Priority Income plans to sell seven-year term preferred stock

By Wendy Van Sickle

Columbus, Ohio, June 14 – Priority Income Fund, Inc. plans to price an offering of series I term preferred stock due 2028 (Egan-Jones: BBB-), according to a press release.

Ladenburg Thalmann & Co. Inc. is acting as lead book-running manager for the offering, and B. Riley Securities, Inc., Incapital LLC, Wedbush Securities Inc. and William Blair & Co., LLC are joint bookrunners.

Priority Income plans to use the proceeds to redeem all of its existing series C term preferreds, 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 “PRIFI.”

Priority Income is a New York-based non-diversified closed-end management investment company.

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