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Business Development Corp. of America offering to repurchase common shares

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Business Development Corp. of America offering to repurchase common shares

Business Development Corp. of America filed a tender offer statement related to an offer to buy at least 2.2 million and up to 2.9 million of its common shares for $8.26 per share, which represents the company's net asset value as of March 31. The range of number of shares represents 1.23% and 1.62%, respectively, of the weighted average number of shares outstanding as of 2017 year-end.

According to the Schedule TO filing, purchasing 2.9 million, the maximum number of shares, would cost the company around $24.0 million. This transaction valuation is estimated solely to calculate the filing fee.

With this offer, which is not conditioned on any minimum number of shares being tendered, the company hopes to provide stockholders with a measure of liquidity, because otherwise there is no public market for its common shares.

Business Development Corp. of America is an externally managed, nondiversified, closed-end management investment company.

The offer will expire at 11:59 p.m. ET on July 16, unless extended.