Sierra Income Corporation Suspends Share Repurchases in Light of Strategic Review Process
Sierra Income Corporation, a non-traded business development company, has suspended share repurchases following the previously announced review process to evaluate strategic alternatives for the company.
Sierra Income Corporation, a non-traded business development company, has suspended share repurchases following the previously announced review process to evaluate strategic alternatives for the company.
The share repurchase program and repurchases in the event of death or disability were both suspended.
In June, The DI Wire reported that Sierra’s board started a formal review process to evaluate strategic alternatives for the company, which can include the sale of the company’s assets, a listing on a national securities exchange, or a merger with another entity.
No further details or timeframe was provided by the company.
Sierra is a non-traded business development company that 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 range of industries with annual revenue between $50 million and $1 billion. The company oversees a portfolio of investments with a fair value of $631.4 million as of June 30, 2021.
