Sound Point Acquisition I, a blank check company formed by Sound Point targeting the credit markets, raised $225 million by offering 22.5 million units at $10, with each unit containing one share of common stock and one-half of a warrant, exercisable at $11.50. The company offered 2.5 million more units than anticipated. It may raise an additional $50 million at the closing of an acquisition pursuant to a shares-only forward purchase agreement with the sponsor.
The company is led by CEO and Chairman Stephen Ketchum, the founder, Managing Partner, and CIO of Sound Point Capital Management, an alternative asset manager and registered investment advisor with a particular expertise in credit strategies. The company plans to concentrate its efforts in sectors where Sound Point maintains a deep level of relationships and expertise, particularly in the credit markets.
Sound Point Acquisition I plans to list on the Nasdaq under the symbol SPCMU. BofA Securities and J.P. Morgan acted as joint bookrunners on the deal.
