Pearl Diver Credit Company Launches 2.2M Share IPO at $20/sh

Pearl Diver Credit Company Inc. (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 56^th 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.