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Sierra Income launches tender offer

Sierra Income Corp. launched a tender offer to buy up to 895,070 of its issued and outstanding common shares at $7.66 apiece, representing the company's net asset value per share as of Dec. 31, 2017.

The transaction value is roughly $6.9 million, estimated solely for calculating the filing fee. The offer will expire at 11:59 p.m. ET on April 27, unless extended.

The purpose of the offer is to provide stockholders with a measure of liquidity because there is no public market for the company's common shares.