Priority Income Fund, Inc. announced that the Fund has entered into a new $40 million revolving credit facility (“Facility”), increasing and replacing a prior $35 million facility. The Fund has an accordion feature to increase to $75 million if mutually agreed by the Fund and Facility provider. In addition to increasing the Fund's access to financing, the Facility enhances the Fund's financial flexibility with a longer maturity and a lower drawn and undrawn interest rate.

The revolving period of the Facility is three years (plus a one year extension under certain conditions, so through September 2026, compared to December 2022 with the prior facility) and an 18 month amortization period, for a total of 5.5 years through March 2028 (compared to March 2024 with the prior facility). The Fund focuses on providing investors with current income and long-term capital appreciation by investing in broad pools of senior secured loans made primarily to U.S. companies. Through August 31, 2022, the Fund has declared 34 quarterly bonus distributions in addition to 107 consecutive monthly base distributions, resulting in a total annualized distribution rate for R shares of 10.6%, based on a current class R offering price of $12.66 per common share.