RiverNorth Specialty Finance Corporation Announces Final Results of Repurchase Offer | National Business
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WEST PALM BEACH, Fla.–(BUSINESS WIRE)–Jul 7, 2022–
RiverNorth Specialty Finance Corporation (the “Fund”) (NYSE: RSF), a closed-end fund, announced the final results of its repurchase offer for up to 5% of its outstanding common shares. The repurchase offer expired at 5:00 P.M. Eastern Time on July 6, 2022.
Based on information provided by DST Systems, Inc., the depositary for the repurchase offer, a total of 950,169 shares were submitted for redemption and 192,627 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 July 6, 2022, which is equal to $18.06 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 $5.7 billion 1 in assets under management as of May 31, 2022, 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.
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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.
Marketing services provided by ALPS Distributors Inc. ALPS and RiverNorth are not affiliated.
Not FDIC Insured | May Lose Value | No Bank Guarantee
RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC.
©2000-2022 RiverNorth Capital Management, LLC. All rights reserved.
RVN001592
View source version on businesswire.com:https://www.businesswire.com/news/home/20220707005821/en/
CONTACT: Investor Contact
Chris Lakumb, CFA, CAIA
312.445.2336
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA
INDUSTRY KEYWORD: CONSULTING OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES FINANCE
SOURCE: RiverNorth Specialty Finance Corporation
Copyright Business Wire 2022.
PUB: 07/07/2022 05:01 PM/DISC: 07/07/2022 05:03 PM
Copyright Business Wire 2022.
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