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Priority Income Fund closes preferred stock offering

Priority Income Fund Inc. on June 29 closed an underwritten public offering of 1,360,000 shares of its 6.375% series A term preferred stock due 2025 that were sold at a price of $25.00 apiece.

The company has granted the underwriters a 30-day option to purchase up to an additional 204,000 shares to cover overallotments, if any.

The offering resulted in net proceeds of about $32.7 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the company.

The company intends to use the net proceeds to make investments in accordance with its objectives and strategies and for general working capital purposes.

Priority Income Fund has applied to list the preferred stock on the New York Stock Exchange under the ticker symbol PRIFA.