The board of Priority Income Fund Inc., a non-traded closed-end fund, has extended its offering, citing the widespread impact of COVID-19 on the economy and financial markets, according to a filing with the Securities and Exchange Commission.
The offering was extended until the earlier of December 31, 2022, or the date when 150 million shares of common stock have been sold in the course of its offerings.
The offering, which was previously scheduled to terminate on July 23, 2021, may be further extended by the board, at its discretion.
As of April 16, 2021, Priority Income Fund had sold nearly 32.3 million shares of common stock for approximately $483 million.
Priority Income Fund had $606.5 million of total assets as of December 31, 2020 and invests in pools of senior secured loans made primarily to U.S. companies whose debt is rated below investment grade or, in limited circumstances, unrated. The fund launched in May 2013.