Company: PDCC
Filing Date: 2025-09-19
Form Type: 424B2
Source: 0001214659-25-013974
Chunk: 134

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-19
Form: 424B2
Chunk 134
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 available to pay dividends is lower than our anticipated run-rate cash dividend,
or in the case that asset values in the CLO market fall in a way as to make new investments attractive. The Adviser will decide whether
or not it is beneficial to us to use such leverage at any given time. Such facilities would be committed, but subject to certain restrictions
that may not allow us to draw capital even if the Adviser deems it favorable to do so. Such facilities, if drawn, would become senior
in priority to our common shares. The facilities would also earn an undrawn commitment fee that we would pay on an ongoing basis, regardless
of whether we draw on the facilities or not.

In connection with any credit facility, the lender
may impose specific restrictions as a condition to borrowing. The credit facility fees may include upfront structuring fees and ongoing
commitment fees (including fees on amounts undrawn on the facility) in addition to the traditional interest expense on amounts borrowed.
The credit facility may involve a lien on our assets. Similarly, to the extent we issue shares of preferred stock or notes, we may be
subject to fees, covenants, and investment restrictions required by a national securities rating agency, as a result. Such covenants and
restrictions imposed by a rating agency or lender may include asset coverage or portfolio composition requirements that are more stringent
than those imposed on us by the 1940 Act. While it is not anticipated that these covenants or restrictions will significantly impede the
Adviser in managing our portfolio in accordance with our investment objectives and policies, if these covenants or guidelines are more
restrictive than those imposed by the 1940 Act, we would not be able to utilize as much leverage as we otherwise could have, which could
reduce our investment returns. In addition, we expect that any notes we issue or credit facility we enter into would contain covenants
that may impose geographic exposure limitations, credit quality minimums, liquidity minimums, concentration limitations, and currency
hedging requirements on us. These covenants would also likely limit our ability to pay distributions in certain circumstances, incur additional
debt, change fundamental investment policies, and engage in certain transactions, including mergers and consolidations. Such restrictions
could cause the Adviser to make different investment decisions than if there were no such restrictions and could limit the ability of
the board of directors and our stockholders to change fundamental investment policies.

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While we cannot control the