By Wendy Van Sickle
Columbus, Ohio, May 3 – Priority Income Fund, Inc. priced a $26 million offering of series H term preferred stock due 2026 (Egan-Jones: BBB-) with a dividend of 6% at par on Monday, 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.
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 redeem all of the company’s existing series B term preferred stock, to acquire investments in accordance with its investment objective and strategies, and for general working 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 H term preferred stock
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Amount: | $26 million, or 1.04 million shares
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Greenshoe: | $4.8 million, or 156,000 shares
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Maturity: | 2026
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Bookrunners: | Ladenburg Thalmann & Co. Inc. (lead) and Compass Point Research & Trading, LLC, Incapital LLC, National Securities Corp., Wedbush Securities Inc. and William Blair & Co., LLC
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Dividend: | 6%
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Price: | Par of $25.00
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Yield: | 6%
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Pricing date: | May 3
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Settlement date: | May 6
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Rating: | Egan-Jones: BBB-
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Listing: | NYSE: PRIFH
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