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Business Development Corp. of America starts cash tender offer

Business Development Corp. of America has started a cash tender offer to repurchase up to 9,010,785 common shares.

The per-share purchase price of $8.52 represents the company's net asset value per share as of March 31. The transaction value is estimated to be about $76.8 million.

The offer will expire at 11:59 p.m. ET July 6, unless extended. The offer aims to provide stockholders with a measure of liquidity since there is no public market for the company's common stock.