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RiverNorth Flexible Municipal Income Fund II (NYSE: RFMZ) announced a 6.00% level distribution policy effective April 1, 2021, declaring monthly distributions of $0.10 per share for April, May, and June 2021. These distributions are based on the Fund's initial public offering price of $20.00 per share. Key dates include:
- Ex Date: April 15, 2021
- Record Date: April 16, 2021
- Payable Date: April 30, 2021
The Fund warns that distributions may involve returns of capital and are not guaranteed, depending on market conditions.
RiverNorth Capital Management has launched the RiverNorth Flexible Municipal Income Fund II, Inc., a new municipal-focused closed-end fund, trading under the symbol RFMZ. The Fund raised $440 million in its IPO, potentially reaching $506 million with full overallotment. It offers investors a load-waived pricing structure, ensuring no upfront costs at an initial NAV of $20.00 per share. The Fund aims for current income exempt from federal taxes and total returns, utilizing active strategies with management from both RiverNorth and MacKay Shields. A share repurchase plan is set to begin 60 days post-overallotment.
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