By Wendy Van Sickle
Columbus, Ohio, March 16 – Priority Income Fund, Inc. priced a $32 million offering of series G term preferred stock due 2026 (Egan-Jones: BBB-) with a dividend of 6.25% at par on Tuesday, according to a press release.
There is a $4.8 million greenshoe.
The deal was announced on Monday.
Ladenburg Thalmann & Co. Inc. is the lead bookrunner.
B. Riley Securities, Inc., Compass Point Research & Trading, LLC, Incapital LLC, National Securities Corp., Wedbush Securities Inc. and William Blair & Co., LLC are 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 “PRIFG.”
Priority Income is a New York-based non-diversified closed-end management investment company.
| Issuer: | Priority Income Fund, Inc.
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| Description: | Series G term preferred stock
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| Amount: | $32 million, or 1.28 million shares
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| Greenshoe: | $4.8 million, or 192,000 shares
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| Maturity: | 2026
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| Bookrunners: | Ladenburg Thalmann & Co. Inc. (lead) and B. Riley Securities, Inc., Compass Point Research & Trading, LLC, Incapital LLC, National Securities Corp., Wedbush Securities Inc. and William Blair & Co., LLC
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| Dividend: | 6.25%
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| Price: | Par of $25.00
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| Yield: | 6.25%
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| Pricing date: | March 16
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| Settlement date: | March 19
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| Rating: | Eagan-Jones: BBB-
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| Listing: | NYSE: PRIFG
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