#United States #New York #stock offering #Pearl Diver Credit #Series A Preferred

Pearl Diver Credit Company Inc. Announces Stock Offering

On December 12, 2024, Pearl Diver Credit Company Inc. (NYSE: PDCC) revealed the details of its latest financial endeavor. The company has priced its underwritten public offering of 1,200,000 shares of 8.00% Series A Preferred Stock Due 2029 at a set price of $25 per share. This strategic move is projected to yield approximately $28.8 million in net proceeds for the company after accounting for underwriting discounts and estimated offering expenses.

These preferred shares have been assigned a 'BBB' rating by Egan-Jones Ratings Company, a well-respected independent rating agency. Additionally, the underwriters hold a 30-day option to acquire up to 180,000 additional preferred shares under similar terms, potentially increasing the total capital raised.

The closing of this offering is anticipated to occur on December 18, 2024, pending customary closing conditions. Pearl Diver intends to list these preferred shares on the New York Stock Exchange within a month, under the symbol PDPA. The financial landscape surrounding this offering has garnered considerable attention, notably from investors eyeing attractive yields amidst fluctuating market conditions.

In orchestrating this offering, Pearl Diver has enlisted the expertise of Lucid Capital Markets, LLC, B. Riley Securities, Inc., and Kingswood Capital Partners, LLC, who will serve as the joint book-running managers. Furthermore, InspereX LLC and Janney Montgomery Scott LLC are on board as lead managers, showcasing a robust collaboration among financial institutions to ensure the success of this offering.

Investors interested in this offering are encouraged to deeply consider the company’s investment objectives, associated risks, and the costs involved before making a purchase. The preliminary prospectus, now filed with the Securities and Exchange Commission (SEC), contains crucial information regarding the company and its offerings. Prospective investors are urged to familiarize themselves with this document, as it provides a thorough overview of the company’s financial health and future projections.

The investment backdrop is notably vibrant, with Pearl Diver Credit Company inciting investor interest thanks to its well-structured investment objectives and the potential for lucrative returns. Not only does the company aim to maximize total portfolio returns, but it also aspires to provide high current income by primarily investing in equity and junior debt tranches of collateralized loan obligations (CLOs) backed by portfolios of sub-investment grade, senior secured floating-rate debt from diverse U.S. companies across various sectors.

The firm, managed externally by Pearl Diver Capital LLP, focuses on strategic investments that align with both risk management and yield generation principles. In light of the ongoing economic shifts, Pearl Diver continues to adapt its strategy to position itself as a leader in the market, thereby enhancing shareholder value.

Pearl Diver's forward-looking statements are crafted within the framework of the Private Securities Litigation Reform Act of 1995, reflecting the various risks and uncertainties that could influence future performance. Investors should note that these statements are prospects and not guarantees of success, as actual outcomes may vary based on market dynamics, regulatory changes, and economic conditions.

For additional information on Pearl Diver Credit Company Inc. and to access the preliminary prospectus, one can reach out to Lucid Capital Markets, LLC directly or visit the SEC's official website.

In summary, the announcement of this significant stock offering underscores Pearl Diver Credit Company Inc.'s commitment to strategic financial growth, providing interested investors a unique opportunity to engage in its expanding financial journey.