Sierra Income Corporation, a non-traded BDC sponsored by Medley and distributed by SC Distributers, has yet again increased its senior secured revolving credit facility.
Two existing lenders committed another $5 million each, while an additional lender came on board and added $15 million. With the $25 million addition, the credit facility now totals $150 million.
Back in August, the company added an additional $30 million to its credit facility and increased the maximum amount of its accordion feature. Sierra increased its accordion feature this time as well so that it now permits increases up to $500 million.
“We are pleased to receive additional commitments from existing lenders and to add a new lender to the growing lender group,” commented 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.
Launched in 2012, Sierra 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.
Since commencing operations, Sierra has raised total proceeds of $467.8 million in its initial public offering, which is scheduled to close April 17, 2015, unless further extended.