 645, Chicago, ILL 60654 |
| Main Phone Number |
312-832-1440 |
| Fax Number |
Not Available |
| Investor Relations
Chris Lakumb
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312-832-1440
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| PRS - Patrick W. Galley |
CFO - Jonathan M. Mohrhardt |
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