Chicago, Feb. 22 – Priority Income Fund, Inc. sold an upsized $26 million, or 1.04 million shares, of 6.375% series L preferred stock due March 31, 2029 (Egan-Jones: BBB-) on Tuesday, according to a press release and a 424B1 filing earlier in the day with the Securities and Exchange Commission.
The $25-par deal has a 30-day option for an additional 156,000 shares to cover overallotments.
The shares will be callable beginning in 2025.
Ladenburg Thalmann, B. Riley Securiites, InspereX, Wedbush Securities and William Blair are the bookrunners.
Proceeds will be used to acquire investments and for general working capital purposes.
The company has applied to list the series L preferreds on the New York Stock Exchange under the symbol “PRIFPrL.”
The externally managed non-diversified closed-end management investment company is based in New York.
| Issuer: | Priority Income Fund, Inc.
|
| Issue: | Series L preferred stock
|
| Amount: | $26 million, or 1.04 million shares
|
| Greenshoe: | $3.9 million, or 156,000 shares
|
| Maturity: | March 31, 2029
|
| Bookrunners: | Ladenburg Thalmann, B. Riley Securiites, InspereX, Wedbush Securities and William Blair
|
| Counsel to issuer: | Eversheds Sutherland (US) LLP, Venable LLP (Maryland)
|
| Counsel to bookrunners: | Troutman Pepper Hamilton Sanders LLP
|
| Coupon: | 6.375%
|
| Price: | Par of $25.00
|
| Yield: | 6.375%
|
| Call features: | At par starting in 2025
|
| Trade date: | Feb. 22
|
| Ratings: | Egan-Jones: BBB-
|
| Distribution: | SEC registered
|
| Ticker: | NYSE: PRIFPrL
|
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