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PRESS RELEASE from provider: Business Wire
This content is a press release from our partner Business Wire. The AP newsroom and editorial departments were not involved in its creation.

Priority Income Fund, Inc. Prices Offering of Preferred Stock

February 20, 2019

NEW YORK--(BUSINESS WIRE)--Feb 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.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., is acting as lead book-running manager for the offering. BB&T Capital Markets, a division of BB&T Securities, LLC, B. Riley FBR, Inc. and Incapital LLC are acting as joint book-running managers and Maxim Group LLC is acting as co-manager for the offering.

Investors should consider the Company’s investment objectives, risks, charges and expenses carefully before investing. The preliminary prospectus and the final prospectus, when available, which contain 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.

The offering of the Preferred Stock may be made only by means of a prospectus. Copies of the preliminary prospectus (and the final prospectus, when available) may be obtained by writing: Ladenburg Thalmann & Co. Inc., 277 Park Avenue, 26th Floor, New York, New York 10172, or: 1-800-573-2541, or: . Copies may also be obtained by visiting EDGAR on the SEC’s website at .

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.

FORWARD-LOOKING STATEMENTS

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

View source version on businesswire.com:https://www.businesswire.com/news/home/20190220005975/en/

CONTACT: Investor Relations Contact:

Rob Watson

For Priority Income Fund, Inc.

Rob.watson@destracapital.com

877.855.3434

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE

SOURCE: Priority Income Fund, Inc.

Copyright Business Wire 2019.

PUB: 02/20/2019 05:54 PM/DISC: 02/20/2019 05:54 PM

http://www.businesswire.com/news/home/20190220005975/en