In what has become a never ending issuing of new term preferred stock issues non traded CEF Priority Income Fund (PRIF-used for sorting only) has once again registered another term preferred stock issue.
The new registration/preliminary prospectus can be read here.
The CEF already has 7 issues outstanding which can be seen here. The most recent issued in March and all of their issues have traded relatively well.
Do not hold your breath waiting for the new issue. In the past when they have registered a new issue it has been as long as 1-3 months before the new issue comes to market.
I believe that they have called prif-b for May 07 2021
And yet they list calling B as a Use Of Proceeds on this new filing… Nice paying to attention, Priorty and Ladenburg…. I’d expect nothing else from a PSEC group. Never mind the details, it’s another week so that means it’s time to do another issue! Maybe this filing is why PRIF-B jumped above call proceeds late yestersday and early this morning…. Sold some today at 25.25
The call-notice for PRIF-B published on April 7 indicated that the call was contingent:
“Such a voluntary redemption will be contingent upon the Company’s successful completion of a public offering of securities, with net proceeds in an amount, together with other available sources of cash that the Company may allocate to the redemption price in its sole and absolute discretion, sufficient to fully redeem all outstanding shares of the Series B Preferred Shares”
That’s also why the call window is wide, from May to June 7 and why the issuance of PRIF-G is currently underway.
Should be May 7 to June 7 and new preferred underway is PRIF-H and not -G.
Good points, Bill. Thanks for the reminder….. I guess that means there has to be an official 30 day notice by the end of this upcoming week… Because of the call announcement I took my position on a issuer I would never buy normally and took my profit 1 week early as if it was a 30 day call, ignoring (OK more properly “forgetting”) the contingency… no complaints….
They want the whole alphabet to list. 🙂
Eugene—Seems like they are determined to hit 200% asset coverage–they are around 297% now so have a ways to go. Yes this will be ‘h’.
Like Public Storage?
they have blown through the entire alphabet and a good way to going through it a second time…