other_material
confidence high
sentiment neutral
materiality 0.50
Sound Point Meridian Capital closes $57.5M 7.875% Series B Preferred Offering
Sound Point Meridian Capital, Inc.
- Issued and sold 2,300,000 shares at $25/share, including full exercise of underwriters' overallotment; gross proceeds $57.5M.
- Series B Preferred pay monthly dividends at 7.875% annual rate ($1.96875/share/year); first dividend July 31, 2025.
- Mandatory redemption at $25 plus accrued dividends on July 31, 2030; optional redemption at Company's option after July 31, 2027.
- Preferred shares rank senior to common stock, equal with existing Series A Preferred, subordinate to secured indebtedness.
- Shares listed on NYSE under symbol SPME; SS&C GIDS acts as transfer agent.
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