Sierra Income Corporation Announces Investment Portfolio Update
September 05 2017 - 11:38AM
Business Wire
Diverse and Robust Investment Activity
Characterize the First Half of 2017
Sierra Income Corporation (“Sierra”), a non-traded business
development company investing in middle market companies, today
announced it invested more than $220 million in the first half of
2017, bringing its total investments to over $1 billion.
“Sierra was highly active in the first half of 2017, providing
capital to companies operating in 20 different industries across
the U.S.,” said Seth Taube, Chairman and Chief Executive Officer of
Sierra. “We continue to seek strong opportunities in the middle
market, with attractive yields and structures.”
Investment highlights for the first half of 2017 include senior
secured first lien term loans made to:
- A leading provider of electronic health
record and health information technology
- An engineer and manufacturer of
high-performance air conditioning products
- A provider of asset-light
transportation management services
- One of the largest dental practice
management companies
- A provider of car protection products
and services to auto dealers
- A provider of professional landscape
maintenance services
As of June 30, 2017, Sierra’s middle market loan portfolio
exceeded $1 billion, comprised of 144 holdings, diversified across
27 distinct sectors, of which 84% was senior secured.
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.
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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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
Medley Management (NYSE:MDLY)
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