NEW YORK--(BUSINESS WIRE)--
Sierra Income Corporation (“Sierra” or the “Company”) today announced
the closing of an additional $30 million of commitments to its senior
secured revolving credit facility (the “Credit Facility”). The Credit
Facility was arranged and led by ING Capital LLC (“ING”). Key Equipment
Finance Inc. (“Key”) joined the lending group and committed $30 million
to the Credit Facility. Total commitments to the Credit Facility are
$125 million and the Credit Facility provides for an aggregate accordion
feature up to an aggregate maximum amount of $250 million.
“We are pleased to add Key to our growing bank group,” said Seth Taube,
Chief Executive Officer of the Company. “We intend to utilize the
additional lending commitment to continue to grow our investment
portfolio and we look forward to working with our bank group as we
expand our business
in the years ahead,” continued Mr. Taube.
About Sierra Income Corporation
Sierra is a non-traded Business Development Company (“BDC”) 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. The Company’s investment objective is to generate current
income, and to a lesser extent, long-term capital appreciation. Sierra’s
investment activities are managed by its investment adviser, SIC
Advisors, LLC, which is an investment adviser registered under the
Investment Advisers Act of 1940, as amended.
About SIC Advisors LLC
SIC Advisors LLC is an affiliate of Medley LLC (“Medley”). Medley
invests in middle market companies with $50 million to $1 billion in
revenues through direct private lending and corporate credit investment
strategies. Medley has in excess of $3.3 billion of investable capital
in business development companies, Medley Capital Corporation (NYSE:
MCC) and the Sierra Income Corporation, and private investment vehicles.
Over the past 12 years, Medley has invested in excess of $4.4 billion to
help over 260 companies grow across 35 industries in North America.
About ING Capital LLC
ING Capital LLC is a financial services firm offering a full array of
wholesale financial lending products and advisory services to its
corporate and institutional clients. ING Capital is an indirect U.S.
subsidiary of ING Bank NV, part of ING Group (NYSE: ING), a global
financial institution of Dutch origin. ING Bank's more than 52,000
employees offer retail and commercial financial products and services to
customers in over 40 countries. The purpose of ING Bank is empowering
people to stay a step ahead in life and in business. The Investment
Industry Finance (IIF) group at ING Capital offers a broad range of
structured finance solutions to its clients active in the Investment
Industry, including business development companies.
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 the
Company 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. The Company undertakes no obligation to update any
forward-looking statement contained herein to conform the statement to
actual results or changes in the Company's expectations.
Sierra Income Corporation
Source: Sierra Income Corporation