Closed end fund Priority Income Fund (not publicly traded) has priced their new issue of term preferred stock.
The issue prices at 6% with a mandatory redemption in 2026.
The issue is cumulative and potentially qualified (depending on whether the fund has income).
The issue is just 1.04 million shares with another 156,000 available for over allotments.
The fund plans to call the 6.25% (PRIF-B) term preferred with the proceeds of this offering. It appears the company is calling based upon maturity date versus coupon as they have other higher coupons available now to be called. All of their outstanding issues can be seen here.
The OTC grey market ticker has not yet been announced, but should be assigned today.