By Marisa Wong
Los Angeles, Oct. 5 – Priority Income Fund, Inc. priced $35 million, or 1.4 million shares, of 7% $25-par series K cumulative preferred stock (Egan-Jones: BBB-), according to an FWP filing with the Securities and Exchange Commission.
The company had initially planned to issue $25 million of the series K preferreds, according to a previous filing with the SEC.
The underwriters have a 30-day option to purchase an additional 200,000 shares, or $5 million of preferreds.
Ladenburg Thalmann & Co. Inc. is the lead bookrunner. B. Riley Securities, Inc., Compass Point Research & Trading, LLC, InspereX LLC, Wedbush Securities Inc. and William Blair & Co., LLC are the other bookrunners.
The preferreds will be callable at par after five years.
The company has applied to list the series K preferreds on the New York Stock Exchange under the symbol “PRIFK.”
Proceeds will be used to redeem all of the company’s series E term preferred stock, to acquire investments and for general working capital purposes, as previously announced.
The externally managed non-diversified closed-end management investment company is based in New York.
| Issuer: | Priority Income Fund, Inc.
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| Issue: | Series K cumulative 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: | Perpetual
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| Bookrunners: | Ladenburg Thalmann & Co. Inc. (lead); B. Riley Securities, Inc., Compass Point Research & Trading, LLC, InspereX LLC, Wedbush Securities Inc. and William Blair & Co., LLC
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| Dividend: | 7%
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| Price: | Par of $25.00
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| Yield: | 7%
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| Call option: | In whole or in part at par beginning Sept. 30, 2026
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| Trade date: | Oct. 5
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| Settlement date: | Oct. 7
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| Rating: | Egan-Jones: BBB-
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| Distribution: | SEC registered
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| Listing: | NYSE: PRIFK
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| Cusip: | 74274W764
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