Proposed Merger with Logan Ridge
The company announced a potential merger with Logan Ridge, which is expected to create a stronger, more competitive company with increased scale and operational efficiencies. The merger is supported by the Board of Directors and Sierra Crest has agreed to waive up to $1.5 million in incentive fees over the next 8 quarters following the merger.
Improvement in Nonaccrual Investments
The company reduced nonaccrual investments from 9 to 6, improving overall asset quality.
Stock Repurchase Program
The company repurchased 202,357 shares of common stock for approximately $3.8 million, which was accretive to NAV by $0.07 per share.
High Yield on New Investments
Overall yield on new investments during the quarter was 11.4%.
Refinancing and Credit Facility Amendment
The company refinanced the 2018-2 Secured Notes and amended the JPMorgan Chase bank credit facility, resulting in net spread savings.