Skip to content

Non-Traded BDC Increases POP

Sierra Income Corporation (SIC) has increased its initial public offering price from $10.25 per share to $10.30 per share. The increase comes just over 2 months after the non-traded BDC candidate upped its IPO price from $10.20 to $10.25 per share in early April.

A committee on the board of directors approved the most recent increase last week and it became effective as of SIC’s weekly closing on July 10, 2014. The increase was first applied to subscriptions that were received from July 4, 2014 through July 10, 2014. The reason for the price increase is to make sure that the company’s NAV per share is not more than its offering price per share after subtracting selling commissions and dealer manager fees.

SIC may further adjust the offering price if its portfolio continues to experience underlying fluctuations.

Distributed by SC Distributors, the fund is sponsored and managed by Medley, a company that specializes in credit investing.

With a focus on senior debt, SIC has raised total proceeds of $249.2 million since commencing operations.

The offering is scheduled to close April 17, 2015.