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Key Equipment Finance Commits $30MM to Sierra Income Corp.

August 25, 2014, 06:36 AM

Sierra Income Corporation (“Sierra” or the “Company”) announced the closing of an additional $30 million of commitments to its senior secured revolving credit facility (the “Credit Facility”). The Credit Facility was arranged and led by ING Capital LLC (“ING”). Key Equipment Finance Inc. (“Key”) joined the lending group and committed $30 million to the Credit Facility. Total commitments to the Credit Facility are $125 million and the Credit Facility provides for an aggregate accordion feature up to an aggregate maximum amount of $250 million.

“We are pleased to add Key to our growing bank group,” said Seth Taube, Chief Executive Officer of the Company. “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,” continued Mr. Taube.

Sierra is a non-traded Business Development Company (“BDC”) 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. The Company’s investment objective is to generate current income, and to a lesser extent, long-term capital appreciation.

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