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.