Sierra lifts revolver commitments to $150 million, ups accordion

By Tali Rackner

Norfolk, Va., Nov. 25 – Sierra Income Corp. entered into the third amendment to its existing senior secured revolving credit agreement with administrative agent ING Capital LLC, according to an 8-K filing with the Securities and Exchange Commission.

The company closed on an additional $25 million commitment under the revolving credit facility. As of Tuesday, total commitments under the facility were $150 million.

The amendment also increases the maximum amount of the revolver’s accordion feature to $500 million.

ING Capital LLC is the administrative agent.

Borrowings are subject to, among other things, a minimum borrowing/collateral base and substantially all of Sierra Income’s assets are pledged as collateral under the facility.

“We are pleased to receive additional commitments from existing lenders and to add a new lender to the growing lender group,” chief executive officer Seth Taube said in a press release.

“We intend to utilize the additional lending commitment to continue to grow our investment portfolio and we look forward to working with our bank group as we expand our business in the years ahead.”

New York-based Sierra Income is a 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.

© 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.