Sierra, MCC and MDLY Amend Merger Agreements Which Would Create Leading Internally Managed BDC with Enhanced Scale, Diversified Credit Investment Platform and $4.7 Billion In Assets Under ...
Medley Mgmt, Inc (MDLY)
Last medley mgmt, inc earnings: 11/14 06:00 am
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Source: PR Newswire
NEW YORK, July 29, 2019 /PRNewswire/ -- Sierra Income Corporation ("Sierra" or the "Company"), Medley Capital Corporation (NYSE: MCC, "MCC") (TASE: MCC), and Medley Management Inc. (NYSE: MDLY, "MDLY" or "Medley") today announced that they have entered into definitive amended agreements under which MCC will merge with and into Sierra and Sierra will simultaneously acquire MDLY and its existing asset management business, which will operate as a wholly owned subsidiary of the Company. Following the closing of the transactions, in which Sierra will be the surviving entity, the Company will be operated as an internally managed business development company ("BDC"). Based upon the recommendation of each of their respective special committees of independent directors, the Boards of Directors of Sierra, MCC and MDLY unanimously approved the transactions. Transaction Highlights:The Combined Company1 will have approximately $4.7 billion of assets under management, including $1.8 billion of int
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