Priority Income Fund Inc. priced an offering of 1 million shares of 6.375% series E term preferred Stock due 2024 at a public offering price of $25 per share.
Net proceeds are expected to be about $24.1 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the company. The company granted the underwriters a 30-day option to buy up to an additional 150,000 preferred shares to cover any overallotments.
The company intends to use the net proceeds to acquire investments and for general working capital purposes.
It applied to list the preferred stock on the NYSE under the ticker symbol PRIFE. If the application is approved, trading on the NYSE in the preferred stock is expected to start within 30 days following the issuance date.
The offering is expected to close Oct. 7.
Ladenburg Thalmann & Co. Inc. is the lead book-running manager for the offering. BB&T Capital Markets, B. Riley FBR Inc. and Incapital LLC are the joint book-running managers and Maxim Group LLC is co-manager.
