Sierra Income Corporation Announces Q2 2019 Distributions
April 30 2019 - 7:42PM
Business Wire
Sierra Income Corporation (“Sierra” or the “Company”) today
announced that its Board of Directors declared a series of monthly
distributions for April, May, and June 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:
Amount Per Share
Record Date
Payment Date
$0.05334
April 29, 2019
April 30, 2019
$0.05334
May 30, 2019
May 31, 2019
$0.05334
June 27, 2019
June 28, 2019
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 Company1 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 $4.7 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
America2. 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).
Forward-Looking Statements
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 www.sierraincomecorp.com. 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 December 31, 2018.
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version on businesswire.com: https://www.businesswire.com/news/home/20190430006309/en/
Investor Relations Contact:Sam AndersonHead of Capital Markets
& Risk ManagementMedley Management Inc.212-759-0777
Media Contact:Jonathan Gasthalter/Nathaniel GarnickGasthalter
& Co. LP212-257-4170
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