By James McCandless
San Antonio, Oct. 19 – Priority Income Fund, Inc. priced a $22.5 million offering of $25-par series B term preferred stock due 2023 (AA) at par with a dividend of 6.25%, according to a press release and filings with the Securities and Exchange Commission.
The deal was announced Thursday morning and downsized from an initial size of $25 million.
There is a $3,375,000 greenshoe.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, B. Riley FBR, Inc. and Incapital LLC
are the joint bookrunners. Maxim Group LLC is the co-manager.
The preferreds are redeemable on or after Oct. 23, 2020 at par plus accrued dividends.
Priority Income Fund plans to use the proceeds to acquire investments in accordance with its investment objectives and strategies and for general working capital purposes.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “PRIFB.”
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.
|
| Description: | Series B term preferred stock
|
| Amount: | $22.5 million, or 900,000 shares
|
| Greenshoe: | $3,375,000, or 135,000 shares
|
| Maturity: | Dec. 31, 2023
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, B. Riley FBR, Inc. and Incapital LLC
|
| Co-manager: | Maxim Group LLC
|
| Dividend: | 6.25%
|
| Price: | Par of $25.00
|
| Yield: | 6.25%
|
| Call: | On or after Oct. 23, 2020 at par plus accrued dividends
|
| Pricing date: | Oct. 19
|
| Settlement date: | Oct. 23
|
| Rating: | Egan-Jones: AA
|
| Distribution: | SEC registered
|
| Listing: | NYSE: PRIFB
|
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