NEW YORK, NY (December 9, 2013) – Sierra Income Corporation (“SIC”) (the “Company”) today announced the closing of a Senior Secured Revolving Credit Facility (the “Credit Facility”) led by ING Capital LLC (“ING Capital”) with an initial commitment of $50 million from ING Capital and EverBank Commercial Finance, Inc. (“EverBank”). The Credit Facility has an accordion feature that provides for expansion of the facility up to $100 million, subject to customary conditions.
“We are pleased to announce these institutional banking relationships with ING and EverBank. This Credit Facility allows us to expand our investment portfolio and direct lending activities as we increase our equity base” noted Seth Taube, Chief Executive Officer of the Company.
About Sierra Income Corporation
Sierra is a non-traded, externally managed, non-diversified closed end management investment company that has filed an election to be treated as a business development company under the Investment Company Act of 1940, as amended. The Company’s investment objective is to generate current income, and to a lesser extent, long-term capital appreciation. The Company invests primarily in senior secured debt, second lien debt and, to a lesser extent, subordinated debt of U.S. small and middle market companies with enterprise values ranging from approximately $50 million to $4 billion. 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, an affiliate of Medley LLC (“Medley”), is a registered investment adviser under the Investment Advisers Act of 1940, as amended. Medley specializes in credit investing, including direct private lending and corporate credit related strategies and provides first lien, second lien and unitranche term loans to lower middlemarket and middle-market companies with an investment size between $7 and 50 million. Medley supports acquisition and growth financings, leveraged buyouts, management buyouts, bank debt restructurings, CAPEX, Chapter 11 exit financing and DIP financing. Medley is headquartered in New York with offices in San Francisco.
About ING Capital LLC
ING Capital LLC is a US subsidiary of ING Bank NV, which is part of ING Group, a global financial services company. ING Bank NV and its subsidiaries have approximately 68,000 employees serving their clients through an extensive global network in the world’s major financial services markets. ING has built a leading position in corporate finance, including lending and mergers & acquisitions.