Form 497 Sierra Income Corp
Filed pursuant to Rule 497
File No. 333-200595
Maximum Offering of 69,000,000 Shares of Common Stock
Sierra Income Corporation
Common Stock
Supplement No. 10 dated April 20, 2017
to
Prospectus dated June 30, 2016
This Supplement No. 10 contains information which amends, supplements, or modifies certain information contained in the Prospectus of Sierra Income Corporation (the “Company”) dated June 30, 2016 (the “Prospectus”) and Supplement No. 1 to the Prospectus dated June 30, 2016, Supplement No. 2 to the Prospectus dated July 20, 2016, Supplement No. 3 to the Prospectus dated August 11, 2016, Supplement No. 4 to the Prospectus dated August 31, 2016, Supplement No. 5 to the Prospectus dated October 11, 2016 and Supplement No. 6 to the Prospectus dated November 17, 2016, Supplement No. 7 to the Prospectus dated January 17, 2017 and Supplement No. 8 to the Prospectus dated March 9, 2017 and Supplement No. 9 to the Prospectus dated March 27, 2017.
You should carefully consider the “Risk Factors” beginning on page 36 of the Prospectus before you decide to invest.
PROSPECTUS UPDATES
Additional Commitment to the Revolving Credit Facility
On August 12, 2016 (the “Closing Date”), the Company entered into an Amended and Restated Senior Secured Revolving Credit Agreement (the “Amended and Restated Revolving Credit Agreement”), with the lenders party thereto (the “Lenders”) and ING Capital LLC, as administrative agent (the “Administrative Agent”). The Amended and Restated Revolving Credit Agreement amends and restates in its entirety the Company’s Senior Secured Revolving Credit Agreement (the facility provided thereunder, as so amended and restated, the “Revolving Credit Facility”).
On April 20, 2017, the Company closed an additional $45 million in aggregate commitments under its Revolving Credit Facility pursuant to an accordion feature under such Revolving Credit Facility. As of April 20, 2017, the total commitments under the Revolving Credit Facility are $220 million.
Borrowings under the Revolving Credit Facility are subject to, among other things, a minimum borrowing/collateral base. Substantially all of the Company’s assets are pledged as collateral under the Revolving Credit Facility. In addition, the Revolving Credit Facility requires the Company to, among other things (i) make representations and warranties regarding the collateral as well as the Company’s business and operations, (ii) agree to certain indemnification obligations and (iii) comply with various affirmative and negative covenants. The documentation for the Revolving Credit Facility also includes default provisions such as the failure to make timely payment under the Revolving Credit Facility, the occurrence of a change of control or replacement of SIC Advisors LLC, the Company’s registered investment adviser, and the failure by the Company to materially perform its obligations under the Amended and Restated Revolving Credit Agreement and the other Loan Documents (as defined in the
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Amended and Restated Revolving Credit Agreement), which, if not complied with, could accelerate repayment under the Revolving Credit Facility, thereby materially and adversely affecting the Company’s liquidity, financial condition and results of operations.
Status of Our Public Offering and Investment Activity
As of April 13, 2017, we have raised a total of approximately $909 million, which includes the issuance of 1,108,033.24 shares of our common stock to SIC Advisors LLC in exchange for gross proceeds of $10 million immediately following the effectiveness of our registration statement. As of April 13, 2017, we have combined proceeds, as well as leverage through our revolving credit facilities with ING Capital and JP Morgan Chase, which we have used to invest $1,098 million in principal across 104 transactions, the details of which are listed below.
For the quarter ended December 31, 2016, we invested $76.9 million of principal in directly originated transactions across 16 portfolio companies and $17.5 million of principal in syndicated transactions across 5 portfolio companies. As of April 13, 2017, the investment portfolio was comprised of $954.5 million of principal in directly originated transactions across 76 portfolio companies and $143.7 million of principal in syndicated transactions across 28 portfolio companies.
As of April 13, 2017, the weighted-average yield based upon original cost on our portfolio investments was approximately 9.1%, and approximately 84.7% of our portfolio investments were senior secured. As of April 13, 2017, 91.7% of our income bearing investment portfolio bore interest based on floating rates, such as LIBOR or the Alternate Base Rate (“ABR”), and 8.3% bore interest at fixed rates. The weighted-average yield on our income-producing investments is computed based upon the contractual interest payments and principal amortizations due at maturity for each individual investment, which amount is divided by the total cost borne by us on such income-producing investments as of the end of the applicable reporting period. The yield on our portfolio investments is higher than what investors in the Company will realize because it does not reflect our expenses and the sales load paid by investors. The total investment return based on net asset value to investors for the fiscal year ended December 31, 2016 was 9.87%. Total investment returns based on net asset value are historical and assume initial investment at net asset value and reinvestments of all distributions at prices obtained under the Company’s dividend reinvestment plan, and total investment returns do not show the effect of the sales load.
The table below shows our investment portfolio as of April 13, 2017:
Company | Sector | Security Type | Maturity | Interest Rate * | Principal Amount ($’MM) | Acquisition Date | ||||||
AAAHI Acquisition Corporation | Transportation: Consumer | Senior Secured First Lien Term Loan | 12/15/2021 | LIBOR + 7.000%, 1.000% Floor | 7.3 | 12/15/2016 | ||||||
AAR Intermediate Holdings, LLC | Energy: Oil & Gas | Senior Secured First Lien Term Loan | 9/30/2021 | LIBOR + 5.000%, 1.000% Floor | 3.1 | 9/30/2016 | ||||||
AAR Intermediate Holdings, LLC | Energy: Oil & Gas | Senior Secured First Lien Term Loan | 9/30/2021 | LIBOR + 5.000%, 1.000% Floor | 0.3 | 9/30/2016 | ||||||
AAR Intermediate Holdings, LLC | Energy: Oil & Gas | Senior Secured First Lien Term Loan | 9/30/2021 | LIBOR + 8.000%, 1.000% Floor PIK | 6.8 | 9/30/2016 | ||||||
AAR Intermediate Holdings, LLC | Energy: Oil & Gas | Equity | — | — | — | 9/30/2014 | ||||||
Advanced Diagnostic Holdings, LLC | Healthcare & Pharmaceuticals | Senior Secured Second Lien Term Loan | 12/11/2020 | LIBOR + 8.750%, 0.875% Floor | 15.0 | 12/11/2015 | ||||||
Alpha Media LLC | Media: Broadcasting & Subscription | Senior Secured First Lien Term Loan | 2/25/2022 | LIBOR + 6.000%, 1.000% Floor | 6.8 | 3/11/2016 | ||||||
American Dental Partners, Inc. | Healthcare & Pharmaceuticals | Senior Secured Second Lien Term Loan | 9/25/2023 | LIBOR + 8.500%, 1.000% Floor | 7.3 | 3/24/2017 | ||||||
Amerijet Holdings, Inc. | Transportation: Cargo | Senior Secured First Lien Term Loan | 7/15/2021 | LIBOR + 8.000%, 1.000% Floor | 15.9 | 7/15/2016 | ||||||
AMMC CLO 17, Limited Series 2015-17A | Multi-Sector Holdings | Subordinated Note | 11/15/2027 | 19.857% Estimated Yield | 5.0 | 4/6/2016 | ||||||
Anaren, Inc. | Aerospace & Defense | Senior Secured Second Lien Term Loan | 8/18/2021 | LIBOR + 8.250%, 1.000% Floor | 10.0 | 2/27/2014 | ||||||
Answers Corporation | High Tech Industries | Senior Secured First Lien Term Loan | 9/8/2017 | LIBOR + 7.000%, 1.000% Floor | 0.5 | 4/10/2017 | ||||||
Answers Corporation | High Tech Industries | Senior Secured First Lien Term Loan | 9/8/2017 | Base Rate + 6.250% | 14.8 | 3/21/2017 | ||||||
APCO Holdings, Inc. | Banking, Finance, Insurance & Real Estate | Senior Secured First Lien Term Loan | 1/31/2022 | LIBOR + 6.000%, 1.000% Floor | 4.3 | 1/29/2016 | ||||||
Apidos CLO XXIV , Series 2016-24A | Multi-Sector Holdings | Subordinated Note | 7/20/2027 | 13.809% Estimated Yield | 21.8 | 7/22/2016 |
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Company | Sector | Security Type | Maturity | Interest Rate * | Principal Amount ($’MM) | Acquisition Date | ||||||
Asurion, LLC | Banking, Finance, Insurance & Real Estate | Senior Secured Second Lien Term Loan | 3/3/2021 | LIBOR + 7.500%, 1.000% Floor | 7.0 | 12/18/2014 | ||||||
Aviation Technical Services, Inc. | Aerospace & Defense | Senior Secured Second Lien Term Loan | 3/31/2022 | LIBOR + 8.500%, 1.000% Floor | 25.0 | 9/30/2015 | ||||||
Backcountry.com, LLC | Retail | Senior Secured First Lien Term Loan | 6/30/2020 | LIBOR + 7.250%, 1.000% Floor | 29.3 | 6/30/2015 | ||||||
Birch Communications Inc. | Telecommunications | Senior Secured First Lien Term Loan | 7/18/2020 | LIBOR + 6.750%, 1.000% Floor | 13.6 | 8/5/2014 | ||||||
Black Angus Steakhouses LLC | Hotel, Gaming & Leisure | Senior Secured First Lien Term Loan | 4/24/2020 | LIBOR + 9.000%, 1.000% Floor | 21.1 | 4/24/2015 | ||||||
Brundage-Bone Concrete Pumping, Inc. | Construction & Building | Senior Secured First Lien Note | 9/1/2021 | 10.375% | 7.5 | 8/18/2014 | ||||||
Charming Charlie Inc. | Retail | Senior Secured First Lien Term Loan | 12/24/2019 | LIBOR + 8.000%, 1.000% Floor | 7.9 | 12/18/2013 | ||||||
ConvergeOne Holdings Corp. | Telecommunications | Senior Secured Second Lien Term Loan | 6/17/2021 | LIBOR + 8.000%, 1.000% Floor | 12.5 | 6/16/2014 | ||||||
Cornerstone Chemical Company | Chemicals, Plastics & Rubber | Senior Secured First Lien Note | 3/15/2018 | 9.375% | 5.0 | 3/4/2013 | ||||||
CP OpCo, LLC | Services: Consumer | Equity | — | — | — | 9/30/2014 | ||||||
CP OpCo, LLC | Services: Consumer | Preferred Equity | — | LIBOR + 6.750%, 1.000% Floor | — | 9/30/2014 | ||||||
CP OpCo, LLC | Services: Consumer | Senior Secured First Lien Term Loan | 3/31/2019 | LIBOR + 4.500%, 1.000% Floor | 0.5 | 9/30/2014 | ||||||
CP OpCo, LLC | Services: Consumer | Senior Secured First Lien Term Loan | 3/31/2019 | LIBOR + 4.500%, 1.000% Floor | 0.3 | 9/30/2014 | ||||||
CP OpCo, LLC | Services: Consumer | Senior Secured First Lien Term Loan | 3/31/2019 | LIBOR + 4.500%, 1.000% Floor | 0.2 | 9/30/2014 | ||||||
CP OpCo, LLC | Services: Consumer | Senior Secured First Lien Term Loan | 3/31/2019 | LIBOR + 6.750%, 1.000% Floor | 1.5 | 9/30/2014 | ||||||
DHISCO Electronic Distribution, Inc. | Hotel, Gaming & Leisure | Equity | 2/10/2018 | — | 0.8 | 11/10/2014 | ||||||
DHISCO Electronic Distribution, Inc. | Hotel, Gaming & Leisure | Senior Secured First Lien Term Loan | 11/10/2019 | LIBOR + 6.500%, 1.500% Floor | 2.4 | 11/15/2016 | ||||||
DHISCO Electronic Distribution, Inc. | Hotel, Gaming & Leisure | Senior Secured First Lien Term Loan | 11/10/2019 | LIBOR + 9.000%, 1.500% Floor PIK | 8.7 | 11/15/2016 | ||||||
DHISCO Electronic Distribution, Inc. | Hotel, Gaming & Leisure | Senior Secured First Lien Term Loan | 11/10/2019 | LIBOR + 10.250%, 1.500% Floor PIK | 7.5 | 11/15/2016 | ||||||
DHISCO Electronic Distribution, Inc. | Hotel, Gaming & Leisure | Senior Secured First Lien Term Loan | 11/10/2019 | LIBOR + 11.250%, 1.500% Floor PIK | 7.0 | 11/15/2016 | ||||||
Drew Marine Partners, LP | Transportation: Cargo | Senior Secured Second Lien Term Loan | 5/19/2021 | LIBOR + 7.000%, 1.000% Floor | 10.0 | 12/10/2013 | ||||||
Dryden 38 Senior Loan Fund, Series 2015-38A | Multi-Sector Holdings | Subordinated Note | 7/15/2027 | 16.681% Estimated Yield | 7.0 | 4/28/2016 | ||||||
Dryden 43 Senior Loan Fund, Series 2016-43A | Multi-Sector Holdings | Subordinated Note | 7/20/2029 | 14.828% Estimated Yield | 3.6 | 7/15/2016 | ||||||
Dryden 49 Senior Loan Fund | Multi-Sector Holdings | Preferred Equity | — | — | 14.5 | 11/7/2016 | ||||||
Dynamic Energy Services International LLC | Energy: Oil & Gas | Senior Secured First Lien Term Loan | 3/6/2018 | LIBOR + 8.500%, 1.000% Floor | 9.0 | 3/3/2014 | ||||||
Elite Comfort Solutions LLC | Chemicals, Plastics & Rubber | Senior Secured First Lien Term Loan | 1/15/2021 | LIBOR + 7.500%, 1.000% Floor | 8.8 | 2/8/2016 | ||||||
First Boston Construction Holdings, LLC | Banking, Finance, Insurance & Real Estate | Senior Secured First Lien Note | 12/31/2020 | 12.000% | 6.1 | 12/28/2015 | ||||||
First Boston Construction Holdings, LLC | Banking, Finance, Insurance & Real Estate | Preferred Equity | — | — | 1.5 | 12/28/2015 | ||||||
FKI Security Group, LLC | Capital Equipment | Senior Secured First Lien Term Loan | 3/30/2020 | LIBOR + 8.500%, 1.000% Floor | 11.8 | 3/30/2015 | ||||||
Friedrich Holdings, Inc. | Construction & Building | Senior Secured First Lien Term Loan | 2/7/2023 | LIBOR + 7.000%, 1.000% Floor | 13.8 | 2/8/2017 | ||||||
Frontier Communications Corporation | Telecommunications | Senior Secured First Lien Note | 9/15/2022 | 10.250% | 2.0 | 9/11/2015 | ||||||
Genex Holdings, Inc. | Banking, Finance, Insurance & Real Estate | Senior Secured Second Lien Term Loan | 5/30/2022 | LIBOR + 7.750%, 1.000% Floor | 9.5 | 5/22/2014 |
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Company | Sector | Security Type | Maturity | Interest Rate * | Principal Amount ($’MM) | Acquisition Date | ||||||
GK Holdings, Inc. | Services: Business | Senior Secured Second Lien Term Loan | 1/30/2022 | LIBOR + 10.250%, 1.000% Floor | 10.0 | 1/30/2015 | ||||||
Green Field Energy Services, Inc. | Energy: Oil & Gas | Senior Secured Second Lien Note | 11/15/2016 | 13.000% | 0.8 | 5/23/2012 | ||||||
Green Field Energy Services, Inc. | Energy: Oil & Gas | Equity | — | — | — | 5/23/2012 | ||||||
HBC Holdings LLC | Consumer goods: Durable | Senior Secured First Lien Term Loan | 3/30/2020 | LIBOR + 5.750%, 1.000% Floor | 12.9 | 9/30/2014 | ||||||
Heligear Acquisition Co. | Aerospace & Defense | Senior Secured First Lien Note | 10/7/2019 | 10.250% | 15.0 | 9/30/2014 | ||||||
High Ridge Brands Co. | Consumer Goods: Non-Durable | Senior Secured First Lien Note | 3/15/2025 | 8.875% | 2.0 | 3/17/2017 | ||||||
Hill International, Inc. | Construction & Building | Senior Secured First Lien Term Loan | 9/28/2020 | LIBOR + 6.500%, 1.000% Floor | 16.6 | 9/30/2014 | ||||||
Holland Acquisition Corp. | Energy: Oil & Gas | Senior Secured First Lien Term Loan | 5/29/2018 | LIBOR + 9.000%, 1.000% Floor | 4.5 | 9/26/2013 | ||||||
Hylan Datacom & Electrical LLC | Construction & Building | Senior Secured First Lien Term Loan | 7/25/2021 | LIBOR + 7.500%, 1.000% Floor | 15.7 | 7/25/2016 | ||||||
Ignite Restaurant Group, Inc. | Retail | Senior Secured First Lien Term Loan | 2/13/2019 | LIBOR + 7.000%, 1.000% Floor | 8.4 | 8/18/2014 | ||||||
IHS Intermediate, Inc. | Services: Business | Senior Secured Second Lien Term Loan | 7/20/2022 | LIBOR + 8.250%, 1.000% Floor | 25.0 | 7/20/2015 | ||||||
Impact Sales, LLC | Services: Business | Senior Secured First Lien Term Loan | 12/30/2021 | LIBOR + 7.000%, 1.000% Floor | 4.9 | 12/30/2016 | ||||||
Interface Security Systems, Inc. | Services: Consumer | Senior Secured First Lien Note | 1/15/2018 | 9.250% | 3.4 | 1/15/2013 | ||||||
Invision Diversified, LLC | Services: Business | Senior Secured First Lien Term Loan | 6/30/2020 | LIBOR + 8.500%, 1.000% Floor | 24.2 | 6/30/2015 | ||||||
IOP Monroe Acquisition, Inc. | Transportation: Cargo | Senior Secured First Lien Term Loan | 4/1/2022 | LIBOR + 5.500%, 1.000% Floor | 3.5 | 4/3/2017 | ||||||
Isola USA Corp. | High Tech Industries | Senior Secured First Lien Term Loan | 11/29/2018 | LIBOR + 8.250%, 1.000% Floor | 5.4 | 1/24/2014 | ||||||
Jordan Reses Supply Company, LLC | Healthcare & Pharmaceuticals | Senior Secured Second Lien Term Loan | 4/24/2020 | LIBOR + 11.000%, 1.000% Floor | 5.0 | 10/24/2014 | ||||||
L&S Plumbing Partnership, Ltd. | Construction & Building | Senior Secured First Lien Term Loan | 2/15/2022 | LIBOR + 8.500%, 1.000% Floor | 12.3 | 2/16/2017 | ||||||
Liquidnet Holdings, Inc. | Banking, Finance, Insurance & Real Estate | Senior Secured First Lien Term Loan | 5/22/2019 | LIBOR + 6.750%, 1.000% Floor | 6.0 | 5/3/2013 | ||||||
Livingston International, Inc. | Transportation: Cargo | Senior Secured Second Lien Term Loan | 4/17/2020 | LIBOR + 7.750%, 1.250% Floor | 2.7 | 4/16/2013 | ||||||
Loar Group Inc. | Aerospace & Defense | Senior Secured Second Lien Term Loan | 7/12/2022 | LIBOR + 9.250%, 1.000% Floor | 15.0 | 1/12/2016 | ||||||
LSF9 Atlantis Holdings, LLC | Retail | Senior Secured First Lien Term Loan | 1/15/2021 | LIBOR + 9.000%, 1.000% Floor | 9.4 | 1/15/2016 | ||||||
LTCG Holdings Corp. | Banking, Finance, Insurance & Real Estate | Senior Secured First Lien Term Loan | 6/6/2020 | LIBOR + 5.000%, 1.000% Floor | 2.8 | 6/5/2014 | ||||||
Magnetite XIX, Limited | Multi-Sector Holdings | Preferred Equity | — | — | 8.2 | 2/2/2017 | ||||||
Nathan's Famous, Inc. | Beverage & Food | Senior Secured First Lien Note | 3/15/2020 | 10.000% | 7.0 | 2/27/2015 | ||||||
Nation Safe Drivers Holdings, Inc. | Banking, Finance, Insurance & Real Estate | Senior Secured Second Lien Term Loan | 9/29/2020 | LIBOR + 8.000%, 2.000% Floor | 20.7 | 9/29/2014 | ||||||
New Media Holdings II LLC | Media: Advertising, Printing & Publishing | Senior Secured First Lien Term Loan | 6/4/2020 | LIBOR + 6.250%, 1.000% Floor | 18.0 | 9/15/2014 | ||||||
Novetta Solutions LLC | High Tech Industries | Senior Secured Second Lien Term Loan | 10/16/2023 | LIBOR + 8.500%, 1.000% Floor | 11.0 | 10/1/2015 | ||||||
Nuspire Networks | High Tech Industries | Senior Secured First Lien Term Loan | 11/7/2022 | LIBOR + 6.500%, 1.000% Floor | 6.3 | 11/7/2016 | ||||||
Omnitracs, Inc. | High Tech Industries | Senior Secured Second Lien Term Loan | 5/25/2021 | LIBOR + 7.750%, 1.000% Floor | 7.0 | 10/29/2013 | ||||||
Oxford Mining Company, LLC | Metals & Mining | Senior Secured First Lien Term Loan | 12/31/2018 | LIBOR + 8.500%, 0.750% Floor, 3.000% PIK | 20.9 | 12/31/2014 |
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Company | Sector | Security Type | Maturity | Interest Rate * | Principal Amount ($’MM) | Acquisition Date | ||||||
Path Medical, LLC | Healthcare & Pharmaceuticals | Senior Secured First Lien Term Loan | 10/11/2021 | LIBOR + 9.500%, 1.000% Floor | 12.3 | 11/3/2016 | ||||||
Path Medical, LLC | Healthcare & Pharmaceuticals | Senior Secured First Lien Term Loan | 10/11/2021 | LIBOR + 9.500%, 1.000% Floor | 3.7 | 11/3/2016 | ||||||
Path Medical, LLC | Healthcare & Pharmaceuticals | Warrants | 1/11/2027 | — | — | 11/3/2016 | ||||||
Payless Inc. | Retail | Senior Secured Second Lien Term Loan | 3/11/2022 | LIBOR + 7.500%, 1.000% Floor | 6.0 | 3/6/2014 | ||||||
Peabody Energy Corporation | Metals & Mining | Senior Secured First Lien Note | 3/31/2022 | 6.000% | 1.0 | 2/24/2017 | ||||||
Petco Animal Supplies, Inc. | Retail | Senior Secured First Lien Term Loan | 1/26/2023 | LIBOR + 3.250%, 1.000% Floor | 2.0 | 3/23/2017 | ||||||
PetroChoice Holdings, Inc. | Chemicals, Plastics & Rubber | Senior Secured Second Lien Term Loan | 9/3/2023 | LIBOR + 8.750%, 1.000% Floor | 9.0 | 3/13/2017 | ||||||
Preferred Proppants, LLC | Construction & Building | Senior Secured First Lien Term Loan | 7/27/2020 | LIBOR + 5.750%, 1.000% Floor | 4.0 | 8/29/2016 | ||||||
Press Ganey Holdings | High Tech Industries | Senior Secured Second Lien Term Loan | 10/21/2024 | LIBOR + 7.250%, 1.000% Floor | 6.5 | 10/5/2016 | ||||||
PT Network, LLC | Healthcare & Pharmaceuticals | Senior Secured First Lien Term Loan | 11/30/2021 | LIBOR + 7.500%, 1.000% Floor | 9.0 | 11/22/2021 | ||||||
Rhombus Cinema Holdings, LP | Media: Diversified & Production | Preferred Equity | 3/22/2021 | 10.000% PIK | — | 3/22/2016 | ||||||
Rhombus Cinema Holdings, LP | Media: Diversified & Production | Common Stock | — | — | — | 3/22/2016 | ||||||
Reddy Ice Corporation | Beverage & Food | Senior Secured Second Lien Term Loan | 11/1/2019 | LIBOR + 9.500%, 1.250% Floor | 2.0 | 3/28/2013 | ||||||
Research Now Group Inc. | Services: Business | Senior Secured Second Lien Term Loan | 3/18/2022 | LIBOR + 8.750%, 1.000% Floor | 15.0 | 3/18/2015 | ||||||
Resolute Investment Managers, Inc. | Banking, Finance, Insurance & Real Estate | Senior Secured Second Lien Term Loan | 4/30/2023 | LIBOR + 8.750%, 1.000% Floor | 6.0 | 3/17/2015 | ||||||
Response Team Holdings, LLC | Construction & Building | Preferred Equity | 3/28/2019 | 12.000% PIK | 4.0 | 3/28/2014 | ||||||
Response Team Holdings, LLC | Construction & Building | Warrants | 3/28/2019 | — | 0.3 | 3/28/2014 | ||||||
Ship Supply Acquisition Corporation | Services: Business | Senior Secured First Lien Term Loan | 7/31/2020 | LIBOR + 8.000%, 1.000% Floor | 23.1 | 7/31/2015 | ||||||
Simplified Logistics, LLC | Services: Business | Senior Secured First Lien Term Loan | 2/28/2022 | LIBOR + 6.500%, 1.000% Floor | 7.5 | 2/28/2017 | ||||||
Sizzling Platter, LLC | Beverage & Food | Senior Secured First Lien Term Loan | 4/29/2020 | LIBOR + 7.500%, 1.000% Floor | 15.0 | 4/28/2014 | ||||||
Smart Financial Operations, LLC | Retail | Senior Secured First Lien Term Loan | 11/21/2021 | LIBOR + 10.000%, 1.000% Floor | 3.7 | 11/21/2021 | ||||||
Smart Financial Operations, LLC | Retail | Equity | — | — | 1.0 | 11/21/2021 | ||||||
Southwest Dealer Services, Inc. | Banking, Finance, Insurance & Real Estate | Senior Secured First Lien Term Loan | 3/16/2020 | LIBOR + 6.000%, 1.000% Floor | 2.5 | 3/16/2015 | ||||||
SRS Software, LLC | High Tech Industries | Senior Secured First Lien Term Loan | 2/17/2022 | LIBOR + 7.000%, 1.000% Floor | 19.5 | 2/21/2017 | ||||||
Survey Sampling International, LLC | Media: Advertising, Printing & Publishing | Senior Secured Second Lien Term Loan | 12/16/2021 | LIBOR + 9.000%, 1.000% Floor | 24.0 | 12/12/2014 | ||||||
Techniplas, LLC | Automotive | Senior Secured First Lien Note | 5/1/2020 | 10.000% | 6.0 | 4/24/2015 | ||||||
The Garretson Resolution Group, Inc. | Services: Business | Senior Secured First Lien Term Loan | 5/22/2021 | LIBOR + 6.500%, 1.000% Floor | 9.6 | 5/22/2015 | ||||||
Touchtunes Interactive Networks, Inc. | Media: Diversified & Production | Senior Secured Second Lien Term Loan | 5/27/2022 | LIBOR + 8.250%, 1.000% Floor | 7.5 | 5/28/2015 | ||||||
Transocean Phoenix 2 Ltd | Energy: Oil & Gas | Senior Secured First Lien Note | 10/15/2024 | 7.750% | 7.5 | 10/7/2016 | ||||||
TravelCLICK, Inc. | Hotel, Gaming & Leisure | Senior Secured Second Lien Term Loan | 11/6/2021 | LIBOR + 7.750%, 1.000% Floor | 6.0 | 5/8/2014 | ||||||
Truco Enterprises, LP | Beverage & Food | Senior Secured First Lien Term Loan | 4/26/2021 | LIBOR + 7.250%, 1.000% Floor | 9.9 | 9/28/2016 | ||||||
True Religion Apparel, Inc. | Consumer goods: Non-durable | Senior Secured Second Lien Term Loan | 1/30/2020 | LIBOR + 10.000%, 1.000% Floor | 4.0 | 7/29/2013 |
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Company | Sector | Security Type | Maturity | Interest Rate * | Principal Amount ($’MM) | Acquisition Date | ||||||
TwentyEighty, Inc. | Services: Business | Senior Secured First Lien Term Loan | 3/31/2020 | LIBOR + 3.500%, 1.000% Floor, 4.500% PIK | 6.4 | 3/31/2017 | ||||||
TwentyEighty, Inc. | Services: Business | Senior Secured First Lien Term Loan | 3/31/2020 | 1.000%, 7.000% PIK | 5.7 | 3/31/2017 | ||||||
TwentyEighty, Inc. | Services: Business | Senior Secured First Lien Term Loan | 3/31/2020 | 0.250%, 8.750% PIK | 3.0 | 3/31/2017 | ||||||
TwentyEighty, Inc. | Services: Business | Senior Secured First Lien Term Loan | 3/31/2020 | LIBOR + 8.000%, 1.000% Floor | 0.1 | 3/31/2017 | ||||||
U.S. Auto Sales Inc. | Banking, Finance, Insurance & Real Estate | Senior Secured Second Lien Term Loan | 6/8/2020 | LIBOR + 10.500%, 1.000% Floor | 5.5 | 6/8/2015 | ||||||
U.S. Well Services, LLC | Energy: Oil & Gas | Warrants | 2/15/2019 | — | — | 8/16/2012 | ||||||
Valence Surface Technologies, Inc. | Chemicals, Plastics & Rubber | Senior Secured First Lien Term Loan | 6/13/2019 | LIBOR + 5.500%, 1.000% Floor | 4.3 | 6/12/2014 | ||||||
Velocity Pooling Vehicle, LLC | Automotive | Senior Secured Second Lien Term Loan | 5/13/2022 | LIBOR + 7.250%, 1.000% Floor | 20.6 | 6/3/2014 | ||||||
Verso Corporation | Media: Advertising, Printing & Publishing | Equity | — | — | 0.2 | 7/15/2016 | ||||||
Voya CLO 2016-2, LTD. | Multi-Sector Holdings | Subordinated Note | 7/19/2028 | 13.455% Estimated Yield | 22.8 | 6/7/2016 | ||||||
Watermill-QMC Midco, Inc. | Automotive | Equity | — | — | 0.9 | 6/30/2015 | ||||||
Z Gallerie LLC | Consumer goods: Durable | Senior Secured First Lien Term Loan | 10/8/2020 | LIBOR + 6.500%, 1.000% Floor | 4.7 | 10/8/2014 | ||||||
Total non-controlled/non-affiliated investments | $980.2 | |||||||||||
Access Media Holdings, LLC | Media: Broadcasting & Subscription | Senior Secured First Lien Term Loan | 7/22/2020 | 5.000%, 5.000% PIK | 7.1 | 10/22/2013 | ||||||
Access Media Holdings, LLC | Media: Broadcasting & Subscription | Preferred Equity | 7/22/2020 | 12.000% PIK | 2.2 | 7/23/2015 | ||||||
Access Media Holdings, LLC | Media: Broadcasting & Subscription | Common Stock | — | — | — | 7/23/2015 | ||||||
Capstone Nutrition, Inc. | Healthcare & Pharmaceuticals | Senior Secured First Lien Term Loan | 4/28/2019 | LIBOR + 12.500%, 1.000% Floor, PIK | 18.5 | 4/28/2014 | ||||||
Capstone Nutrition, Inc. | Healthcare & Pharmaceuticals | Senior Secured First Lien Term Loan | 4/1/2016 | LIBOR + 12.500%, 1.000% Floor, PIK | 8.0 | 10/2/2015 | ||||||
Capstone Nutrition | Healthcare & Pharmaceuticals | Common Stock | — | — | — | 4/28/2014 | ||||||
MCM Capital Office Park Holdings LLC | Banking, Finance, Insurance & Real Estate | Equity | — | — | 7.3 | 11/17/2016 | ||||||
Nomida, LLC | Construction & Building | Senior Secured First Lien Term Loan | 12/1/2020 | 10.000% | 8.1 | 11/17/2015 | ||||||
Nomida, LLC | Construction & Building | Equity | — | — | 0.1 | 11/17/2015 | ||||||
Sierra Senior Loan Strategy JV I LLC | Multi-Sector Holdings | Equity | — | — | 66.7 | 7/15/2015 | ||||||
Total controlled/affiliated investments | $118.0 | |||||||||||
Federated Prime Obligations Fund | — | Money market fund | — | 0.010% | 14.8 | — | ||||||
Total money market fund | $14.8 |
* | Reflects the current interest rate as of April 13, 2017 |
6
Distributions
On April 13, 2017, the Board of Directors declared a series of semi-monthly distributions for April, May and June 2017 in the amount of $0.02667 per share. These distributions represent an annualized yield of 7.07% based on the Company’s current offering price of $9.05 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 | ||
$0.02667 | April 14, 2017 | April 28, 2017 | ||
$0.02667 | April 28, 2017 | April 28, 2017 | ||
$0.02667 | May 15, 2017 | May 31, 2017 | ||
$0.02667 | May 31, 2017 | May 31, 2017 | ||
$0.02667 | June 15, 2017 | June 30, 2017 | ||
$0.02667 | June 30, 2017 | June 30, 2017 |
Form of Multi-Offering Subscription Agreement
Each of the Form of Subscription Agreement, Form of Additional Subscription Agreement and Form of Multi-Offering Subscription Agreement found in Appendix A to this supplement replaces, respectively, the corresponding Form of Subscription Agreement, Form of Additional Subscription Agreement and Form of Multi-Offering Subscription Agreement found in Appendix A of the Prospectus.
7
Appendix A
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