Dechert Represents Sound Point Meridian Capital, Inc. in IPO

Marks First Registered Closed-End Fund IPO After Long Drought

Dechert represented Sound Point Meridian Capital, Inc. (NYSE: SPMC) in the initial public offering (IPO) of US$80 million in shares of its common stock.

SPMC invests primarily in the equity and mezzanine tranches of U.S.-dollar denominated, third-party collateralized loan obligation (CLO) funds backed by corporate leveraged loans issued primarily to U.S. obligors. Oppenheimer & Co. Inc., B. Riley Securities, Inc., Janney Montgomery Scott LLC, Piper Sandler & Co., Clear Street LLC and Wedbush Securities Inc. acted as underwriters for the offering.

In conjunction with the IPO, SPMC acquired an investment portfolio composed of approximately US$320 million in CLO portfolio securities from an affiliated private investment fund in exchange for shares of its common stock.

The Dechert team that advised SPMC was led by partners Harry S. Pangas and Philip Hinkle, and included counsel Ross MacConnell, as well as associates Kimberley Church, Nicholas Chionchio, Taylor Stevens, Yian Pan, Anjanaye Jariwala, Angela Nguyen and Katherine Hurley.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital - from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations. Our nearly 1,000 lawyers across 20 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology.