Sound Point Meridian Capital, Inc. announced a private placement for the gross proceeds of $100,000,000 which may be increased up to $125,000,000 pursuant to the terms thereof on July 9, 2024. The transaction will include participation from new lender Canadian Imperial Bank of Commerce. The credit facility will bear interest at either term SOFR plus a margin of 3.75% per annum, or the alternate base rate plus a margin of 2.75% per annum.

The company may only borrow at term SOFR rate at the time of drawdown, but the borrowings may be converted to bear interest at the alternate base rate under certain conditions. The Credit Facility will mature on July 8, 2026, which may be extended for an additional period of up to 364 days pursuant to the terms thereof.