New York, May 11 – Business Development Corp. of America priced $60 million of 5 3/8% five-year senior notes on Friday, according to a press release.
Sandler O’Neill + Partners, LP was manager for the Rule 144A and Regulation D sale.
Proceeds will be used to repay debt, for investments in portfolio companies and for general corporate purposes.
The notes contain a covenant requiring the issuer to comply with the asset coverage requirements of the Investment Company Act of 1940, whether or not it is subject to those requirements.
New York-based Business Development was established to provide capital primarily in the form of senior secured loans to middle-market enterprises. It invests in both the debt and equity of private middle-market companies.
| Issuer: | Business Development Corp. of America
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| Description: | Senior notes
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| Amount: | $60 million
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| Maturity: | May 30, 2023
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| Coupon: | 5 3/8%
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| Manager: | Sandler O’Neill + Partners, LP
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| Trade date: | May 11
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| Settlement date: | May 16
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| Distribution: | Rule 144A and Regulation D
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