Sierra Income Corporation Announces Q1 2019 Distributions
NEW YORK--(BUSINESS WIRE)--Jan 25, 2019--Sierra Income Corporation (“Sierra” or the “Company”) today announced that its Board of Directors declared a series of monthly distributions for January, February, and March 2019 of $0.05334 per share. Stockholders of record as of each respective record date will be entitled to receive the distribution. Below are the details for each respective distribution;
As previously announced by the Board of Directors on November 6, 2018, in connection with the proposed mergers of the Company, Medley Capital Corporation and Medley Management Inc. (the “Mergers”), the Board of Directors approved a distribution guidance framework that set forth a target distribution rate for the Company if the Mergers are successfully consummated. In that regard, the Board of Directors determined that for each of the twelve months following the consummation of the Mergers, and subject to legally available funds, the Combined Company 1 expects to pay monthly cash distributions to the holders of the Combined Company’s common stock equal to 5.500 cents per share, which will consist of a regular base distribution per share of 4.500 cents and a supplementary distribution per share of 1.000 cents and which is an increase from the monthly distribution of 5.334 cents per share currently paid by the Company. Thereafter, the distribution will be determined subject to the Combined Company’s distribution policy and such distributions could decrease after the twelve-month period.
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 an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise is a premier provider of capital to the middle market in the U.S. Medley has $4.8 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE: MCC) (TASE: MCC) and Sierra Income Corporation, a credit interval fund, Sierra Total Return Fund (NASDAQ:SRNTX) and several private investment vehicles. Over the past 15 years, we have provided capital to over 400 companies across 35 industries in North America 2. For additional information, please visit Medley Management Inc. at www.mdly.com.
Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE:MDLX) and (NYSE:MDLQ). Medley Capital Corporation is dual-listed on the New York Stock Exchange (NYSE:MCC) and the Tel Aviv Stock Exchange (TASE: MCC) and has outstanding bonds which trade on both the New York Stock Exchange under the symbols (NYSE:MCV), (NYSE:MCX) and the Tel Aviv Stock Exchange under the symbol (TASE: MCC.B1).
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.
This is not an offer or a solicitation of an offer to buy any securities of Sierra Income Corporation. Such an offer can be made only by means of a prospectus. A copy of the prospectus can be obtained by visiting . This is a speculative security and as such, involves a high degree of risk.
1 The “Combined Company” refers to the Company as the surviving entity following the Mergers.
2 Medley Management Inc. is the parent company of Medley LLC and several registered investment advisers (collectively, “Medley”). Assets under management refers to assets of our funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of September 30, 2018.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190125005500/en/
CONTACT: Investor Relations Contact:
Head of Capital Markets & Risk Management
Medley Management Inc.
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co. LP
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: SMALL BUSINESS PROFESSIONAL SERVICES ACCOUNTING REIT BANKING FINANCE INSURANCE COMMUNICATIONS PUBLIC RELATIONS/INVESTOR RELATIONS CONSTRUCTION & PROPERTY
SOURCE: Sierra Income Corporation
Copyright Business Wire 2019.
PUB: 01/25/2019 06:09 PM/DISC: 01/25/2019 06:08 PM