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    Priority Income Fund Announces Redemption of its 6.250% Series G Term Preferred Stock Due 2026

    11/22/24 5:17:21 PM ET
    $PRIF
    $PSEC
    Finance: Consumer Services
    Finance
    Get the next $PRIF alert in real time by email

    NEW YORK, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Priority Income Fund, Inc. ("Priority Income Fund" or the "Fund") announced today that it will redeem all outstanding shares of its 6.250% Series G Term Preferred Stock Due 2026 ((CUSIP: 74274W 814, NYSE:PRIF) (the "Series G Preferred Shares") at a price of $25 per Series G Preferred Share, plus accrued but unpaid dividends per Series G Preferred Share from September 30, 2024, to but excluding, the Redemption Date (the "Redemption Price"). The redemption date will be December 23, 2024 (the "Redemption Date").

    On the Redemption Date, the Redemption Price will become due and payable on the Series G Preferred Shares and any dividends shall cease to accumulate on the Series G Preferred Shares that are redeemed from and after such date. Unless the Fund defaults in the payment of the Redemption Price, dividends on the Series G Preferred Shares that are redeemed will cease to accumulate on and after the Redemption Date, and the only remaining right of the holders of the Series G Preferred Shares that are redeemed is to receive payment of the Redemption Price.

    The Series G Preferred Shares are held through The Depository Trust Company and will be redeemed in accordance with the applicable procedures.

    This press release does not constitute a notice of redemption under the articles supplementary governing the shares.

    Following redemption of the Series G Preferred Shares, the Fund will have outstanding shares of 7.00% Series D Term Preferred Stock due 2029 (NYSE:PRIF), 6.625% Series F Term Preferred Stock due 2027 (NYSE:PRIF), 6.000% Series H Term Preferred Stock due 2026 (NYSE:PRIF), 6.125% Series I Term Preferred Stock due 2028 (NYSE:PRIF), 6.000% Series J Term Preferred Stock due 2028 (NYSE:PRIF), 7.000% Series K Cumulative Preferred Stock (NYSE:PRIF), and 6.375% Series L Term Preferred Stock due 2029 (NYSE:PRIF).

    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. The Fund is managed by Priority Senior Secured Income Management, LLC, which is led by a team of investment professionals from the investment and operations team of Prospect Capital Management L.P. ("Prospect"). For more information, visit https://www.priorityincomefund.com.

    About Prospect Capital Management L.P.

    Prospect is an SEC-registered investment adviser headquartered in New York City that, along with its predecessors and affiliates, has 37-years of investing in and managing high-yielding debt and equity investments using both private partnerships and publicly traded closed-end structures. Prospect and its affiliates employ a team of over 150 professionals who focus on credit-oriented investments yielding attractive current income. Prospect, together with its affiliates, has $8.7 billion of assets under management as of September 30, 2024. Prospect is the investment adviser to Prospect Capital Corporation (NASDAQ:PSEC).

    Additional Information

    Forward-Looking Statements

    This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the future performance of Priority Income Fund, Inc. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. Any such statements, other than statements of historical fact, are highly likely to be affected by unknowable future events and conditions, including elements of the future that are or are not under the control of Priority Income Fund, Inc. and that Priority Income Fund, Inc. mayor may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and Priority Income Fund, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.



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    Q&A

    New
    • When is the scheduled redemption date for the Series G Term Preferred Stock?

      Priority Income Fund will redeem all outstanding shares of its 6.250% Series G Term Preferred Stock on December 23, 2024.

    • What will be the redemption price of the Series G Preferred Shares?

      The redemption price for each Series G Preferred Share is $25 plus any accrued but unpaid dividends from September 30, 2024, to the redemption date.

    • What happens to the dividends on the Series G Preferred Shares after the redemption date?

      Dividends on the Series G Preferred Shares will cease to accumulate from the redemption date if the redemption price is paid.

    • What other preferred stocks will remain outstanding after the redemption of Series G?

      After redeeming the Series G Preferred Shares, Priority Income Fund will still have several other preferred stocks outstanding including Series D, F, H, I, J, K, and L with varying interest rates and maturity dates.

    • What type of investments does Priority Income Fund primarily focus on?

      Priority Income Fund focuses on acquiring and managing a portfolio of senior secured loans, primarily through collateralized loan obligations (CLOs).

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