Priority Income Fund plans at-the-market offering of up to $200 million preferreds in four parts

By James McCandless

San Antonio, June 24 – Priority Income Fund, Inc. plans to price up to $200 million of preferred stock in four series, according to a filing with the Securities and Exchange Commission.

The offering is expected to begin on July 1 and conclude on July 3.

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

The offering is part of the company’s continuous preferred stock issuance program that was announced on April 29.

The program offers add-ons to its series A 6.375% preferred stock due 2025, series B 6.25% preferred stock due 2023, series C 6.625% preferred stock due 2024 and 7% series D preferred stock due 2029.

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

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

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