trending Market Intelligence /marketintelligence/en/news-insights/trending/UqV3ffXVmQbX4A20OoFG_w2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Business Development Corp. of America shareholders to vote on new advisory agreement

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


Business Development Corp. of America shareholders to vote on new advisory agreement

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.