Business development company Palmer Square Capital BDC Inc, on Monday, went public on the New York Stock Exchange (NYSE American) under the symbol PSBD, for a value of $89.7 million of its common stock.
The firm said the public offering price is expected at $16.45 per share for about 5.5 million shares of its overall stock, along with a net outcome of the offering, it looks to invest in accordance with its investment objectives and strategies.
The investment management company said it expects to grant the underwriters an option to purchase up to an additional 817,500 shares of common stock to cover over-allotments, if any.
Palmer Square said financial institutes J.P. Morgan, BofA Securities, RBC Capital Markets, UBS Investment Bank and Citigroup are joint book-running managers for this offering, while Janney Montgomery Scott, Oppenheimer & Co and Clear Street will be co-managers for this offering.
The completion of the proposed offering depends upon several factors, said Palmer Square which includes market and other conditions.
Missouri, USA-based Palmer Square manages over $28.1 billion in fixed-income or credit investments for a wide array of institutional and high-net-worth investors. The firm looks at capitalizing on both absolute and relative value prospects within corporate and structured credit, aiming to achieve robust risk-adjusted returns throughout a market cycle.
The firm specializes in managing opportunistic credit strategies, CLO debt strategies, income or short-duration strategies, and structured credit issuance strategies.
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