6.0% Series H Term Preferred Stock due 12/31/2026 (PRIF.PRH)
Prospectus excerpt: We are offering $26 million of shares of our 6.00% Series H Term Preferred Stock due 2026, or the “Series H Term Preferred Stock.” The Series H Term Preferred Stock have a mandatory redemption date of December 31, 2026, a redemption price of $25 per share, and may be redeemed, in whole or in part, at any time after May 6, 2023 at our sole option. See “Description of the Series H Term Preferred Stock.” In addition, if we fail to maintain an asset coverage ratio of at least 200%, we will be required to redeem the number of shares of our preferred stock (which at our discretion may include any number or portion of the Series H Term Preferred Stock) that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture governing such securities, (1) results in us having asset coverage of at least 200%, or (2) if fewer, the maximum number of shares of preferred stock that can be redeemed out of funds legally available for such redemption. See “Description of the Series H Term Preferred Stock - Redemption - Mandatory Redemption for Asset Coverage.” We intend to pay quarterly dividends on the Series H Term Preferred Stock, when, as and if authorized by, or under authority granted by, our Board of Directors, and declared by us out of funds legally available therefor, at an annual rate of 6.00% of the Liquidation Preference, or $1.50 per share per year, for the shares of Series H Term Preferred Stock. Each holder of the Series H Term Preferred Stock is entitled to one vote on each matter submitted to a vote of our stockholders, and the holders of all of our outstanding preferred stock and common stock generally vote together as a single class. The holders of shares of our outstanding preferred stock are entitled to elect two of our directors and, if dividends on any outstanding shares of our preferred stock are in arrears by two years or more, to elect a majority of our directors.
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