Pearl Diver Capital LLP will serve as the
investment adviser
NEW
YORK and LONDON, July 18,
2024 /PRNewswire/ -- Pearl Diver Credit Company
Inc. (NYSE: PDCC) (the "Company") today announced the launch
of its initial public offering. A closed-end, 40 Act fund, it will
trade on the New York Stock Exchange under the ticker "PDCC" and
use the proceeds from the capital raised to build diversified
portfolios of senior secured U.S. corporate loans through
investments in equity tranches of collateralized loan obligations
(CLOs). PDCC is seeking to raise $44
million through the issuance of 2.2 million shares at
$20 per share.
The Company has granted the underwriters a 45-day option to
purchase up to an additional 330,000 shares of common stock to
cover over-allotments, if any. 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.
Following the IPO, and assuming the underwriters do not exercise
the option to purchase additional shares, the Company's net asset
value would be $129.3 million. The
Company will provide registered investment advisers (RIAs), family
offices and other firms serving high-net-worth and
ultra-high-net-worth investors with an opportunity to gain access
to sophisticated, alternative credit strategies that have
historically only been accessible by pensions, endowments and other
institutional investors.
Pearl Diver Capital is a global, independent alternative credit
specialist based in New York and
London and will act as the
external investment adviser to the Company.
"We believe that this is an ideal time for a broader universe of
investors to devote capital to the alternative credit market, which
for decades has provided a string of attractive benefits to large
institutional players," said Indranil
(Neil) Basu, Pearl Diver Capital's CEO and Managing Partner.
"Listing PDCC on the New York Stock Exchange represents the natural
evolution of our business, coming after years of methodically
investing heavily in building out our research, data and analytics
teams and establishing ourselves as a leader in the private CLO
market."
Kingswood Capital Partners, LLC is acting as the sole bookrunner
for the offering.
Shares of the Company's common stock are expected to begin
trading on July 18, 2024, on the New
York Stock Exchange under the symbol "PDCC." The offering is
expected to close on July 19, 2024,
subject to customary closing conditions.
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. 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.