04:20 AM EDT, 07/18/2024 (MT Newswires) -- Pearl Diver Credit Company ( PDCC ) said late Wednesday it priced an upsized initial public offering of 2.2 million shares at $20 per share for net proceeds of about $44 million.

Underwriters have been granted a 45-day option to buy up to 330,000 additional shares.

Proceeds are intended to be used to build a diversified portfolio of senior secured US corporate loans through investments in equity tranches of collateralized loan obligations.

Pearl Diver, a closed-end registered fund, is expected to trade on the New York Stock Exchange under the ticker symbol, "PDCC." The IPO is set to close this Friday.