Medley, Sierra close on $200 million credit facility for joint ventures

By Tali Rackner

Norfolk, Va., Aug. 5 – Medley Management Inc. announced that Medley Capital Corp.’s MCC Senior Loan Strategy JV I LLC and Sierra Income Corp.’s Sierra Senior Loan Strategy JV I LLC each closed on a $100 million seven-year senior secured credit facility, according to a press release.

Credit Suisse AG, Cayman Islands branch is the administrative agent.

In March, Medley Capital and Sierra Income each announced the formation of joint ventures with a premier U.S. provider of fixed and fixed-index annuities to invest primarily in middle market senior secured loans and other corporate debt securities.

Together with the joint venture partner, they committed a total of $200 million of equity to the joint ventures, with Medley Capital and Sierra each providing $87.5 million and the joint venture partner providing $12.5 million to each joint venture.

Medley is a New York-based asset management firm. Sierra Income is a non-diversified, closed-end management company based in New York.

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