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Sierra Income launches tender offer

Sierra Income Corp. has started a tender offer to repurchase up to 873,974 common shares.

The company will buy each share at $7.89, which is equal to Sierra Income's net asset value per share as of Sept. 30. The offer's total maximum purchase price is about $6.9 million, estimated solely for calculating the filing fee.

The offer will expire Dec. 22 at 11:59 p.m. ET, unless extended.

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