Sound Point fund plans to invest in leveraged loans via stock proceeds

By Wendy Van Sickle

Columbus, Ohio, June 30 – Sound Point Floating Rate 2023 Target Term Fund a new diversified, closed-end fund, is planning a public offering of common stock, according to form N-2 filing with the Securities and Exchange Commission.

The fund will, under normal circumstances, invest at least 80% of its managed assets in floating-rate investments and the economic equivalent, primarily consisting of senior secured loans that are rated below investment grade and similar investments.

Its investment objectives are to provide a high level of current income and to return $9.80 per share to holders of common shares on or about Aug. 1, 2023.

The investment adviser is Four Wood Capital Advisors LLC. The subadviser is Sound Point Capital Management, LP.

Sound Point registered a token $1 million of stock in its initial filing with the Securities and Exchange Commission on Thursday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.