Medley Management announced that Medley Capital’s MCC Senior Loan Strategy JV I and Sierra Income’s Sierra Senior Loan Strategy JV I each closed on a $100 million 7-year senior secured credit facility.
Medley said Credit Suisse AG, Cayman Islands Branch is the administrative agent for both facilities.
In March 2015, Medley Capital and Sierra Income each announced the formation of joint ventures with a U.S. provider of fixed and fixed-index annuities to invest primarily in middle market senior secured loans and other corporate debt securities.
Both MCC and Sierra together with the joint venture partner committed an aggregate of $200 million of equity to the joint ventures, with MCC and Sierra each providing $87.5 million and the joint venture partner providing $12.5 million to each joint venture.
Medley is an asset management firm offering yield solutions to retail and institutional investors.