Financial News
Palmer Square Capital BDC Inc. Announces Fourth Quarter and Fiscal Year Ended 2023 Financial Results
Palmer Square Capital BDC Inc. (NYSE: PSBD) ("PSBD" or the "Company"), an externally managed business development company, today announced its financial results for the fourth quarter and full year ended December 31, 2023.
Financial and Operating Highlights
- Total investment income of $29.8 million for the fourth quarter of 2023, compared to $23.8 million for the prior year period
- Net investment income of $15.4 million or $0.57 per share for the fourth quarter of 2023, as compared to $12.4 million or $0.51 per share for the comparable period last year
- Net asset value of $17.04 per share as of December 31, 2023, compared to $16.76 per share as of September 30, 2023
- Total realized and unrealized gains of $6.6 million for the fourth quarter of 2023, compared to total realized and unrealized losses of $11.4 million in the fourth quarter of 2022
- As of December 31, 2023, total assets were $1.1 billion and total net assets were $462 million
- Debt-to-equity as of December 31, 2023 was 1.39x, compared to 1.42x as of September 30, 2023
- Paid cash distributions to stockholders totaling $0.54 per share for the fourth quarter of 2023
- January 31, 2024 net asset value of $17.17 per share
“I am pleased to report that Palmer Square Capital BDC Inc. delivered strong fourth quarter and fiscal 2023 results, closing out the year well-positioned to continue to capitalize on opportunities in the liquid debt and private credit markets,” said Christopher D. Long, Chairman and Chief Executive Officer of PSBD. “We are incredibly excited about PSBD’s differentiated investment strategy, which we believe will deliver a compelling yield and long-term total return while mitigating risk due to our active management, higher quality approach, and finally the more liquid nature of the portfolio. We are also incredibly proud of PSBD’s commitment to enhanced transparency and greater shareholder alignment. We look forward to executing our opportunistic credit strategy and delivering shareholder value in the years to come.”
$ in thousands, except per share data |
For the Quarter Ended |
||
Financial Highlights |
12/31/23 |
9/30/23 |
12/31/22 |
Net Investment Income Per Share1 |
$0.57 |
$0.56 |
$0.51 |
Net Investment Income |
$15,391 |
$14,804 |
$12,408 |
NAV Per Share |
$17.04 |
$16.76 |
$14.96 |
Dividends Earned Per Share2 |
$0.54 |
$0.56 |
$0.64 |
Portfolio Highlights |
12/31/23 |
9/30/23 |
12/31/22 |
Total Fair Value of Investments |
$1,108,811 |
$1,104,713 |
$1,017,212 |
Number of Industries |
38 |
40 |
41 |
Number of Portfolio Companies |
191 |
184 |
176 |
Portfolio Yield3 |
10.51% |
11.27% |
11.47% |
Senior Secured Loan4 |
96% |
97% |
96% |
Investments on Non-Accrual |
0% |
0% |
0% |
Total Return5 |
4.88% |
7.97% |
0.21% |
Debt-to-Equity |
1.39x |
1.42x |
1.76x |
| 1. Net investment income for the period divided by end of period share count. | |||
| 2. Dividend amount reflects dividend earned in period. | |||
| 3. Weighted average total yield of debt and income producing securities at fair value. | |||
| 4. As a percentage of long-term investments, at fair value. | |||
| 5. Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. Total return is not annualized. Assumes reinvestment of distributions. | |||
Portfolio and Investment Activity
As of December 31, 2023, we had 227 investments in 191 portfolio companies with an aggregate fair value of approximately $1.0 billion. Based on total fair value of $1.1 billion including short term investments, the portfolio consisted of 85.9% first lien senior secured debt investments, 5.0% second lien senior secured debt investments, 0.4% corporate bond investments, 2.9% CLO mezzanine and equity investments, and 5.8% short-term investments.
As of December 31, 2023, 98% of the long-term investments based on fair value in our portfolio were at floating rates. At the end of fiscal year 2023, all debt and short-term investments were income producing, and there were no loans on non-accrual status. As of December 31, 2023, the weighted average total yield to maturity of debt and income producing securities at fair value was 10.51%, and weighted average total yield to maturity of debt and income producing securities at amortized cost was 8.93%.
For the fourth quarter of 2023, the principal amount of new investments funded was $85.3 million across 30 new investments. For this period, the Company had $52.6 million aggregate principal amount in sales and repayments.
For the full year ended December 31, 2023, the principal amount of new investments funded was $273.7 million across 67 investments. For this period, the Company had $247 million aggregate principal amount in sales and repayments.
Liquidity and Capital Resources
As of December 31, 2023, the Company had $2.1 million in cash and cash equivalents and approximately $640 million in total aggregate principal amount of debt outstanding. Subject to borrowing base and other restrictions, the Company has available liquidity, consisting of cash and undrawn capacity on credit facilities of approximately $262 million compared to $20.1 million dollars of undrawn investment commitments.
Recent Developments
On January 17, PSBD priced its initial public offering of approximately 5.5 million shares on the New York Stock Exchange at a price of $16.45 per share. Gross proceeds from the IPO totaled approximately $90 million.
Earnings Conference Call
The Company will host a conference call on Wednesday, February 28, 2024 at 11:00 am ET to review its financial performance and conduct a question-and-answer session. To participate in the earnings call, participants should register online at the Palmer Square Investor Relations website. To avoid potential delays, please join at least 10 minutes prior to the start of the call. The conference call can be accessed through the following links:
- United States: +1 (888) 596-4144
- International: +1 (646) 968-2525
- Event Plus Entry Passcode: 1803382#
- Live Audio Webcast
A replay of the live conference call will be available shortly after the conclusion of the event and accessible on the events and presentations section of the Palmer Square Investor Relations website.
About Palmer Square Capital BDC Inc.
Palmer Square Capital BDC Inc. (NYSE: PSBD) is an externally managed, non-diversified closed-end management investment company that primarily lends to and invests in corporate debt loans, including but not limited to large private U.S. companies in the broadly syndicated loan market, as well as the direct large cap private credit market. PSBD has elected to be regulated as a business development company under the Investment Company Act of 1940. PSBD’s investment objective is to maximize total return, comprised of current income and capital appreciation. PSBD’s current investment focus is guided by two strategies that facilitate its investment opportunities and core competencies: (1) investing in corporate debt loans and, to a lesser extent, (2) investing in other debt securities which may include collateralized loan obligation debt and equity. PSBD’s investment activities are managed by its investment adviser, Palmer Square BDC Advisor LLC, an affiliate of Palmer Square Capital Management LLC.
Forward-Looking Statements
Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in PSBD’s filings with the SEC. PSBD undertakes no duty to update any forward-looking statement made herein unless required by law. All forward-looking statements speak only as of the date of this press release. Although PSBD undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that PSBD may make directly to you or through reports that in the future may be filed with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Financial Highlights |
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For the Period
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For the Year Ended December 31, |
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December 31, |
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2023 |
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2022 |
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2021 |
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2020 |
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Per Common Share Operating Performance |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, Beginning of Period |
|
$ |
14.96 |
|
|
$ |
20.06 |
|
|
$ |
20.15 |
|
|
$ |
20.00 |
|
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|
|
|
|
|
|
|
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|
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|
|
Results of Operations: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income(1) |
|
|
2.26 |
|
|
|
1.78 |
|
|
|
1.47 |
|
|
|
1.32 |
|
Net Realized and Unrealized Gain (Loss) on |
||||||||||||||||
Investments(4) |
|
|
1.98 |
|
|
|
(5.00 |
) |
|
|
(0.18 |
) |
|
|
(0.19 |
) |
Net Increase (Decrease) in Net Assets Resulting from |
||||||||||||||||
Operations |
|
|
4.24 |
|
|
|
(3.22 |
) |
|
|
1.29 |
|
|
|
1.13 |
|
|
|
|
|
|
|
|
|
|
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Distributions to Common Stockholders |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from Net Investment Income |
|
|
(2.16 |
) |
|
|
(1.85 |
) |
|
|
(1.01 |
) |
|
|
(0.98 |
) |
Distributions from Realized Gains |
|
|
- |
|
|
|
(0.03 |
) |
|
|
(0.37 |
) |
|
|
- |
|
Net Decrease in Net Assets Resulting from Distributions |
|
|
(2.16 |
) |
|
|
(1.88 |
) |
|
|
(1.38 |
) |
|
|
(0.98 |
) |
Net Asset Value, End of Period |
|
$ |
17.04 |
|
|
$ |
14.96 |
|
|
$ |
20.06 |
|
|
$ |
20.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares Outstanding, End of Period |
|
|
27,102,794 |
|
|
|
24,286,628 |
|
|
|
22,570,331 |
|
|
|
12,562,805 |
|
|
|
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Ratio/Supplemental Data |
|
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|
Net assets, end of period |
|
$ |
461,955,393 |
|
|
$ |
363,443,482 |
|
|
$ |
452,797,588 |
|
|
|
$253,144,971 |
|
Weighted-average shares outstanding |
|
|
25,700,603 |
|
|
|
23,130,666 |
|
|
|
15,494,614 |
|
|
|
11,156,932 |
|
Total Return(3) |
|
|
29.21 |
% |
|
|
(16.51 |
%) |
|
|
8.10 |
% |
|
|
4.29 |
% |
Portfolio turnover |
|
|
25 |
% |
|
|
27 |
% |
|
|
53 |
% |
|
|
63 |
% |
Ratio of operating expenses to average net assets without |
||||||||||||||||
waiver(2) |
|
|
13.15 |
% |
|
|
8.28 |
% |
|
|
5.54 |
% |
|
|
5.69 |
% |
Ratio of operating expenses to average net assets with |
||||||||||||||||
waiver(2) |
|
|
12.90 |
% |
|
|
8.03 |
% |
|
|
5.29 |
% |
|
|
5.44 |
% |
Ratio of net investment income (loss) to average net assets |
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without waiver(2) |
|
|
13.54 |
% |
|
|
9.61 |
% |
|
|
6.92 |
% |
|
|
7.18 |
% |
Ratio of net investment income (loss) to average net assets |
||||||||||||||||
with waiver(2) |
|
|
13.79 |
% |
|
|
9.86 |
% |
|
|
7.17 |
% |
|
|
7.43 |
% |
| 1. The per common share data was derived by using weighted average shares outstanding. | ||||||||||||||||
| 2. The ratios reflect an annualized amount. | ||||||||||||||||
| 3. Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. Total return is not annualized. Assumes reinvestment of distributions. | ||||||||||||||||
| 4. Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statements of Operations due to share transactions during the period. | ||||||||||||||||
Palmer Square Capital BDC Inc. |
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Consolidated Statement of Assets and Liabilities |
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|
|
December 31,
|
|
|
December 31,
|
|
||
Assets: |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments, at fair value (amortized cost of $1,159,135,422 |
||||||||
and $1,120,099,935, respectively) |
|
$ |
1,108,810,753 |
|
|
$ |
1,017,211,732 |
|
Cash and cash equivalents |
|
|
2,117,109 |
|
|
|
1,650,801 |
|
Receivables: |
|
|
|
|
|
|
|
|
Receivable for sales of investments |
|
|
97,141 |
|
|
|
31,014,356 |
|
Receivable for paydowns of investments |
|
|
344,509 |
|
|
|
136,119 |
|
Due from investment adviser |
|
|
1,718,960 |
|
|
|
234,102 |
|
Dividend receivable |
|
|
301,637 |
|
|
|
141,997 |
|
Interest receivable |
|
|
8,394,509 |
|
|
|
6,465,594 |
|
Prepaid expenses and other assets |
|
|
30,100 |
|
|
|
598,327 |
|
Total Assets |
|
$ |
1,121,814,718 |
|
|
$ |
1,057,453,028 |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Credit facilities, net(1) |
|
$ |
641,828,805 |
|
|
$ |
641,309,417 |
|
Payables: |
|
|
|
|
|
|
|
|
Payable for investments purchased |
|
|
14,710,524 |
|
|
|
42,750,748 |
|
Distributions payable |
|
|
- |
|
|
|
6,941,066 |
|
Management fee payable |
|
|
2,252,075 |
|
|
|
1,872,815 |
|
Accrued other general and administrative expenses |
|
|
1,067,921 |
|
|
|
1,135,500 |
|
Total Liabilities |
|
$ |
659,859,325 |
|
|
$ |
694,009,546 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies(2) |
|
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|
|
|
|
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|
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Net Assets: |
|
|
|
|
|
|
|
|
Common Shares, $0.001 par value; 450,000,000 shares authorized; 27,102,794 and |
||||||||
24,286,628 as of December 31, 2023 and December 31, 2022, respectively issued and |
||||||||
outstanding |
|
$ |
27,103 |
|
|
$ |
24,287 |
|
Additional paid-in capital |
|
|
520,663,106 |
|
|
|
473,921,377 |
|
Total distributable earnings (accumulated deficit) |
|
|
(58,734,816 |
) |
|
|
(110,502,182 |
) |
Total Net Assets |
|
$ |
461,955,393 |
|
|
$ |
363,443,482 |
|
Total Liabilities and Net Assets |
|
$ |
1,121,814,718 |
|
|
$ |
1,057,453,028 |
|
Net Asset Value Per Common Share |
|
$ |
17.04 |
|
|
$ |
14.96 |
|
The accompanying notes are an integral part of these consolidated financial statements. |
||||||||
| 1. Security or portion thereof held within Palmer Square BDC Funding I, LLC (“PS BDC Funding”) and is pledged as collateral supporting the amounts outstanding under a revolving credit facility with Bank of America, N.A. (“BofA N.A.”) (see Note 6 to the consolidated financial statements). | ||||||||
| 2. As of December 31, 2023 and December 31, 2022, the Company had an aggregate of $20.1 million and $2.6 million, respectively, of unfunded commitments to provide debt financing to its portfolio companies. As of each of December 31, 2023 and December 31, 2022, there were no capital calls or draw requests made by the portfolio companies to fund these commitments. Such commitments are generally up to the Company’s discretion to approve or are subject to the satisfaction of certain financial and nonfinancial covenants and involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Company’s consolidated statements of assets and liabilities and are not reflected in the Company’s consolidated statement of assets and liabilities. | ||||||||
Palmer Square Capital BDC Inc. |
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Consolidated Statement of Operations |
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|
|
For the Year Ended December 31 |
|
|||||||||
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|||
Income: |
|
|
|
|
|
|
|
|
|
|||
Investment income from non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
107,739,382 |
|
|
$ |
73,705,450 |
|
|
$ |
38,897,216 |
|
Dividend income |
|
|
4,066,745 |
|
|
|
610,203 |
|
|
|
9,597 |
|
Other income |
|
|
417,480 |
|
|
|
184,247 |
|
|
|
778,840 |
|
Total investment income from non-controlled, non-affiliated investments |
|
|
112,223,607 |
|
|
|
74,499,900 |
|
|
|
39,685,653 |
|
Total Investment Income |
|
|
112,223,607 |
|
|
|
74,499,900 |
|
|
|
39,685,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
44,483,152 |
|
|
|
23,452,169 |
|
|
|
8,616,661 |
|
Management fees |
|
|
8,408,074 |
|
|
|
8,328,713 |
|
|
|
6,369,583 |
|
Professional fees |
|
|
792,645 |
|
|
|
741,961 |
|
|
|
758,435 |
|
Directors fees |
|
|
75,000 |
|
|
|
75,000 |
|
|
|
75,000 |
|
Other general and administrative expenses |
|
|
1,528,225 |
|
|
|
1,862,314 |
|
|
|
1,827,931 |
|
Total Expenses |
|
|
55,287,096 |
|
|
|
34,460,157 |
|
|
|
17,647,610 |
|
Less: Management fee waiver (1) |
|
|
(1,051,009 |
) |
|
|
(1,041,089 |
) |
|
|
(796,198 |
) |
Net expenses |
|
|
54,236,087 |
|
|
|
33,419,068 |
|
|
|
16,851,412 |
|
Net Investment Income (Loss) |
|
|
57,987,520 |
|
|
|
41,080,832 |
|
|
|
22,834,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized gains (losses) on investments and foreign currency |
|
|
|
|
|
|
|
|
|
|
|
|
transactions |
||||||||||||
Net realized gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(2,715,413 |
) |
|
|
(8,130,187 |
) |
|
|
4,753,263 |
|
Total net realized gains (losses) |
|
|
(2,715,413 |
) |
|
|
(8,130,187 |
) |
|
|
4,753,263 |
|
Net change in unrealized gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
52,563,544 |
|
|
|
(107,432,980 |
) |
|
|
(8,527,786 |
) |
Total net change in unrealized gains (losses) |
|
|
52,563,544 |
|
|
|
(107,432,980 |
) |
|
|
(8,527,786 |
) |
Total realized and unrealized gains (losses) |
|
|
49,848,131 |
|
|
|
(115,563,167 |
) |
|
|
(3,774,523 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
$ |
107,835,651 |
|
|
$ | (74,482,335 |
) |
|
$ | 19,059,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net investment income per common share |
|
$ |
2.26 |
|
|
$ |
1.78 |
|
|
$ |
1.47 |
|
Basic and diluted net increase (decrease) in net assets resulting from |
||||||||||||
operations |
|
$ |
4.20 |
|
|
$ |
(3.22 |
) |
|
$ |
1.23 |
|
Weighted Average Common Shares Outstanding - Basic and Diluted |
|
|
25,700,603 |
|
|
|
23,130,666 |
|
|
|
15,494,614 |
|
The accompanying notes are an integral part of these consolidated financial statements. |
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| 1. As of December 31, 2023, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. | ||||||||||||
Palmer Square Capital BDC Inc. |
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Portfolio and Investment Activity |
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|
|
For the Year Ended |
|
|||||||||
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|||
New investments: |
|
|
|
|
|
|
|
|
|
|||
Gross investments |
|
$ |
273,733,424 |
|
|
$ |
278,951,054 |
|
|
$ |
926,351,937 |
|
Less: sold investments |
|
|
(247,083,117 |
) |
|
|
(314,355,643 |
) |
|
|
(401,760,802 |
) |
Total new investments |
|
|
26,650,307 |
|
|
|
(35,404,589 |
) |
|
|
524,591,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount of investments funded: |
|
|
|
|
|
|
|
|
|
|
|
|
First-lien senior secured debt investments |
|
$ |
267,272,174 |
|
|
$ |
247,233,397 |
|
|
$ |
829,591,637 |
|
Second-lien senior secured debt investments |
|
|
3,858,750 |
|
|
|
19,102,118 |
|
|
|
57,492,916 |
|
Corporate bonds |
|
|
2,602,500 |
|
|
|
- |
|
|
|
2,883,300 |
|
Convertible bonds |
|
|
- |
|
|
|
3,728,288 |
|
|
|
1,025,000 |
|
Collateralized securities and structured products - debt |
|
|
- |
|
|
|
- |
|
|
|
14,757,907 |
|
CLO Equity |
|
|
- |
|
|
|
8,887,251 |
|
|
|
20,101,177 |
|
Common stock |
|
|
- |
|
|
|
- |
|
|
|
500,000 |
|
Total principal amount of investments funded |
|
|
273,733,424 |
|
|
|
278,951,054 |
|
|
|
926,351,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount of investments sold or repaid: |
|
|
|
|
|
|
|
|
|
|
|
|
First-lien senior secured debt investments |
|
|
233,535,659 |
|
|
|
292,852,517 |
|
|
|
380,386,061 |
|
Second-lien senior secured debt investments |
|
|
8,013,549 |
|
|
|
11,938,325 |
|
|
|
12,583,308 |
|
Corporate Bonds |
|
|
- |
|
|
|
987,500 |
|
|
|
- |
|
Convertible bonds |
|
|
- |
|
|
|
4,504,808 |
|
|
|
3,026 |
|
CLO Equity |
|
|
2,533,909 |
|
|
|
1,976,080 |
|
|
|
- |
|
Collateralized securities and structured products - debt |
|
|
3,000,000 |
|
|
|
1,501,875 |
|
|
|
8,788,407 |
|
Common Stock |
|
|
- |
|
|
|
594,538 |
|
|
|
- |
|
Total principal amount of investments sold or repaid |
|
|
247,083,117 |
|
|
|
314,355,643 |
|
|
|
401,760,802 |
|
The information presented above is at amortized cost unless otherwise indicated. |
||||||||||||
|
|
For the Year Ended |
|
|||||||||
|
|
December 31,
|
|
|
December 31,
|
|
|
December 31,
|
|
|||
Number of new investment commitments |
|
|
67 |
|
|
|
38 |
|
|
|
155 |
|
Average new investment commitment amount |
|
$ |
3,802,624 |
|
|
$ |
4,784,093 |
|
|
$ |
4,521,355 |
|
Weighted average maturity for new investment commitments |
|
|
5.19 years |
|
|
|
5.95 years |
|
|
|
5.85 years |
|
Percentage of new debt investment commitments at floating rates |
|
|
98.82 |
% |
|
|
100.00 |
% |
|
|
99.42 |
% |
Percentage of new debt investment commitments at fixed rates |
|
|
1.18 |
% |
|
|
0.00 |
% |
|
|
0.58 |
% |
Weighted average interest rate of new investment commitments |
|
|
10.22 |
% |
|
|
9.17 |
% |
|
|
4.80 |
% |
Weighted average spread over reference rate of new floating rate investment |
||||||||||||
commitments |
|
|
4.87 |
% |
|
|
4.80 |
% |
|
|
4.39 |
% |
Weighted average interest rate on investment sold or paid down |
|
|
9.56 |
% |
|
|
5.45 |
% |
|
|
4.40 |
% |
| 1. New CLO equity investments do not have an ascribed interest rate, and are therefore excluded from the calculation. | ||||||||||||
| 2. Variable rate loans bear interest at a rate that may be determined by reference to either a) LIBOR (which can include one-, two-, three- or six-month LIBOR) or b) the CME Term Secured Overnight Financing Rate (“SOFR” or “S”) (which can include one-, three-, or six-month SOFR), which resets periodically based on the terms of the loan agreement. At the borrower’s option, loans may instead reference an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), which also resets periodically based on the terms of the loan agreements. Loans that reference SOFR may include a Credit Spread Adjustment (“CSA”), where the CSA is a defined additional spread amount based on the tenor of SOFR the borrower selects (making the reference rate S+CSA). | ||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240227258463/en/
Contacts
Investors
Andy Wedderburn-Maxwell
Palmer Square Capital BDC Inc.
+1 (913)-386-9006
Investors@palmersquarebdc.com
Media
Josh Clarkson
Prosek Partners
PSBD@prosek.com
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