Premium Income Corporation Announces Overnight Offering of Preferred Shares

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TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) -- (TSX:PIC), Premium Income Corporation (the "Fund") is pleased to announce that it is undertaking an overnight treasury offering of Preferred Shares (the "Offering").

The sales period for the overnight offering will end tomorrow, October 30, 2024. The offering is expected to close on or about November 6, 2024, and is subject to certain closing conditions including approval by the Toronto Stock Exchange ("TSX"). The Preferred Shares will be offered at a price of $15.00 per Preferred Share representing a yield on the original issue price of 8.50%. The trading price on the TSX for the Preferred Shares as at the last trade on October 29, 2024, was $15.16. Since the inception of the Fund, the aggregate dividends declared on the Preferred Shares have been $24.36 per share.

The Fund invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, ...