Pearl Diver Credit Company Inc. Announces Closing of Offering of Series A Preferred Stock
Pearl Diver Credit Company (NYSE: PDCC) has completed its public offering of 1,200,000 shares of 8.00% Series A Preferred Stock Due 2029 at $25.00 per share. The Preferred Shares will trade on the NYSE under the symbol 'PDPA' starting December 20, 2024. The company plans to use the proceeds to acquire investments aligned with its investment objectives and for general working capital purposes. The offering was managed by Lucid Capital Markets, B. Riley Securities, and Kingswood Capital Partners as joint book-running managers, with InspereX and Janney Montgomery Scott acting as lead managers.
Pearl Diver Credit Company (NYSE: PDCC) ha completato la sua offerta pubblica di 1.200.000 azioni di azioni privilegiate di serie A al 8,00% in scadenza nel 2029 a $25,00 per azione. Le azioni privilegiate saranno scambiate sulla NYSE con il simbolo 'PDPA' a partire dal 20 dicembre 2024. L'azienda prevede di utilizzare i proventi per acquisire investimenti in linea con i suoi obiettivi d'investimento e per esigenze generali di capitale circolante. L'offerta 猫 stata gestita da Lucid Capital Markets, B. Riley Securities e Kingswood Capital Partners in qualit脿 di co-manager principali, con InspereX e Janney Montgomery Scott che fungono da manager principali.
Pearl Diver Credit Company (NYSE: PDCC) ha completado su oferta p煤blica de 1,200,000 acciones de acciones preferentes de Serie A al 8.00% con vencimiento en 2029 a $25.00 por acci贸n. Las acciones preferentes se negociar谩n en la NYSE bajo el s铆mbolo 'PDPA' a partir del 20 de diciembre de 2024. La compa帽铆a planea utilizar los ingresos para adquirir inversiones alineadas con sus objetivos de inversi贸n y para fines generales de capital de trabajo. La oferta fue gestionada por Lucid Capital Markets, B. Riley Securities y Kingswood Capital Partners como gerentes principales de libro, con InspereX y Janney Montgomery Scott actuando como gerentes l铆deres.
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Pearl Diver Credit Company (NYSE: PDCC) a finalis茅 son offre publique de 1.200.000 actions d'actions pr茅f茅rentielles de s茅rie A 脿 8,00% arrivant 脿 茅ch茅ance en 2029 au prix de $25,00 par action. Les actions pr茅f茅rentielles seront n茅goci茅es sur la NYSE sous le symbole 'PDPA' 脿 partir du 20 d茅cembre 2024. L'entreprise pr茅voit d'utiliser le produit de cette offre pour acqu茅rir des investissements en ad茅quation avec ses objectifs d'investissement et pour des besoins g茅n茅raux de fonds de roulement. L'offre a 茅t茅 g茅r茅e par Lucid Capital Markets, B. Riley Securities et Kingswood Capital Partners en tant que co-gestionnaires principaux, avec InspereX et Janney Montgomery Scott agissant en tant que gestionnaires principaux.
Pearl Diver Credit Company (NYSE: PDCC) hat ihr 枚ffentliches Angebot von 1.200.000 Aktien der 8,00% vorzugsweisen Aktien der Serie A mit F盲lligkeit 2029 zu einem Preis von $25,00 pro Aktie abgeschlossen. Die Vorzugsaktien werden ab dem 20. Dezember 2024 unter dem Symbol 'PDPA' an der NYSE gehandelt. Das Unternehmen plant, die Erl枚se zur Beschaffung von Investitionen zu verwenden, die mit seinen Anlagezielen 眉bereinstimmen, sowie f眉r allgemeine Betriebskapitalzwecke. Das Angebot wurde von Lucid Capital Markets, B. Riley Securities und Kingswood Capital Partners als gemeinsame Hauptbuchf眉hrer verwaltet, wobei InspereX und Janney Montgomery Scott als leitende Manager fungierten.
- Successfully raised $30 million through preferred stock offering ($25 x 1.2M shares)
- 8.00% fixed dividend rate provides predictable income for preferred shareholders
- NYSE listing enhances liquidity and trading accessibility
- New preferred shares create fixed dividend payment obligations
- Dilutive effect on existing shareholders
Insights
The underwriting syndicate's composition, led by Lucid Capital Markets with B. Riley Securities and Kingswood Capital Partners, suggests a well-coordinated distribution strategy targeting diverse investor channels. This new preferred stock issuance enhances the company's capital structure flexibility while providing a fixed-income investment opportunity in the credit market sector.
For investors, the
The Company intends to use the proceeds from the offering to acquire investments in accordance with the investment objectives and strategies described in the prospectus relating to this offering and for general working capital purposes. The Preferred Shares will begin trading on the New York Stock Exchange under the symbol "PDPA" on December 20, 2024.
Lucid Capital Markets, LLC ("Lucid"), B. Riley Securities, Inc. and Kingswood Capital Partners, LLC acted as joint book-running managers and InspereX LLC and Janney Montgomery Scott LLC acted as lead managers for the offering.
Investors should consider the Company's investment objectives, risks, charges and expenses carefully before investing. The prospectus, dated December 13, 2024, which has been filed with the Securities and Exchange Commission ("SEC"), contains this and other information about the Company and should be read carefully before investing.聽 The prospectus and this press release are not offers to sell these securities and are not soliciting an offer to buy these securities in any state where such offer or sale is not permitted.
A registration statement relating to these securities is on file with and has been declared effective by the SEC. Copies of the prospectus may be obtained by writing to Lucid Capital Markets, LLC, 570 Lexington Avenue,
About Pearl Diver Credit Company Inc.
Pearl Diver Credit Company Inc. (NYSE: PDCC) is an externally managed, non-diversified, closed-end management investment company. Its primary investment objective is to maximize its portfolio's total return, with a secondary objective of generating high current income. The Company seeks to achieve these objectives by investing primarily in equity and junior debt tranches of CLOs collateralized by portfolios of sub-investment grade, senior secured floating-rate debt issued by a large number of distinct US companies across several industry sectors. The Company is externally managed by Pearl Diver Capital LLP. For more information, visit .
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company's other filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
NOT FDIC INSURED 鈥� NO BANK GUARANTEE 鈥� MAY LOSE VALUE
Investor Contact:
Info@Pearldivercap.com
US: +1 617 872 0945
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FAQ
How much did Pearl Diver Credit Company (PDCC) raise in its Series A Preferred Stock offering?
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Which firms acted as book-running managers for PDCC's preferred stock offering?
