By James McCandless
San Antonio, Feb. 19 – Priority Income Fund, Inc. priced a $30 million offering of series F term preferred stock due 2027 with a dividend of 6.625% at par on Thursday, according to a press release.
There is a $4.5 million greenshoe.
The deal was announced on Wednesday.
Ladenburg Thalmann & Co. Inc. and Incapital LLC are the joint bookrunners.
Priority Income plans to use the proceeds to acquire investments in accordance with its investment objectives and strategies and for general corporate capital purposes.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “PRIFF.”
Priority Income is a New York-based non-diversified closed-end management investment company.
| Issuer: | Priority Income Fund, Inc.
|
| Description: | Series F term preferred stock
|
| Amount: | $30 million, or 1.2 million shares
|
| Greenshoe: | $4.5 million, or 180,000 shares
|
| Maturity: | 2027
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc. and Incapital LLC
|
| Co-manager: | Maxim Group LLC
|
| Dividend: | 6.625%
|
| Price: | Par of $25.00
|
| Yield: | 6.625%
|
| Pricing date: | Feb. 20
|
| Settlement date: | Feb. 25
|
| Distribution: | SEC registered
|
| Listing: | NYSE: PRIFF
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