Daily News: December 1, 2014

ING Capital Arranges Sierra Income Revolver Upsize

Sierra Income announced the closing of an additional $25 million of commitments to its senior secured revolving credit facility.

Sierra said the credit facility was arranged and led by ING Capital. One additional lender joined the lending group and committed $15 million to the credit facility while two existing lenders committed an additional $5 million each.

Total commitments to the credit facility are $150 million and the credit facility provides for an aggregate accordion feature up to an aggregate maximum amount of $500 million.

“We are pleased to receive additional commitments from existing lenders and to add a new lender to the growing lender group,” said Seth Taube, CEO 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 Taube.

Sierra is a non-traded 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.