NEW YORK--(BUSINESS WIRE)--Priority Income Fund, Inc. (the “Company”) today announced that it has successfully invested the proceeds from its recently announced issuance of Preferred Stock. The net proceeds from this issuance were invested in accordance with the investment objective and strategies of the Company.
“We have successfully put to work all of the proceeds from our preferred issuance into CLO investments that we believe will generate earnings accretion for the Company’s shareholders,” said portfolio manager Nishil Mehta, who is a Managing Director with Prospect Capital.
The offering of 1,360,000 shares of 6.375% Series A Term Preferred Stock due 2025 (the “Preferred Stock”) was led by Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., acting as lead book-running manager. BB&T Capital Markets, a division of BB&T Securities, LLC and B. Riley FBR, Inc. acted as joint book-running managers and Incapital LLC and Maxim Group LLC acted as co-managers for the offering.
The Preferred Stock is listed on the New York Stock Exchange under the ticker symbol “PRIFA”. The Preferred Stock has been assigned a rating of “AA” by Egan-Jones Ratings Co.
Investors should consider the Company’s investment objectives, risks, charges and expenses carefully before investing. The prospectus, which contains this and other information about the Company, should be read carefully before investing. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of these securities or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About Priority Income Fund
Priority Income Fund, Inc. is a registered closed-end fund that was created to acquire and grow an investment portfolio primarily consisting of senior secured loans or pools of senior secured loans known as collateralized loan obligations ("CLOs"). Such loans will generally have a floating interest rate and include a first lien on the assets of the respective borrowers, which typically are private and public companies based in the United States. For more information, visit priority-incomefund.com.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company’s other filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE