PDI: Watch Out Below - Q&A On The ATM Offering [Seeking Alpha]
PIMCO Dynamic Income Fund (PDI)
US:NYSE Investor Relations:
pimco.com/en-us/investments/closed-end-funds/dynamic-income-fund
Company Research
Source: Seeking Alpha
Summary What has just happened? On March 22 the PIMCO Dynamic Income Fund (NYSE: PDI ) filed an At-The-Market Offering with the SEC. The maximum offering price is just over $275m and up to 9.5m shares. The number of new common shares is relatively large at just over 20% of common net assets. The shares will be sold at the market price over a period of time. What is an ATM offering? In an ATM offering a fund raises additional capital by selling new shares into the market at the then current price above the Fund Net Asset Value. This allows the fund to allocate capital into new investments without having to sell existing investments. A side-benefit (which we don't think applies to PDI) is that an increase in the number of shares may increase trading volumes of the fund and tighten bid-offer spreads. Why is PDI doing this offering? The optimistic answer is that PDI is raising cash because the management team has spotted a particular opportunity in the market in
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PDI
Sec Filings
- 3/5/24 - Form N-CSRS
- 2/27/24 - Form NPORT-P
- 2/5/24 - Form 3
- PDI's page on the SEC website