By Wendy Van Sickle
Columbus, Ohio, June 15 – Priority Income Fund, Inc. priced a $35 million offering of series I term preferred stock due 2028 (Egan-Jones: BBB-) with a dividend of 6.125% at par on Tuesday, according to a term sheet.
There is a $5 million greenshoe.
The deal was announced on Monday.
Ladenburg Thalmann & Co. Inc. is the lead bookrunner.
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.
| Issuer: | Priority Income Fund, Inc.
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| Description: | Series I term preferred stock
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| Amount: | $35 million, or 1.4 million shares
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| Greenshoe: | $5 million, or 200,000 shares
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| Maturity: | June 30, 2028
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| Bookrunners: | Ladenburg Thalmann & Co. Inc. (lead) and B. Riley Securities, Inc., Incapital LLC, Wedbush Securities Inc. and William Blair & Co., LLC
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| Dividend: | 6.125%
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| Price: | Par of $25.00
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| Yield: | 6.125%
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| Call: | Beginning June 14, 2024 at par
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| Pricing date: | June 15
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| Settlement date: | June 17
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| Rating: | Egan-Jones: BBB-
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| Listing: | NYSE: PRIFI
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