Priority Income Fund, Inc. Price Preferred Share Offering | News

NEW YORK, Feb. 22 Feb. 1, 2022 (GLOBE NEWSWIRE) — Priority Income Fund, Inc. (the “Company”) today announced that it has priced an underwritten public offering of 1,040,000 shares of Series L Term Preferred Stock at 6.375 % due 2029 (the “Preferred Shares”) at a public offering price of $25 per share, which will result in net proceeds to the Company of approximately $24.9 million after payment of rebates and commissions subscription and the estimated offering costs payable by the Company. In addition, the Company has granted the underwriters a 30-day option to purchase up to 156,000 additional preferred shares to cover over-allotments, if any.

The Company has applied to list the preferred shares on the New York Stock Exchange (“NYSE”) under the symbol “PRIF PRL”. If the application is approved, trading on the NYSE of the preferred shares is expected to begin within 30 days of the issue date of the preferred shares. The preferred shares have been assigned a private rating of “BBB-” by Egan-Jones Ratings Co.

The Company intends to use the net proceeds from the Preferred Share Offering to acquire investments in accordance with its investment objective and strategies and for general working capital purposes.

The offering is expected to close on February 28, 2022, subject to customary closing conditions.

Ladenburg Thalmann & Co. Inc. is acting as lead bookrunner for the offering and B. Riley Securities, Inc., InspereX LLC, Wedbush Securities Inc. and William Blair & Company, LLC are acting as joint bookrunners for the offer. offer.

Investors should carefully consider the Company’s investment objectives, risks, charges and expenses before investing. The preliminary prospectus and 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 of this offer or any other securities, and there will be no sale of these securities or any other securities mentioned in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

The offering of Preferred Shares may only be made by means of a prospectus. Copies of the preliminary prospectus (and final prospectus, if any) may be obtained by writing to: Ladenburg Thalmann & Co. Inc., 640 5th Avenue, 4th Floor, New York, New York 10019, or: 1-800- 573-2541, or: [email protected] Copies may also be obtained by visiting EDGAR on the SEC’s website at www.sec.gov.

About Priority Income Fund Priority Income Fund, Inc., is a registered closed-end fund established to acquire and grow an investment portfolio consisting primarily of senior secured loans or groups of senior secured loans known as Secured Loan Obligations (“CLOs”). . These loans will generally have a variable interest rate and will include a first lien on the assets of the respective borrowers, which are generally private and public companies based in the United States. The company is managed by Priority Senior Secured Income Management, LLC, which is led by a team of investment professionals from Prospect Capital Management LP’s investment and operations team. 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 fact included in this press release may constitute forward-looking statements and do not constitute guarantees. future performance or results and involves a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to a number of factors, including those described in the Company’s prospectus and other filings with the SEC. The Company undertakes no obligation to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.

Investor Relations Contact: Lindsey Harrison

[email protected] 646-845-6059

NOT INSURED BY THE FDIC • NO BANK GUARANTEE • MAY LOSE VALUE

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