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Palmer Square Capital Business Development Company, an externally-managed firm, has submitted a prospectus to the Securities and Exchange Commission to initiate a public offering with the aim of raising $89.6 million. This momentous move was unveiled on Monday, eliciting interest and speculation among market analysts and enthusiasts.
The corporation is presently awaiting regulatory consent to list its common stock under the trading symbol “PSBD” on the distinguished New York Stock Exchange, a pivotal step towards asserting itself in the aggressive arena of investment and finance.
The envisioned offering entails the sale of 5.45 million shares at a targeted price of $16.45 per share. Additionally, the underwriters are poised to be granted an option that could result in the acquisition of up to an extra 817.5 thousand shares, intended to cover over-allotments, if any.
Proceeds amassed from this ambitious undertaking are earmarked for deployment in accordance with Palmer Square Capital BDC’s investment objectives and strategies, as articulated by the company.
A consortium of eminent financial institutions, including J.P. Morgan, Bank of America Securities, RBC Capital Markets, UBS Investment Bank, and Citigroup, have been entrusted with the pivotal role of joint book-running managers for this offerings. In a supporting capacity, Janney Montgomery Scott, Oppenheimer & Co., and Clear Street will serve as co-managers for this significant market transaction.
