Priority Income Fund plans weekly preferred stock issuance program

By James McCandless

San Antonio, April 29 – Priority Income Fund, Inc. plans to expand its cumulative mandatory redeemable term preferred stock issuance through a new weekly investment program, according to a press release.

Incapital LLC is the purchasing agent and distributor. Ladenburg Thalmann & Co. Inc. is also an agent of the program.

The program will offer continuous add-ons to the company’s existing preferred tranches currently listed on the New York Stock Exchange, which consist of its $34 million of series A 6.375% preferred stock due 2025, $25 million of series B 6.25% preferred stock due 2023 and its $40.25 million of series C 6.625% preferred stock due 2024.

The program will also include a new issue of 7% series D preferred stock due 2029.

Each of the preferreds in the program are rated AA- by Egan-Jones.

The issuances will be sold at public offering prices determined weekly by the company, with terms set in a pricing supplement filed with the Securities and Exchange Commission.

Priority Income Fund is a New York City-based closed-end fixed-income mutual fund.

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