Sierra Income Corporation Announces Extension of Revolving Credit Facility
07 October 2017 - 3:10AM
Business Wire
Extends Maturity of Credit Facility;
Improves Economics and Structure
Sierra Income Corporation (“Sierra”), a non-traded business
development company investing in middle market companies, today
announced that its wholly-owned subsidiary, Alpine Funding LLC
(“Alpine”), entered into an amendment to its revolving credit
facility ("Credit Facility") with its lender, JPMorgan Chase Bank
(“JPMorgan”).
The amendment which became effective on September 29, 2017,
extends the Credit Facility re-investment period to December 2020
and extends the final maturity to March 2022. Amendment terms
include the reduction in the applicable margin rate to 2.85% per
annum and an increase in the net advance rate to 55% of eligible
assets.
“This amendment provides improved economics and structure to
drive shareholder value,” said Sam Anderson, Medley’s Head of
Capital Markets. "We are pleased with our ongoing partnership with
the team at JPMorgan and look forward to our mutual success.”
About Sierra Income Corporation
Sierra is a non-traded business development company that invests
primarily in first lien senior secured debt, second lien secured
debt and, to a lesser extent, subordinated debt of middle market
companies in a broad range of industries with annual revenue
between $50 million and $1 billion. Sierra’s investment objective
is to generate current income, and to a lesser extent, long-term
capital appreciation. Sierra is externally managed by SIC Advisors
LLC, which is an investment adviser registered under the Investment
Advisers Act of 1940, as amended. For additional information,
please visit Sierra Income Corporation at
www.sierraincomecorp.com.
About SIC Advisors LLC
SIC Advisors LLC is an affiliate of Medley Management Inc.
(NYSE: MDLY, “Medley”). Medley is an alternative asset management
firm offering yield solutions to retail and institutional
investors. Medley’s national direct origination franchise, with
over 85 people, is a premier provider of capital to the middle
market in the U.S. As of June 30, 2017, Medley has over $5 billion
of assets under management in two business development companies,
Medley Capital Corporation (NYSE:MCC) and Sierra Income
Corporation, a credit interval fund, Sierra Total Return Fund
(NASDAQ:SRNTX) and several private investment vehicles. Over the
past 15 years, Medley has provided capital to over 380 companies
across 35 industries in North America1. For additional information,
please visit Medley Management Inc. at www.mdly.com.
Medley LLC, the operating company of Medley Management Inc., has
outstanding bonds which trade on the NYSE under the symbol (NYSE:
MDLX) and (NYSE:MDLQ). Medley Capital Corporation (NYSE: MCC) has
outstanding bonds which trade on the NYSE under the symbols (NYSE:
MCV) and (NYSE: MCX).
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"project," "should," "will" and other similar terms and phrases,
including references to assumptions and forecasts of future
results. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors that may cause the actual results to differ
materially from those anticipated at the time the forward-looking
statements are made. Although Sierra believes the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that the
expectations will be attained or that any deviation will not be
material. Sierra undertakes no obligation to update any
forward-looking statement contained herein to conform the statement
to actual results or changes in Sierra’s expectations.
This is not an offer or a solicitation of an offer to buy any
securities of Sierra Income Corporation. Such an offer can be made
only by means of a prospectus. A copy of the prospectus can be
obtained by visiting www.sierraincomecorp.com . This is a
speculative security and as such, involves a high degree of
risk.
1 Medley Management Inc. is the parent company of Medley LLC and
several registered investment advisors (collectively, ”Medley”).
Assets under management refers to assets of our funds, which
represents the sum of the net asset value of such funds, the drawn
and undrawn debt (at the fund level, including amounts subject to
restrictions) and uncalled committed capital (including commitments
to funds that have yet to commence their investment periods).
Assets under management are as of June 30, 2017.
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version on businesswire.com: http://www.businesswire.com/news/home/20171006005631/en/
Investor Relations Contact:Medley Management Inc.Sam Anderson,
212-759-0777Head of Capital Markets & RiskorMedia Contact:Teneo
Holdings LLCErin Clark, 646-214-8355orNew Transaction Inquiries
Contact:Medley Management Inc.Brian Dohmen, 646-465-7892Head of
Direct Lending & Origination
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