Japan records surprise trade deficit in July as exports weaken further
Sound Point Meridian Capital , Inc. (NYSE:SPMC), a $362 million market cap company with annual revenues of $84 million, announced the completion of its public offering of 2,300,000 shares of 7.875% Series B Preferred Stock due 2030 (NYSE:SPME), according to a statement filed with the Securities and Exchange Commission.
The offering, which closed on Tuesday, included 300,000 shares issued as part of the underwriters’ full exercise of their overallotment option. The shares have a liquidation preference of $25 per share, bringing the total value of the offering to $57.5 million. Oppenheimer & Co. Inc. acted as the representative of the underwriters.
The Series B Preferred Shares are expected to be listed on the New York Stock Exchange under the symbol SPME. Holders of these shares will receive monthly dividends at an annual rate of 7.875% of the liquidation preference, or $1.96875 per share per year. The first dividend is scheduled to be paid on July 31 to shareholders of record as of Thursday. According to InvestingPro data, SPMC maintains a substantial dividend yield of 16.83% on its existing shares, making it one of the highest-yielding financial stocks in its category.
The terms of the Series B Preferred Shares require the company to redeem all outstanding shares on July 31, 2030, at $25 per share plus any accumulated but unpaid dividends. The company may also redeem the shares at its option, in whole or in part, beginning July 31, 2027.
The Series B Preferred Shares rank senior to the company’s common stock with respect to dividend payments and distribution of assets upon liquidation, and are on parity with the company’s Series A Preferred Shares. They are subordinate to all existing and future indebtedness of the company, including its credit facility with Canadian Imperial Bank of Commerce (NYSE:CM).
Holders of the Series B Preferred Shares will have voting rights as described in the company’s certificate of incorporation, including the ability to elect two directors alongside holders of other preferred shares. SS&C GIDS, Inc. will serve as transfer agent and paying agent for the Series B Preferred Shares.
This information is based on a press release statement filed with the SEC.
In other recent news, Sound Point Meridian Capital, Inc. reported its estimated net asset value per share for the second quarter of 2025, ranging between $18.45 and $18.55. The management also provided an unaudited estimate of net investment income, which was between $0.48 and $0.58 per share of common stock. Additionally, the company estimated a realized gain or loss between $0.04 and a loss of $0.06 per share. In another development, Sound Point Meridian Capital announced the launch of an underwritten public offering of its Series B Preferred Shares. These shares have received a ’BBB’ rating from Egan-Jones Ratings Company. The company plans to list the new shares on the New York Stock Exchange within 30 days of issuance. Oppenheimer & Co. Inc., B. Riley Securities, Inc., and several other firms are involved as joint bookrunners for this offering. The financial terms will be finalized through negotiations between the company and the underwriters.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.