The Company 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.” As of 2024-12-12, the Fund’s leverage was None% and Collateralized Loan Obligation Group leverage was 25.1%.