Oppenheimer & Co. Inc. acted as Lead Left Bookrunner for Sound Point Meridian Capital, Inc. (NYSE: SPMC) (“SPMC”) on its $57.5M Offering of 7.875% Series B Preferred Shares due 2030. The term preferred shares were offered at $25 per share and proceeds from the offering will be used by the Company to make investments in accordance with its investment strategy, to pay down debt under the CIBC credit facility and for general corporate purposes. The Series B Preferred Shares are rated ‘BBB’ by Egan-Jones Ratings Company and are listed on the New York Stock Exchange under the ticker symbol “SPME”. The offering was launched post-close on Monday, July 7th and priced on Tuesday, July 8th.
The transaction was upsized from $50.0M to $57.5M and included a mix of institutional and retail demand. Oppenheimer served as Lead Left Bookrunner to SPMC with B. Riley Securities, Inc., Janney Montgomery Scott LLC, Lucid Capital Markets, LLC and Piper Sandler & Co. serving as joint bookrunners and Alliance Global Partners LLC, Clear Street LLC, InspereX LLC and R. Seelaus & Co., LLC serving as co-managers for the offering.
Sound Point Meridian Capital, Inc. is an externally managed, non-diversified closed-end management investment company. SPMC manages a diversified portfolio across 83 unique investments with 26 unique CLO managers. SPMC’s investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in third-party collateralized loan obligation equity and mezzanine tranches of predominately U.S. dollar-denominated CLOs backed by corporate leveraged loans issued primarily to U.S. obligors.
SPMC is advised by Sound Point Capital Management, LP (the “Adviser”). The Adviser has more than $42 billion of AUM across CLO securities, opportunistic credit, structured credit, commercial real estate, specialty finance and other investments. Founded in 2008, the Adviser has over 205 employees including 85 investment professionals. The Adviser has strategic GP investments from Blue Owl GP Strategic Capital and Assured Guaranty.
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Managing Director, Head of Specialty Finance
Managing Director
Director
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Analyst
Managing Director, Head of Fixed Income
Managing Director, Head of Fixed Income Syndicate
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