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Business Development Corp. of America prices senior notes offering

Business Development Corp. of America has priced $150 million of 4.75% senior unsecured notes due Dec. 30, 2022.

The notes were sold to qualified institutional buyers and to institutional accredited investors. The offering is expected to close Dec. 19.

The company expects the offering's net proceeds to be about $147 million. It plans to use the proceeds to repay outstanding debt, to make investments in portfolio companies and for general corporate purposes.

Sandler O'Neill + Partners LP acted as initial purchaser.