RiverNorth Marketplace Lending Corporation Announces Final Results of Repurchase Offer
July 11 2019 - 5:16PM
Business Wire
RiverNorth Marketplace Lending Corporation (the “Fund”) (NYSE:
RSF) announced the final results of its repurchase offer for up to
15%, or 1,246,661 of its outstanding common shares. The repurchase
offer expired at 5:00 P.M. Eastern Time on July 10, 2019.
Based on information provided by DST Systems, Inc., the
depositary for the repurchase offer, a total of 5,518,130 shares
were submitted for redemption and 1,246,661 shares were
repurchased. In accordance with the terms and conditions of the
repurchase offer, because the number of shares repurchased exceeds
the number of shares offered to purchase, the Fund will purchase
shares from tendering shareholders on a pro-rata basis
(disregarding fractional shares). The purchase price of repurchased
shares is equal to the Fund's net asset value per share calculated
as of the close of regular trading on the New York Stock Exchange
(NYSE) on July 10, 2019, which is equal to $21.09 per share.
The information agent for the repurchase offer is DST Systems,
Inc. Any questions with regard to the tender offer may be directed
to the information agent toll-free at 844-569-4750.
About RiverNorth
RiverNorth Capital Management, LLC is an investment management
firm founded in 2000. With $3.8 billion1 in assets under management
as of May 31, 2019, RiverNorth specializes in opportunistic
investment strategies in niche markets where the potential to
exploit inefficiencies is greatest. RiverNorth is an institutional
investment manager to registered funds, private funds and
separately managed accounts.
The Fund is classified as non-diversified, which means the Fund
may invest a larger percentage of its assets in the securities of a
smaller number of issuers than a diversified fund. Investment in
securities of a limited number of issuers exposes the Fund to
greater market risk and potential losses than if its assets were
diversified among the securities of a greater number of
issuers.
If a borrower of a marketplace loan is unable to make its
payments on a loan, the Fund may be greatly limited in its ability
to recover any outstanding principal and interest under such loan,
as (among other reasons) the Fund may not have direct recourse
against the borrower or may otherwise be limited in its ability to
directly enforce its rights under the loan, whether through the
borrower or the platform through which such loan was originated,
the loan may be unsecured or under-collateralized, and/or it may be
impracticable to commence a legal proceeding against the defaulting
borrower.
The marketplace lending instruments in which the Fund may invest
will not typically be guaranteed or insured by any third-party and
will not typically be backed by any governmental authority.
Prospective borrowers supply a variety of information regarding the
purpose of the loan, income, occupation and employment status (as
applicable) to the lending platforms. As a general matter,
platforms do not verify the majority of this information, which may
be incomplete, inaccurate, false or misleading. Prospective
borrowers may misrepresent any of the information they provide to
the platforms, including their intentions for the use of the loan
proceeds. Marketplace lending instruments are generally not rated
by the nationally recognized statistical rating organizations
(“NRSROs”). Such unrated instruments may be comparable in quality
to securities falling into any of the ratings categories used by
such NRSROs. Accordingly, certain of the Fund’s unrated investments
could constitute a highly risky and speculative investment, similar
to an investment in “junk” bonds. At any given time, the Fund’s
portfolio may be substantially illiquid and subject to increased
credit and default risk. As a result of the foregoing and other
risks described in the Fund’s prospectus, an investment in the Fund
is considered to be highly speculative. The marketplace
lending instruments in which the Fund may invest may have
varying degrees of credit risk and the Fund will not be
restricted by any borrower credit criteria or credit risk
limitation. There can be no assurance that payments due on
underlying marketplace loans will be made.
The Fund’s investment objectives, risks, charges and expenses
must be considered carefully before investing. The Fund’s
prospectus and most recent periodic reports contain this and other
important information about the investment company, and may be
obtained by visiting rivernorth.com/literature or by calling
844.569.4750. Read the Prospectus carefully before
investing.
The default history for marketplace lending is limited and
future defaults may be higher than historical defaults.
1 Firm AUM reflects Managed Assets, which includes assets
attributable to leverage.
Allen Webb is a registered representative of ALPS Distributors,
Inc. RiverNorth Capital Management; LLC is not affiliated with ALPS
Distributors, Inc. or DST Systems, Inc.
Not FDIC Insured | May Lose Value | No Bank Guarantee
RiverNorth® is a registered trademark of RiverNorth Capital
Management, LLC.
©2000-2019 RiverNorth Capital Management, LLC. All rights
reserved.
RVN0001384 06.30.2020
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version on businesswire.com: https://www.businesswire.com/news/home/20190711005845/en/
Investor Contact Allen Webb, CFA 312.445.2266
awebb@rivernorth.com
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