By James McCandless
San Antonio, Feb. 20 – Priority Income Fund, Inc. priced a $35 million offer of $25-par series C term preferred stock (Egan-Jones: AA) due 2024 at par with a dividend of 6.625%, according to a press release.
There is a $5.25 million greenshoe.
The deal was announced on Tuesday.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, B. Riley FBR, Inc. and Incapital LLC are the joint bookrunners.
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 plans to list the preferreds on the New York Stock Exchange under the symbol “PRIFC.”
Priority Income Fund is a New York City-based closed end fixed income mutual fund.
| Issuer: | Priority Income Fund
|
| Description: | Series C term preferred stock
|
| Amount: | $35 million, or 1.4 million shares
|
| Greenshoe: | $5.75 million, or 210,000 shares
|
| Maturity: | 2024
|
| Bookrunners: | Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, B. Riley FBR, Inc. and Incapital LLC
|
| Co-manager: | Maxim Group LLC
|
| Dividend: | 6.625%
|
| Price: | Par of $25.00
|
| Yield: | 6.625%
|
| Pricing date: | Feb. 20
|
| Settlement date: | Feb. 22
|
| Rating: | Egan-Jones: AA
|
| Distribution: | SEC registered
|
| Listing: | NYSE: PRIFC
|
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