(New York, NY) April 17, 2014 – Sierra Income Corporation (“SIC”), a business development company that targets senior secured investments in US middle market companies, announced today that it funded an originated senior secured first lien term loan and preferred equity investment in Response Team 1, LLC (“Response Team 1”). Response Team 1 is a leading provider of mitigation, restoration, and ancillary services to single and multi-family prospects, healthcare organizations, schools, municipalities and commercial businesses. The financing provided by SIC allowed Response Team 1 to refinance current indebtedness as well as help fund the acquisition of a complementary business.
“We are pleased to be able to provide this investment to help Response Team 1 continue to grow their business and expand their footprint into key markets across the United States” said Seth Taube, CEO of Sierra Income Corporation. “Our origination teams continue to leverage our broad proprietary network to generate attractive investment opportunities in dynamic middle market companies”.
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.