IRVINE, Calif. & NEW YORK–(BUSINESS WIRE)–Stira Alcentra Global Credit Fund (“SAGC”) announced that the proposed
merger with and into Priority Income Fund, Inc. (“Priority”) was
approved today at a special meeting of shareholders.
Of the 2,195,133 votes cast in person or by proxy at the special meeting
of shareholders, 98 percent voted in favor of the merger. Subject to the
satisfaction or waiver of all closing conditions, SAGC expects the
Merger to close on or about May 10, 2019.
The merger is a “NAV for NAV” transaction, pursuant to which SAGC
shareholders will receive the number of shares of Priority common stock
determined by applying an exchange ratio that compares the respective
net asset values of SAGC and Priority shortly before closing.
Priority is a non-traded, closed-end fund registered as an investment
company under the Investment Company Act of 1940. Priority is managed by
an investment adviser led by a team of investment professionals from the
investment and operations team of Prospect Capital Management L.P.
About Priority Income Fund
Priority 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 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. For more information, visit www.priority-incomefund.com.
About Prospect Capital Management L.P.
Headquartered in New York City, Prospect Capital Management L.P. is an
SEC-registered investment adviser that, along with its predecessors and
affiliates, has a more than 30-year history 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 approximately 100 professionals who focus on
credit-oriented investments yielding attractive current income. Prospect
and its affiliates have approximately $6.6 billion of assets under
management as of December 31, 2018. For more information, please call
(212) 448-0702 or visit www.prospectcap.com.
About Stira Alcentra Global Credit Fund
SAGC is an externally managed, non-diversified closed-end management
investment company that is registered under the Investment Company Act
of 1940, as amended. SAGC’s investment adviser is Stira Investment
Adviser, LLC, an affiliate of the Steadfast Companies, a group of
integrated real estate investment, management and development companies.
The Steadfast Companies, with their corporate office located in Irvine,
California, own or manage more than $5.6 billion in real estate assets
and employ a staff of over 2,100 in the United States and Mexico as of
December 31, 2018. Since their founding in 1994, the Steadfast Companies
have, directly or indirectly, sponsored over 50 privately or publicly
offered prior real estate investment programs.
Forward-Looking Statements
This press release contains certain forward-looking statements. Because
such statements include risks, uncertainties and contingencies, actual
results may differ materially from those expressed or implied by such
forward-looking statements and you should not place undue reliance on
any such statements. A number of important factors could cause actual
results to differ materially from the forward-looking statements
contained in this release. Such factors include those described in the
risk factors sections of Priority’s and SAGC’s joint prospectus and
proxy statement and other reports filed by them with the SEC.
Forward-looking statements in this document speak only as of the date on
which such statements were made, and none of Priority, Prospect, or SACG
undertake any obligation to update any such statements that may become
untrue because of subsequent events.
Contacts
SAGC Contact: Jennifer Franklin
Phone: (949) 333-1721
Email: [email protected]
Priority Contact: Richard Gann
Phone: (646) 380-1715
Email: [email protected]
