By James McCandless
San Antonio, June 27 – Priority Income Fund, Inc. priced $34 million of $25-par series A term preferred stock due 2025 with a 6.375% dividend, according to a 497A filing with the Securities and Exchange Commission.
The offering was announced Tuesday morning.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets and B. Riley FBR, Inc. are the joint bookrunners.
There is a $5.1 million greenshoe.
The preferreds are callable after three years.
Priority Income Fund plans to use the proceeds to acquire investments in accordance with its investment objectives and strategies and for general corporate purposes.
The company intends to list the preferreds on the New York Stock Exchange under the symbol “PRIFA.”
Priority Income Fund is a New York City-based closed-end fixed income mutual fund specializing in senior secured loans and CLOs.
Issuer: | Priority Income Fund, Inc.
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Description: | Series A term preferred stock due 2025
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Amount: | $34 million
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Greenshoe: | $5.1 million
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Maturity: | June 30, 2025
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Bookrunners: | Ladenburg Thalmann & Co. Inc., BB&T Capital Markets and B. Riley FBR, Inc.
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Co-managers: | Incapital LLC and Maxim Group LLC
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Dividend: | 6.375%
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Price: | Par of $25
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Call: | On or after June 30, 2021 at par
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Trade date: | June 27
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Settlement date: | June 29
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Ratings: | Egan-Jones Ratings Co.: AA
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Distribution: | SEC Registered
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Listing: | NYSE: PRIFA
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