Home News Sierra Income Corp Increases its Offering Price

Sierra Income Corp Increases its Offering Price

Sierra Income Corporation’s (Sierra) Board of Directors has approved an increase in the non-traded company’s initial public offering from $10.20 per share to $10.25 per share. The new offering price will take effect as of Sierra’s April 4, 2014 weekly closing and will be applied to subscriptions received from March 28 through April 3.

The purpose of the increase is to make sure that the company’s NAV exceeds its offering price per share after the deduction of the seller commissions and dealer manager fees, which is required per the Investment Company Act of 1940.

Sierra may increase or decrease the per-share offering price of its shares of common stock as its portfolio experiences fluctuations.

Sierra has filed to be treated as a BDC and is externally managed by SIC Advisors, LLC, an affiliate of Medley LLC, a company that specializes in credit investing.

The offering is expected to close next April and had raised $160.9 million as of December 31, 2013.