NEW YORK, Aug. 5, 2015 (GLOBE NEWSWIRE) -- Medley Management Inc. ("Medley", or the "Company") (NYSE:MDLY) today announced that Medley Capital Corporation's MCC Senior Loan Strategy JV I LLC and Sierra Income Corporation's Sierra Senior Loan Strategy JV I LLC each closed on a $100 million 7-year senior secured credit facility. Credit Suisse AG, Cayman Islands Branch is the Administrative Agent for both facilities.
In March 2015, Medley Capital Corporation ("MCC") and Sierra Income Corporation ("Sierra") 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. 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. Medley's national direct origination franchise, with over 80 people, is a premier provider of capital to the middle market in the U.S. As of March 31, 2015, Medley had in excess of $3.9 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE:MCC) and the Sierra Income Corporation, as well as private investment vehicles. Over the past 13 years, Medley has invested in excess of $5.3 billion to help over 290 companies grow across 35 industries in North America. For additional information, please visit Medley Management Inc. at www.mdly.com.
|Investor Relations Contact:|
|Sam Anderson, 212-759-0777|
|Medley Management Inc.|
|Liz Bruce, 212-498-9197|
Source:Medley Management Inc