NEW YORK, Dec. 21, 2018 /PRNewswire/ -- Medley
Management Inc. (NYSE: MDLY), an alternative asset management
firm, today announced that it committed over $675
million of capital to U.S. middle market companies in the
first nine months of 2018.
Investments include:
- A senior secured 1st lien loan to a manufacturer of high
performance, in-room air conditioning products
- A senior secured 1st lien loan to a platform of managed service
providers offering outsourced IT services to small and medium sized
businesses
- A senior secured 1st lien loan to a leading provider of remote
tank monitoring solutions serving industrial gas and propane
suppliers worldwide
- A senior secured 1st lien loan to a leading consumer data
analytics and supply chain management company
- A senior secured 1st lien loan to an aggregator of specialized
and vertically oriented software businesses
"In the first nine months of 2018, we provided capital to
companies operating in more than 30 industries in the U.S. We
are well positioned for the current market environment and are
actively looking for attractive investment opportunities," said
Brook Taube, CEO of Medley. "Our
combination of permanent capital and long-dated institutional funds
makes us a reliable source of capital for our corporate
partners."
About Medley
Medley is an alternative asset management firm offering yield
solutions to retail and institutional investors. Medley's national
direct origination franchise is a premier provider of capital to
the middle market in the U.S. Medley has $4.8 billion of assets under management in two
business development companies, Medley Capital Corporation (NYSE:
MCC) (TASE: MCC) and Sierra Income Corporation, a credit interval
fund, Sierra Total Return Fund (NASDAQ: SRNTX) and several private
investment vehicles. Over the past 15 years, Medley has provided
capital to over 400 companies across 35 industries in North America.1
Medley LLC, the operating company of Medley Management Inc., has
outstanding bonds which trade on the NYSE under the symbols (NYSE:
MDLX) and (NYSE: MDLQ). Medley Capital Corporation is dual-listed
on the New York Stock Exchange (NYSE: MCC) and the Tel Aviv Stock
Exchange (TASE: MCC) and has outstanding bonds which trade on both
the New York Stock Exchange under the symbols (NYSE: MCV), (NYSE:
MCX) and the Tel Aviv Stock Exchange under the symbol (TASE:
MCC.B1).
Investor Contact:
Sam Anderson
Head of Capital Markets & Risk Management
Medley Management Inc.
212-759-0777
Media Contact:
Erin Clark
Teneo Strategy
646-214-8355
Forward-Looking Statements
This press release contains "forward-looking" statements,
including statements regarding the proposed transactions. Such
forward-looking statements reflect current views with respect
to future events and financial performance, and each of Sierra
Income Corporation ("Sierra"), Medley Capital Corporation ("MCC")
and Medley Management Inc. ("MDLY") may make related oral
forward-looking statements on or following the date hereof.
Statements that include the words "should," "would," "expect,"
"intend," "plan," "believe," "project," "anticipate," "seek,"
"will," and similar statements of a future or forward-looking
nature identify forward-looking statements in this material or
similar oral statements for purposes of the U.S. federal securities
laws or otherwise. Because forward-looking statements, such as the
date that the parties expect the proposed transactions to be
completed and the expectation that the proposed transactions will
provide improved liquidity for Sierra, MCC, and MDLY stockholders
and will be accretive to net investment income for both Sierra and
MCC, include risks and uncertainties, actual results may differ
materially from those expressed or implied and include, but are not
limited to, those discussed in each of Sierra's, MCC's and MDLY's
filings with the Securities and Exchange Commission (the "SEC"),
and (i) the satisfaction or waiver of closing conditions relating
to the proposed transactions described herein, including, but not
limited to, the requisite approvals of the stockholders of each of
Sierra, MCC, and MDLY, Sierra successfully taking all actions
reasonably required with respect to certain outstanding
indebtedness of MCC and MDLY to prevent any material adverse effect
relating thereto, certain required approvals of the SEC and
the Small Business Administration, the necessary consents of
certain third-party advisory clients of MDLY, and any applicable
waiting period (and any extension thereof) applicable to the
transactions under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended, shall have expired or been terminated, (ii)
the parties' ability to successfully consummate the proposed
transactions, and the timing thereof, and (iii) the possibility
that competing offers or acquisition proposals related to the
proposed transactions will be made and, if made, could be
successful. Additional risks and uncertainties specific to Sierra,
MCC and MDLY include, but are not limited to, (i) the costs and
expenses that Sierra, MCC and MDLY have, and may incur, in
connection with the proposed transactions (whether or not they are
consummated), (ii) the impact that any litigation relating to the
proposed transactions may have on any of Sierra, MCC and MDLY,
(iii) that projections with respect to dividends may prove to be
incorrect, (iv) Sierra's ability to invest our portfolio of cash in
a timely manner following the closing of the proposed transactions,
(v) the market performance of the combined portfolio, (vi) the
ability of portfolio companies to pay interest and principal in the
future; (vii) the ability of MDLY to grow its fee earning assets
under management; (viii) whether Sierra, as the surviving company,
will trade with more volume and perform better than MCC and MDLY
prior to the proposed transactions; and (ix) negative effects of
entering into the proposed transactions on the trading volume and
market price of the MCC's or MDLY's common stock.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that will be included in the Joint
Proxy Statement/Prospectus (as defined below) relating to the
proposed transactions, and in the "Risk Factors" sections of each
of Sierra's, MCC's and MDLY's most recent Annual Report on Form
10-K and most recent Quarterly Report on Form 10-Q. The forward-
looking statements in this press release represent Sierra's, MCC's
and MDLY's views as of the date of hereof. Sierra, MCC and MDLY
anticipate that subsequent events and developments will cause their
views to change. However, while they may elect to update these
forward-looking statements at some point in the future, none of
Sierra, MCC or MDLY have the current intention of doing so except
to the extent required by applicable law. You should, therefore,
not rely on these forward-looking statements as representing
Sierra's, MCC's or MDLY's views as of any date subsequent to the
date of this material.
Important Information and Where to Find It
In connection with the proposed transactions, Sierra intends to
file with the SEC and mail to its stockholders a Registration
Statement on Form N-14 that will include a proxy statement and that
also will constitute a prospectus of Sierra, and MCC and
MDLY intend to file with the SEC and mail to their respective
stockholders a proxy statement on Schedule 14A (collectively, the
"Joint Proxy Statement/Prospectus"). The definitive Joint Proxy
Statement/Prospectus will be mailed to stockholders of Sierra, MCC,
and MDLY, respectively. INVESTORS AND SECURITY HOLDERS ARE
URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT SIERRA, MCC, AND MDLY, THE PROPOSED
TRANSACTIONS AND RELATED MATTERS. When available, investors and
security holders will be able to obtain the Joint Proxy
Statement/Prospectus and other documents filed with the SEC by
Sierra, MCC, and MDLY, free of charge, from the SEC's web site at
www.sec.gov and from Sierra's website
(www.sierraincomecorp.com), MCC's website
(www.medleycapitalcorp.com), or MDLY's website
(www.mdly.com). Investors and security holders may also
obtain free copies of the Joint Proxy Statement/Prospectus and
other documents filed with the SEC from Sierra, MCC, or MDLY by
contacting Sam Anderson, Medley's
Investor Relations contact, at 212-759-0777.
Participants in the Potential Solicitation
Sierra, MCC, and MDLY and their respective directors,
executive officers, other members of their management, employees
and other persons may be deemed to be participants in the
anticipated solicitation of proxies in connection with the proposed
transactions. Information regarding Sierra's directors and
executive officers is available in its definitive proxy statement
for its 2018 annual meeting of stockholders filed with the SEC on
March 14, 2018 (the "Sierra
2018 Proxy Statement"). Information regarding MCC's
directors and executive officers is available in its definitive
proxy statement for its 2018 annual meeting of stockholders filed
with the SEC on December 21, 2017
(the "MCC 2018 Proxy Statement"). Information
regarding MDLY's directors and executive officers is available in
its annual report for the year ended December 31, 2017 on Form 10-K filed with the SEC
on March 29, 2018 (the "MDLY
2017 10-K"). To the extent holdings of securities by such
directors or executive officers have changed since the amounts
disclosed in the Sierra 2018 Proxy Statement, the MCC 2018 Proxy
Statement, and the MDLY 2017 Form 10-K, such changes have been
or will be reflected on Statements of Change in Ownership on Form 4
filed by such directors or executive officers, as the case may be,
with the SEC. More detailed information regarding the identity of
potential participants, and their direct or indirect interests, by
security holdings or otherwise, will be set forth in the Joint
Proxy Statement/Prospectus when such documents become available and
in other relevant materials to be filed with the SEC. These
documents may be obtained free of charge from the sources indicated
above.
No Offer or Solicitation
The information in this press release is for informational
purposes only and shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities or the solicitation of any vote or approval in
any jurisdiction pursuant to or in connection with the proposed
transactions or otherwise, nor shall there be any sale,
issuance or transfer of securities in any jurisdiction in
contravention of applicable law. No offer of securities shall be
made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended.
1 Medley Management Inc. is the parent company of
Medley LLC and several registered investment advisors
(collectively, "Medley"). Assets under management refers to assets
of our funds, which represents the sum of the net asset value of
such funds, the drawn and undrawn debt (at the fund level,
including amounts subject to restrictions) and uncalled committed
capital (including commitments to funds that have yet to commence
their investment periods). Assets under management are as of
September 30, 2018.
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SOURCE Medley Management Inc.
