Sierra Income boosts revolver to $95 million by expanding bank group

By Toni Weeks

San Luis Obispo, Calif., March 27 - Sierra Income Corp. obtained another $45 million of commitments under its senior secured revolving credit facility, boosting total commitments to $95 million.

The credit facility also has an accordion feature for another $100 million of commitments.

According to a press release, commitments were increased through the expansion of the bank group.

Proceeds of the additional portion will be used to continue to grow the company's investment portfolio.

ING Capital LLC was the arranger and lead bank for the facility.

Sierra Income is a newly organized, externally managed, non-diversified, closed-end management investment company that invests in the debt of privately owned U.S. companies with a focus on senior secured debt, second-lien debt and, to a lesser extent, subordinated debt. Sierra's investment activities are managed by SIC Advisors, LLC, which has offices in New York and San Francisco.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.