Priority Senior Secured Income Fund (Priority), a registered, closed-end fund co-sponsored by Behringer and Prospect Capital Management, announced today that it has declared its first cash distribution to shareholders.
The payment comes in the form of a special distribution of $0.13521 per share and has a record date of February 21, 2014, and a payment date of February 24, 2014. Priority has also declared a short series of distributions that have weekly record dates and are payable monthly to the stockholders of record as of the close of business each Friday from February 28, 2014 to March 28, 2014. The declared distributions equal a weekly amount of $0.02014 per share of common stock.
Distributions for the February 28 record date will be paid on or around March 3, 2014 and distributions for the March 7 through March 28 record dates will be paid on or around March 31, 2014.
Robert J. Klein, a managing director of Prospect Capital Management LLC, commented, “We announced Priority’s initial investments in January 2014. We are pleased that we have been able to promptly follow these investments with the declaration of the first distributions for Priority shareholders.”
Priority seeks to create a portfolio of mainly senior secured loans or pools of senior secured loans known as collateralized loan obligations (CLOs). The offering size is $1.5 billion and is still open to new investors