RiverNorth Specialty Finance Corporation* Announces Final Results of Repurchase Offer
October 15 2020 - 5:00PM
Business Wire
RiverNorth Specialty Finance Corporation (the “Fund”) (NYSE:
RSF), a closed-end fund, announced the final results of its
repurchase offer for up to 5%, or 273,138 of its outstanding common
shares. The repurchase offer expired at 5:00 P.M. Eastern Time on
October 14, 2020.
Based on information provided by DST Systems, Inc., the
depositary for the repurchase offer, a total of 4,474,028 shares
were submitted for redemption and 273,138 shares were repurchased.
In accordance with the terms and conditions of the repurchase
offer, because the number of shares submitted for redemption
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 October 14, 2020, which is equal to $17.43 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.
*Formerly known as RiverNorth Marketplace Lending
Corporation.
About RiverNorth
RiverNorth Capital Management, LLC is an investment management
firm founded in 2000. With $4.4 billion1 in assets under management
as of August 31, 2020, 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.
See the Prospectus for a more detailed description of Fund
risks. Investing involves risk. Principal loss is
possible.
The profitability of specialty finance and other financial
companies is largely dependent upon the availability and cost of
capital funds, and may fluctuate significantly in response to
changes in interest rates, as well as changes in general economic
conditions If the borrower of Alternative Credit (as defined below)
in which the Fund invests 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. Substantially
all of the Alternative Credit in which the Fund invests will not be
guaranteed or insured by a third party. In addition, the
Alternative Credit Instruments in which the Fund may invest will
not 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. Alternative Credit
Instruments are generally not rated by the nationally recognized
statistical rating organizations (“NRSROs”). Such unrated
instruments, however, are considered to be comparable in quality to
securities falling into any of the ratings categories used by such
NRSROs to classify "junk" bonds (i.e., below investment grade
securities). Accordingly, the Fund’s unrated Alternative Credit
Instrument investments constitute highly risky and speculative
investments similar to investments in “junk” bonds, notwithstanding
that the Fund is not permitted to invest in loans that are of
subprime quality at the time of investment. Although the Fund is
not permitted to invest in loans that are of subprime quality at
the time of investment, an investment in the Fund’s Shares should
be considered speculative and involving a high degree of risk,
including the risk of loss of investment. There can be no assurance
that payments due on underlying loans, including Alternative
Credit, will be made.
Diversification does not ensure a profit or a guarantee
against loss.
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.
1 Firm AUM reflects Managed Assets, which includes assets
attributable to leverage and investments in affiliated funds.
Chris Lakumb 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. ©2000-2020 RiverNorth Capital Management, LLC. All
rights reserved.
RVN001459
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version on businesswire.com: https://www.businesswire.com/news/home/20201015006050/en/
Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336
clakumb@rivernorth.com
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