NEW YORK, NY (March 27, 2014) – Sierra Income Corporation (“Sierra” or the “Company”) today announced that its wholly-owned special purpose financing subsidiary, Arbor Funding LLC (“Arbor”), amended its total return swap (“TRS”) facility to increase the size of the financing arrangement from $100 million to $200 million. The amendment also comes with an increase in interest from LIBOR plus 1.30% per annum to LIBOR plus 1.35% per annum.
“We are pleased to announce the increase in the financing agreement” said Seth Taube, Chief Executive Officer of the Company. “We intend to utilize the additional capacity as we execute against our growth plan” continued Mr. Taube.
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 middle-market 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.