Priority Senior Secured Income Fund Declares Bonus Distribution
NEW YORK, May 30, 2014 /PRNewswire/ -- Priority Senior Secured Income Fund, Inc. (Priority) announced today that its board of directors has declared a bonus distribution of $0.1125 per share of common stock. The bonus distribution is payable on June 30, 2014 to stockholders of record at the close of business on June 27, 2014. This bonus distribution is independent from monthly distributions, which are declared separately.
"Our primary objective is to provide income for our shareholders, so we are pleased that our solid operating performance has enabled the board to authorize this bonus distribution," said Robert J. Klein, a managing director of Prospect Capital Management LLC.
"We believe that the senior-secured floating-rate bank loans underlying the CLO pools in which Priority has invested involve quality companies broadly diversified across many industries," said Klein. The three largest underlying loan holdings for Priority (as of March 31, 2014, and based on their percentage of the aggregate balance) are:
- Delta Air Lines, a leading North American air carrier with more than $37 billion in annual revenue;
- Community Health Systems, one of the largest operators of general acute care hospitals in the United States which, along with its affiliates, owns, operates or leases 208 hospitals in 29 states; and
- Federal-Mogul, a leading global supplier of products and services to manufacturers and servicers of vehicles and equipment in the automotive, commercial, marine, rail, aerospace, power generation and industrial markets.
About Priority Senior Secured Income Fund
Priority Senior Secured Income Fund, Inc. is a registered investment program co-sponsored by Prospect Capital Management LLC (Prospect) and Behringer Harvard Holdings, LLC (Behringer). Priority Senior Secured Income Fund was created to acquire and grow an investment portfolio primarily consisting of senior secured loans or pools of senior secured loans known as collateralized loan obligations (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 priority-incomefund.com.
About Prospect Capital Management, LLC
Headquartered in New York City, Prospect is an SEC-registered investment advisor that, with its predecessors and affiliates, has a more than 25-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 currently has approximately $7.2 billion of capital under management (including undrawn credit facilities). For more information, call 212.448.0702 or visit prospectcapitalmanagement.com.
About Behringer Harvard Holdings, LLC
Behringer creates, manages and distributes global institutional-quality alternative investment programs for individual and institutional investors. Behringer designs and delivers institutional-quality investment programs by leveraging in-house expertise and by forming relationships with best-in-class asset managers such as Prospect. Programs sponsored and managed by the Behringer group of companies have attracted equity of more than $6 billion and made investments into more than $11 billion in assets. For more information, contact our U.S. headquarters toll-free at 866.655.3600 or visit us online at behringerinvestments.com.
Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the future performance of Priority Senior Secured Income Fund, Inc. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. Any such statements, other than statements of historical fact, are highly likely to be affected by unknowable future events and conditions, including elements of the future that are or are not under the control of Priority Senior Secured Income Fund, Inc. and that Priority Senior Secured Income Fund, Inc. may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statements now or in the future. Priority Senior Secured Income Fund, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Priority Senior Secured Income Fund, Inc.
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