Sierra Income unit extends loan agreement, cuts margin to 285 bps

By Wendy Van Sickle

Columbus, Ohio, Oct. 6 – Sierra Income Corp.’s wholly owned, special purpose financing subsidiary Alpine Funding LLC entered into an amended and restated loan agreement on Sept. 29, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extends the termination date to March 29, 2022, reduces the applicable margin for advances to 285 basis points, extends the reinvestment period until Dec. 29, 2020 and increases the compliance condition for net advances to 55% of net asset value.

JPMorgan Chase Bank, NA is the administrative agent.

Sierra Income is a non-diversified, closed-end management company based in New York 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.

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