UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 19, 2021

 

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

(Exact name of registrant as specified in its charter)

 

Maryland 814-00821 27-2614444

(State or other jurisdiction

of incorporation)

(Commission File Number) (IRS Employer Identification No.)

 

9 West 57th Street, Suite 4920
New York, New York 		10019
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (212) 588-6770

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging Growth Company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Securities registered pursuant to Section 12(b) of the Act: None.

 

 

 

 

  

Item 8.01 Other Events

 

On March 19, 2021, Business Development Corporation of America (the “Company”) announced that Moody’s Investors Service (“Moody’s”) has assigned the Company with an investment grade rating of Baa3 and Stable outlook.

 

A copy of the press release announcing such rating is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

 

Item 9.01 Financial Statement and Exhibits

 

(d) Exhibits.

  

99.1 Press release of the Company dated March 19, 2021.

 

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  BUSINESS DEVELOPMENT CORPORATION OF AMERICA  
     
     
Date: March 19, 2021 By: /s/ Nina K. Baryski  
  Name:
Title: 		Nina K. Baryski
Chief Financial Officer and Treasurer 		 

 

 

 

 

Exhibit 99.1

 

 

 

9 W 57th Street, suite 4920

New York, NY 10019

T: (212) 588-6770

www.bdcofamerica.com

 

 

March 19, 2021

 

Business Development Corporation of America Earns Investment Grade Rating from Moody’s

 

NEW YORK – March 19, 2021 – Business Development Corporation of America (“BDCA” and “Company”) announced today that Moody’s Investors Service (“Moody’s”) has assigned the Company with an investment grade rating of Baa3 and Stable outlook. Moody’s report stated “BDCA's Baa3 long-term issuer rating reflects its baa3 standalone assessment, supported by an experienced manager in Benefit Street Partners (BSP), a focus on senior secured loans that should help mitigate potential losses, solid historical profitability and a history of low loan losses due to low exposure to cyclical sectors.”

 

Richard Byrne, Chief Executive Officer of BDCA, said, “We are pleased that Moody’s recognized BDCA’s solid profitability and the credit expertise of Benefit Street Partners. An investment grade rating from Moody’s is an important milestone for BDCA, and will help the Company to further enhance our capital structure.”

 

BDCA also has an investment grade rating of BBB- from Kroll with a stable outlook.

  

About BDCA

 

BDCA is a non-traded business development company with a $2.6 billion investment portfolio, which primarily consists of senior loans to middle market companies, as of December 31, 2020. BDCA operates under the Investment Company Act of 1940. BDCA is managed by its investment adviser, BDCA Adviser, LLC, an affiliate of Benefit Street Partners L.L.C. For further information, please visit www.bdcofamerica.com.

  

About Benefit Street Partners L.L.C.

 

Benefit Street Partners L.L.C.is a leading credit-focused alternative asset management firm with $30 billion in assets under management as of January 31, 2021. BSP manages assets across a broad range of complementary credit strategies, including private/opportunistic debt, structured credit, high yield, special situations, and commercial real estate. Based in New York, the BSP platform was established in 2008. BSP is a wholly owned subsidiary of Franklin Resources, Inc. that, together with its various subsidiaries, operates as Franklin Templeton. For further information, please visit

www.benefitstreetpartners.com

 

 

Important Notice

 

This release contains “forward looking statements” that are subject to risks and uncertainties. Actual outcomes and results could differ materially from those suggested in this release due to the impact of many factors beyond the control of BDCA, including those listed in the “Risk Factors” section of our filings with the Securities and Exchange Commission (“SEC”). Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and BDCA assumes no obligation to update or revise any such forward looking statements. BDCA has based these forward-looking statements on its current expectations and projections about future events. BDCA believes that the expectations and assumptions that have been made with respect to these forward-looking statements are reasonable. However, such expectations and assumptions may prove to be incorrect. A number of factors could lead to results that may differ from those expressed or implied by the forward-looking statements. Given this level of uncertainty, investors should not place undue reliance on any forward-looking statements.