Palmer Square Capital BDC expands stock repurchase program by $30 million

Palmer Square Capital BDC Inc. (NYSE: PSBD) announced its board of directors authorized an additional $30 million for share repurchases and extended the program until June 22, 2027.

The business development company has completed approximately $22.2 million in repurchases under its existing program. The expanded authorization includes a new $10 million Rule 10b5-1 repurchase plan, which will automatically trigger stock purchases when shares trade below certain levels relative to net asset value.

Under the Rule 10b5-1 plan, the company's agent will repurchase shares when the market price falls to a specified level below the most recently reported net asset value per share, subject to volume, market and timing restrictions.

"Given PSBD's current discount to book value despite a transparent NAV which is disclosed monthly, we believe there is tremendous value in buying our own portfolio at a discount to drive shareholder returns," said Christopher D. Long, chairman and chief executive officer, in a statement.

Palmer Square Capital BDC is an externally managed investment company that primarily lends to and invests in corporate debt loans, including those to large private U.S. companies in the broadly syndicated loan market and direct large cap private credit market. The company's investment activities are managed by Palmer Square BDC Advisor LLC.

The information is based on a company press release statement.

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