Business Development Corporation of America (BDCA) to Participate in Acquisition of $981.2 Million Portfolio
April 10, 2018 | Beth Glavosek | Blue Vault
Through its affiliated relationships, which include Benefit Street Partners (BSP) and BDCA Adviser, Business Development Corporation of America (BDCA) has announced that it has entered into an asset purchase agreement with Triangle Capital Corporation. The agreement states that certain funds advised by BSP will acquire Triangle’s investment portfolio for $981.2 million in cash. BDCA intends to participate in the transaction by purchasing a portion of this portfolio.
Commenting on the proposed transaction, E. Ashton Poole, Chairman and Chief Executive Officer of Triangle, said, that the announcement represents the culmination of a thorough strategic review process by its Board of Directors which commenced in early November of last year. The investment portfolio sale, along with an externalization of Triangle’s platform, “delivers significant value to Triangle’s shareholders and accelerates the Company’s strategic transition to a senior-focused lender to the lower and middle markets.”
The parties anticipate that the transaction will close in June or July of 2018.
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