Pearl Diver Credit Company Inc. Announces Closing of Initial Public Offering and Full Exercise of Overallotment Option
Pearl Diver Credit Company Inc. (NYSE: PDCC) has successfully closed its initial public offering (IPO) of 2.2 million shares at $20.00 per share, with a fully exercised overallotment option of 330,000 shares. The company raised total net proceeds of $50.6 million. Pearl Diver Capital LLP, the company's investment adviser, will cover the sales load and all organizational and offering expenses. PDCC began trading on the NYSE on July 18, 2024, with a market capitalization of approximately $136 million as of July 19, 2024. The company plans to use the proceeds to build a diversified portfolio of senior secured U.S. corporate loans through investments in equity tranches of collateralized loan obligations (CLOs).
Pearl Diver Credit Company Inc. (NYSE: PDCC) ha concluso con successo la sua offerta pubblica iniziale (IPO) di 2,2 milioni di azioni a $20,00 per azione, con un'opzione di sovrallocazione completamente esercitata di 330.000 azioni. L'azienda ha raccolto proventi netti totali di $50,6 milioni. Pearl Diver Capital LLP, il consulente finanziario dell'azienda, coprirà il carico di vendita e tutte le spese organizzative e di offerta. PDCC è iniziata a essere quotata sul NYSE il 18 luglio 2024, con una capitalizzazione di mercato di circa $136 milioni al 19 luglio 2024. L'azienda prevede di utilizzare i proventi per costruire un portafoglio diversificato di prestiti aziendali senior garantiti negli Stati Uniti attraverso investimenti in tranche di capitale di obbligazioni garantite da prestiti (CLO).
La empresa Pearl Diver Credit Company Inc. (NYSE: PDCC) ha cerrado con éxito su oferta pública inicial (IPO) de 2,2 millones de acciones a $20,00 por acción, con una opción de sobreasignación completamente ejercida de 330,000 acciones. La compañía recaudó ingresos netos totales de $50.6 millones. Pearl Diver Capital LLP, el asesor de inversiones de la empresa, cubrirá la carga de ventas y todos los gastos organizativos y de oferta. PDCC comenzó a cotizar en la NYSE el 18 de julio de 2024, con una capitalización de mercado de aproximadamente $136 millones al 19 de julio de 2024. La empresa planea utilizar los ingresos para construir una cartera diversificada de préstamos corporativos asegurados senior en EE. UU. a través de inversiones en tramos de capital de obligaciones de préstamos garantizadas (CLO).
펄 다이버 크레딧 컴퍼니 Inc. (NYSE: PDCC)가 2.2백만 주의 상장공모(IPO)를 주당 $20.00에 성공적으로 마감했으며, 33만 주의 전량 매도 옵션이 완전히 행사되었습니다. 이 회사는 총 순수익으로 $50.6 백만 달러를 모금했습니다. 회사의 투자 자문사인 펄 다이버 캐피탈 LLP는 판매 수수료 및 모든 조직 및 공모 비용을 부담할 것입니다. PDCC는 2024년 7월 18일 NYSE에서 거래를 시작했으며, 2024년 7월 19일 기준으로 약 $136 백만의 시가 총액을 기록했습니다. 이 회사는 수익을 사용하여 자산담보부 대출(CLO)의 자본 부분에 대한 투자를 통해 미국 기업 대출의 다각화된 포트폴리오를 구축할 계획입니다.
Pearl Diver Credit Company Inc. (NYSE: PDCC) a réussi à clôturer son offre publique initiale (IPO) de 2,2 millions d'actions au prix de 20,00 $ par action, avec une option de surallocation entièrement exercée de 330 000 actions. La société a levé un produit net total de 50,6 millions de dollars. Pearl Diver Capital LLP, le conseiller en investissement de l'entreprise, couvrira les frais de vente ainsi que toutes les dépenses organisationnelles et d'offre. PDCC a commencé à être coté sur le NYSE le 18 juillet 2024, avec une capitalisation boursière d'environ 136 millions de dollars au 19 juillet 2024. L'entreprise prévoit d'utiliser ces fonds pour constituer un portefeuille diversifié de prêts d'entreprise sécurisés aux États-Unis grâce à des investissements dans les tranches de capital des obligations de prêt garanties (CLO).
Pearl Diver Credit Company Inc. (NYSE: PDCC) hat erfolgreich ihr Erstemission (IPO) von 2,2 Millionen Aktien zu je 20,00 $ pro Aktie abgeschlossen, mit einer vollständig ausgeübten Überzeichnungsoption von 330.000 Aktien. Das Unternehmen hat netto insgesamt 50,6 Millionen $ eingenommen. Pearl Diver Capital LLP, der Anlageberater des Unternehmens, wird die Verkaufsgebühren sowie alle organisatorischen und Angebotskosten übernehmen. PDCC begann am 18. Juli 2024 an der NYSE zu handeln, mit einer Marktkapitalisierung von etwa 136 Millionen $ am 19. Juli 2024. Das Unternehmen plant, die Mittel zu verwenden, um ein diversifiziertes Portfolio von gesicherten Unternehmenskrediten in den USA durch Investitionen in Eigenkapitaltranchend von besicherten Kreditverpflichtungen (CLOs) aufzubauen.
- Successful IPO raising $50.6 million in net proceeds
- Full exercise of overallotment option, indicating strong demand
- Investment adviser covering sales load and all offering expenses
- Market capitalization of $136 million after first day of trading
- Clear investment strategy focused on CLO equity tranches
- Potential dilution for existing shareholders due to new share issuance
- Risks associated with investing in CLO equity tranches
The successful completion of Pearl Diver Credit Company Inc.'s initial public offering (IPO) represents a important milestone for the company. Raising
The IPO's timing and execution reflect positive market sentiment and investor confidence in Pearl Diver Credit Company Inc. The full exercise of the overallotment option suggests strong demand from institutional investors, which is a good indicator of market trust. The company's strategy to use the proceeds to invest in CLOs aligns with current market trends, where investors are seeking higher yields in a low-interest-rate environment. However, retail investors should scrutinize the associated risks, as CLOs can be complex and their performance can be volatile, highly dependent on the credit quality of the underlying loans.
The announcement highlights the regulatory compliance achieved by Pearl Diver Credit Company Inc., having filed and declared effective their registration statement with the SEC. This compliance is important as it ensures all necessary information about the company's financial health, investment strategy and associated risks are transparently disclosed to potential investors. Legal considerations here underline the importance of due diligence; investors need to thoroughly read the prospectus to understand the company's objectives, risks, charges and expenses. The involvement of Kingswood Capital Partners as the sole bookrunner also adds a layer of credibility to the offering, ensuring that the IPO process adheres to high standards of financial regulations and practices.
The Company intends to use the proceeds from the capital raised to build a diversified portfolio of senior secured
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
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,
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,
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
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.
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