NEW YORK--(BUSINESS WIRE)--A committee of the board of directors (the “Board”) of Sierra Income Corporation (“SIC”) has approved an increase in its public offering price from $9.00 per share to $9.05 per share.
The increase in SIC’s public offering price is effective as of SIC’s July 15, 2016 weekly closing and first applied to subscriptions received from July 8, 2016 through July 14, 2016. The change in offering price reflects the updated NAV per share.
If SIC continues to experience underlying portfolio fluctuations, the Board may further increase or decrease the per share offering price of its shares of common stock for its future weekly closings, pursuant to SIC’s pricing policy included in its prospectus which requires a price update if NAV per share fluctuates more than 2.5% from net offering price per share. SIC has not yet determined that a further adjustment to the newly-established offering price of $9.05 per share will be necessary. In the event SIC determines to adjust its public offering price, a separate announcement will be issued.
About Sierra Income Corporation
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 broad range of industries with annual revenue between $50 million and $1 billion. Sierra’s investment objective is to generate current income, and to a lesser extent, long-term capital appreciation. Sierra is externally managed by SIC Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. For additional information, please visit Sierra Income Corporation at www.sierraincomecorp.com.
About SIC Advisors LLC
SIC Advisors LLC is an affiliate of Medley Management Inc. (NYSE: MDLY, “Medley”). Medley is a credit-focused asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise, with over 80 people, is a premier provider of capital to the middle market in the U.S. As of March 31, 2016, Medley had in excess of $5 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE: MCC) and Sierra Income Corporation, as well as private investment vehicles. Over the past 13 years, Medley has provided in excess of $6 billion of capital to over 300 companies across 35 industries in North America. For additional information, please visit Medley Management Inc. at www.mdly.com.
This press release contains forward-looking statements within the meaning of the federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Sierra believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Sierra undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in Sierra’s expectations.