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Sound Point Meridian Capital, Inc. (SPMC) is a prominent player in the financial services industry, specializing in asset management and capital markets. The company offers a range of products and services aimed at optimizing investment strategies for its clients. Core business operations include portfolio management, financial advisory, and risk assessment services. Recently, SPMC has achieved significant milestones, including the acquisition of high-value assets and expansion into new markets.
Currently, SPMC is involved in several key projects designed to enhance their service offerings and increase market share. These projects include the development of advanced financial analytics tools and the implementation of sustainable investment strategies. The company maintains a strong financial condition, backed by robust revenue streams and strategic partnerships with leading financial institutions.
SPMC’s product lineup features diversified investment portfolios, tailored to meet the unique needs of individual and institutional clients. The company's commitment to innovation and client satisfaction has earned it a reputation for excellence in the financial sector.
Sound Point Meridian Capital (NYSE: SPMC) reported its Q2 FY2024 results with a net asset value of $19.59 per share. The company posted net investment income of $17.5 million ($0.86 per share), comprising $25.1 million in investment income and $7.7 million in expenses. GAAP net income was $7.6 million ($0.38 per share), with a realized and unrealized loss of $9.9 million on investments.
The company secured a $100 million revolving credit facility with CIBC, issued 175,000 additional shares, and maintained an 8.7% leverage. Their CLO equity portfolio yielded 15.7%, with exposure to 1,532 unique corporate obligors. Monthly distribution increased 9.1% to $0.24 per share for Q1 2025.
Sound Point Meridian Capital (NYSE: SPMC) has announced a 9.1% increase in its monthly common stock distribution to $0.24 per share for the first calendar quarter of 2025, up from the previous $0.22. The distributions will be paid on January 31, February 28, and March 31, 2025. Additionally, the company declared distributions of $0.1667 per share on its 8.00% Series A Term Preferred Stock, reflecting an annual rate of 8.00% on the $25 liquidation preference, payable from December 2024 through March 2025.
Sound Point Meridian Capital (NYSE: SPMC) has announced the pricing of its public offering of 2,000,000 shares of 8.00% Series A Preferred Shares due 2029 at $25 per share. The offering is expected to generate net proceeds of approximately $48.2 million after expenses. The Preferred Shares, rated 'BBB' by Egan-Jones Ratings Company, will be listed on the NYSE under the symbol 'SPMA'. The company has granted underwriters a 30-day option to purchase up to 300,000 additional shares. The offering is expected to close on November 7, 2024, with multiple firms including Oppenheimer & Co, B. Riley Securities, and others acting as joint bookrunners.
Sound Point Meridian Capital (NYSE: SPMC) has announced a public offering of Series A Preferred Shares, rated 'BBB' by Egan-Jones Ratings Company. The shares will be listed on the NYSE under ticker symbol 'SPMA' within 30 days of issuance. Oppenheimer & Co, B. Riley Securities, Janney Montgomery Scott, Lucid Capital Markets, and Piper Sandler are joint bookrunners, with Clear Street and InspereX as co-managers. The company will grant underwriters a 30-day option to purchase additional shares. Terms will be determined through negotiations between the company and underwriters.
Sound Point Meridian Capital (NYSE: SPMC) has announced it will release its second fiscal quarter financial results for the period ended September 30, 2024, before market opening on November 13, 2024. The company will host a conference call at 11:00 a.m. ET on the same day to discuss the results. The call will be accessible via telephone and webcast, with dial-in numbers provided for both US and international participants. An accompanying slide presentation will be available on the company's website, and a replay of the call will be accessible until November 20, 2024.
Sound Point Meridian Capital, Inc. (NYSE: SPMC) has announced its Q4 2024 common distributions and Q2 2024 financial results. The company declared monthly distributions of $0.22 per share for October, November, and December 2024. Key financial highlights include:
- Net asset value per share: $19.91 as of June 30, 2024
- Net investment income: $1.54 million ($0.08 per share)
- Net loss: $1.47 million ($0.07 per share)
- Weighted average effective yield of CLO equity portfolio: 17.0%
- Completed $80 million public offering at $20 per share
- Entered into a $100 million revolving credit facility with CIBC
- Deployed $77.8 million in investments and received $18.7 million in cash distributions
Sound Point Meridian Capital, Inc. (NYSE: SPMC) has announced its plans to release second quarter 2024 financial results on Thursday, August 15, 2024, before the stock market opens. The company will host a conference call at 11:00 a.m. ET on the same day to discuss the results. Interested parties can participate via phone or webcast.
Key details include:
- Conference call dial-in numbers: (800) 225-9448 (US) and (203) 518-9708 (International)
- Conference ID: SOUNDQ2
- Webcast available on the company's website
- Slide presentation will be accessible on the website after the earnings release
- Replay options: Online archive and telephone replay available until August 22, 2024
Sound Point Meridian Capital (NYSE: SPMC) has secured a $100 million revolving credit facility from Canadian Imperial Bank of Commerce (CIBC), with the potential to increase to $125 million. This facility is backed by a first-priority lien on nearly all of the company's assets, including eligible portfolio investments. The funds will be used for investment activities, working capital, and general corporate purposes.
Borrowings will bear interest at either term SOFR plus a 3.75% margin or an alternate base rate plus a 2.75% margin. Initially, borrowing must be at the term SOFR rate, but can be converted to the alternate rate under certain conditions. The credit facility matures on July 8, 2026, with an option to extend by up to 364 days.
Sound Point Meridian Capital (NYSE: SPMC) has announced distributions on its common stock for the second fiscal quarter of 2024. Shareholders will receive $0.30 per share in July, covering the period from June 13, 2024, through the end of July. Additionally, monthly distributions of $0.20 per share will be made in both August and September. The distribution dates are as follows: July 31, 2024 ($0.30 per share), August 30, 2024 ($0.20 per share), and September 30, 2024 ($0.20 per share). These distributions are generally paid from net investment income and may include capital gains or a return of capital. The tax characteristics of the distributions will be detailed on Form 1099 for shareholders after the end of 2024.
Sound Point Meridian Capital announced the closing of its IPO, issuing 4,000,000 shares at $20.00 per share, resulting in net proceeds of approximately $79.7 million. The company, trading under the ticker 'SPMC' on NYSE since June 14, 2024, has also given underwriters a 30-day option to buy an additional 600,000 shares.
The proceeds will be used for acquiring investments and general working capital. Post-IPO, the company's net asset value stands at $400.1 million. The IPO was managed by Oppenheimer, B. Riley Securities, Janney Montgomery Scott, and Piper Sandler, with Clear Street and Wedbush Securities as co-managers.
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