NEW YORK--(BUSINESS WIRE)--On November 25, 2013, Sierra Income Corporation (“SIC”), a business development company (“BDC”) whose strategy is to invest in the debt of privately owned U.S. companies with a focus on senior secured debt, second lien debt and, to a lesser extent, subordinated debt, received an exemptive order from the Securities and Exchange Commission (the “Order”) that allows SIC to participate in negotiated co-investment transactions with other funds managed by affiliates of its investment adviser, SIC Advisors LLC, subject to the conditions included in the Order. Affiliated funds that SIC can now co-invest with include Medley Capital Corporation (“MCC”), a NYSE-listed BDC.
“The Order gives SIC greater flexibility with respect to its investment options going forward and will allow SIC to more effectively and efficiently deploy capital across a larger pool of directly originated transactions,” stated Seth Taube, CEO of SIC. “We believe having access to a broader pipeline of opportunities will benefit our shareholders as we seek the best available risk-adjusted investments over time.”
About Sierra Income Corporation
SIC 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. SIC’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.
