NEW
YORK and LONDON,
Dec. 12,
2024 /PRNewswire/ -- Pearl Diver Credit Company Inc.
(NYSE: PDCC) (the "Company") today announced that it has
priced an underwritten public offering of 1,200,000 shares of its
8.00% Series A Preferred Stock Due 2029 (the "Preferred Shares") at
a public offering price of $25 per
share, which will result in net proceeds to the Company of
approximately $28.8 million after
payment of underwriting discounts and estimated offering expenses
payable by the Company. The Preferred Shares are rated 'BBB' by
Egan-Jones Ratings Company, an independent rating agency. In
addition, the Company has granted the underwriters a 30-day option
to purchase up to an additional 180,000 Preferred Shares pursuant
to the same terms and conditions.
The offering is expected to close on December 18, 2024, subject to customary closing
conditions. The Company intends to list the Preferred Shares on the
New York Stock Exchange within 30 days of the original issue date
under the symbol "PDPA."
Lucid Capital Markets, LLC ("Lucid"), B. Riley Securities, Inc.
and Kingswood Capital Partners, LLC are acting as joint
book-running managers and InspereX LLC and Janney Montgomery Scott
LLC are acting as lead managers for the offering.
Investors should consider the Company's investment
objectives, risks, charges and expenses carefully before investing.
The preliminary prospectus, 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. The information in the preliminary prospectus
and this press release is not complete and may be changed. The
preliminary 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
preliminary prospectus (and the final prospectus, when available)
may be obtained by writing to Lucid Capital Markets, LLC, 570
Lexington Avenue, New York, New
York 10022, by calling Lucid toll-free at 646-362-0256 or by
sending an e-mail to Lucid at prospectus@lucid.com. Copies also may
be obtained on the SEC's website at www.sec.gov.
Egan-Jones Ratings Company is a nationally recognized
statistical rating organization (NRSRO). A security rating is not a
recommendation to buy, sell or hold securities, and any such rating
may be subject to revision or withdrawal at any time by the
applicable rating agency.
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
www.pearldivercreditcompany.com.
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 • NO BANK GUARANTEE • MAY LOSE VALUE
Investor Contact:
Info@Pearldivercap.com
UK: +44 (0)20 3967 8032
US: +1 617 872 0945
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SOURCE Pearl Diver Credit Company Inc.