An additional $30 million of commitments was recently added to Sierra Income Corporation’s (Sierra) senior secured revolving credit facility, bringing the company’s total commitments to $125 million.
The $30 million was committed by Key Equipment Finance (Key), which has joined the lending group of the Credit Facility that was led and arranged by ING Capital LLC.
In addition, the company amended the credit facility to increase the maximum amount of the accordion feature, which allows increases in commitments to $250 million.
“We are pleased to add Key to our growing bank group,” said Seth Taube, Chief Executive Officer of Sierra. “We intend to utilize the additional lending commitment to continue to grow our investment portfolio and we look forward to working with our bank group as we expand our business in the years ahead,” he added.
Distributed by SC Distributors, Sierra is a non-traded BDC.
Since the offering’s launch in 2012, the company has invested 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.
The fund is an affiliate of Medley LLC and its investment activities are managed by its investment advisor, SIC Advisors, LLC.