Shareholders of BusinessDevelopment Corp. of America are being asked to approve a new investmentadvisory agreement between the company and BDCAAdviser LLC at a special meeting scheduled for Oct. 28 at 3 p.m. E.T.
The current investment advisory agreement will terminate uponthe closing of the acquisitionof BDCA Adviser by Benefit StreetPartners LLC. Business Development Corp. of America's boardhas unanimously approved the new advisory agreement and believes it to be in thebest interests of the company and its shareholders.
Upon closing of the acquisition, Business Development Corp. ofAmerica's two current interested directors, Peter Budko and Edward Weil Jr., willresign from the company's board, and Richard Byrne will be appointed as chairmanof the board. The shareholders are also being asked to approve the election of onenew noninterested director, Ronald Kramer. If approved and if the transaction pushesthrough, Business Development Corp. of America's board will consist of four noninteresteddirectors and one interested director.
Additionally, if the deal closes, certain executive officersof Business Development Corp. of America and the investment committee of BDCA Adviserwill be replaced with certain individuals affiliated with Benefit Street Partners.If the transaction does not close, Business Development Corp. of America's boardand management will remain unchanged.
Shareholders of record as of Sept. 16 are eligible to vote atthe special meeting.