Lead Bookrunner and Structuring Agent on Sound Point Meridian Capital, Inc.'s Initial Public Offering
Oppenheimer & Co. Inc. acted as Lead Bookrunner and Structuring Agent for Sound Point Meridian Capital, Inc. (NYSE: SPMC) on its $80.0M Initial Public Offering
Oppenheimer & Co. served as lead bookrunner and structuring agent to Sound Point Meridian Capital, Inc. (NYSE: SPMC) (the “Company”) on its $80.0M initial public offering. Shares of the Company were offered at $20 per share and began trading on the NYSE under the ticker SPMC on Friday, June 14th. As part of the offering, the Company contributed a seed portfolio of $320.4M which includes investments in 50+ CLOs, diversified across 20 CLO managers. Subsequent to the offering, the Company declared an initial monthly dividend of $0.20 per share, which is equivalent to an approximate 12% yield on the IPO price.
Oppenheimer served as lead bookrunner and structuring agent to the Company and helped organize the syndicate, structure the IPO and facilitate the road show process. The transaction was upsized from $75.0M to $80.0M and included a mix of institutional and retail demand.
Sound Point Meridian Capital, Inc. is an externally managed, non-diversified closed-end management investment company. The Company’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.
The Company is advised by Sound Point Capital Management, LP (the “Adviser”). The Adviser has ~$45.6B of AUM across CLO securities, opportunistic credit, structured credit, commercial real estate, specialty finance and other investments. Founded in 2008, the Adviser has over 200 employees including 88 investment professionals. The Adviser has strategic GP investments from Blue Owl GP Strategic Capital and Assured Guaranty.
Financial Institutions Investment Banking
Adam Markiewicz
Director
Ethan MacKenzie
Analyst
Avery Sahm
Analyst
Equity Syndicate
Jon Vojta
Executive Director, Head of Retail Syndicate
Amanda Marquez
Executive Director
Felipe Cruz
Director
Candice Lopez
Director
Brian Lang
Associate
Allison Potter
Associate
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