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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Sound Point Meridian Enters $100MM “Net Asset Value” Credit Facility with CIBC
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Lenders/Participants
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Canadian Imperial Bank of Commerce [Lender, Administrative Agent]
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Structure
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Net Asset Value Revolving Credit Facility
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Amount
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$100.000
Million
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Borrower(s)
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Sound Point Meridian Capital
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Description
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A $100 million “net asset value” revolving credit facility which may be increased up to $125 million pursuant to the terms thereof (the “CIBC Credit Facility”). The CIBC Credit Facility is secured by a first-priority perfected security interest in substantially all assets of the Company, including, without limitation, all eligible portfolio investments of the Company, subject to certain exceptions.
Borrowings under the CIBC Credit Facility may be utilized for the Company’s investment activities, working capital and general corporate purposes. Borrowings under the CIBC Credit Facility will bear interest at either (i) term SOFR plus a margin of 3.75% per annum, or (ii) 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.
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Industry
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Investment Financing
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| Related Tags |
Canadian Imperial Bank of Commerce, CIBC
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ABL Advisor
Deal Tables
2024
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