NEW YORK, New York – February 20, 2019 – Priority Income Fund, Inc. (the “Company”) today announced that it has priced an underwritten public offering of 1,400,000 shares of 6.625% Series C Term Preferred Stock due 2024 (the “Preferred Stock”) at a public offering price of $25.00 per share, which will result in net proceeds to the Company of approximately $33.7 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 210,000 shares of Preferred Stock to cover overallotments, if any.
The Company has applied to list the Preferred Stock on the New York Stock Exchange (“NYSE”) under the ticker symbol “PRIFC”. If the application is approved, trading on the NYSE in the Preferred Stock is expected to begin within 30 days following the issuance date of the Preferred Stock. The Preferred Stock has been assigned a private rating of “AA” by Egan-Jones Ratings Co.
The Company plans to use the net proceeds from the offering of the Preferred Stock to acquire investments in accordance with its investment objectives and strategies and for general working capital purposes.
The offering is expected to close on February 22, 2019, subject to customary closing conditions.