NEW
YORK and LONDON,
July 19,
2024 /PRNewswire/ -- Pearl Diver Credit Company
Inc. (NYSE: PDCC) (the "Company") today announced the closing of
its previously announced initial public offering of 2.2 million
shares of common stock at a public offering price of $20.00 per share and the full exercise of
the overallotment option of 330,000 shares for total net
proceeds to the Company of $50.6
million. Pearl Diver Capital LLP ("Pearl Diver Capital"),
the Company's investment adviser, or its affiliates will pay the
full amount of the sales load in connection with this initial
public offering and all of the Company's organizational and
offering expenses.
The Company intends to use the proceeds from the capital raised
to build a diversified portfolio of senior secured U.S. corporate
loans through investments in equity tranches of collateralized loan
obligations (CLOs).
Shares of the Company's common stock began trading on the New
York Stock Exchange under the symbol "PDCC" on July 18, 2024. As of the close of trading on
July 19, 2024, the Company's market
capitalization was approximately $136
million.
Kingswood Capital Partners, LLC acted as the sole bookrunner 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 Kingswood Capital Partners, LLC, 126
East 56th Street, Suite 22S, New York, NY 10022, or by calling
212-487-1080. Copies may also be obtained by visiting EDGAR on the
SEC's website at www.sec.gov.
About Pearl Diver Credit Company Inc.
Pearl Diver
Credit Company Inc. (NYSE: PDCC) is a newly organized, 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 will be externally managed by
Pearl Diver Capital LLP. The Company's public filings are available
free of charge by writing to the Company at 747 3rd Avenue, Level
36, New York, NY, Attention:
Investor Relations.
About Pearl Diver Capital LLP
Founded in 2008, Pearl
Diver Capital specializes in collateralized loan obligation (CLO)
investing. Its data scientists and credit analysts use proprietary
technology and advanced analytics to identify attractive
opportunities in the CLO market. Pearl
Diver's highly experienced team includes individuals from a
wide range of scientific and mathematical backgrounds. The senior
investment team includes Indranil (Neil)
Basu, Chandrajit Chakraborty,
Michael Brown, Matthew Layton, Kerrill
Gaffney and Patrick Chan.
As of June 30, 2024, Pearl Diver
Capital has $2.6 billion in assets
under management across multiple private funds backed by
institutional investors ranging from public pension plans,
university endowments, foundations, large family offices,
corporate/ERISA pension plans and asset managers across the US,
Europe and Latin America. Because it is strictly an
investor in the CLO space, not an issuer, it has developed
close relationships with over 80 CLO managers – and their analysts
– across the CLO spectrum, enabling the firm to have rare access to
critical credit information on underlying companies in CLO
portfolios while avoiding conflicts of interest that might arise in
performing roles that span both CLO investing and CLO management.
For more information, visit www.pearldivercapital.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
Media Contact:
Joseph
Kuo / Michael Dugan
Haven Tower Group LLC
424 317 4851 or 424 317 4852
jkuo@haventower.com or mdugan@haventower.com
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SOURCE Pearl Diver Credit Company Inc.