Business Development Corporation of America, a non-traded business development company previously affiliated with AR Global and currently managed by an affiliate of Benefit Street Partners, purchased a 24 percent stake in an investment portfolio sold by Triangle Capital Corporation (NYSE: TCAP), a publicly traded business development company.
Benefit Street purchased Triangle Capital’s portfolio for $793.3 million, and BDCA paid approximately $188.1 million for its portion.
As reported by The DI Wire earlier this year, the purchase price was expected to be $981.2 million, but was adjusted to include $208.8 million of principal payments and prepayments, sales proceeds and distributions that were received by Triangle prior to the sale closing, offset by approximately $29.5 million in loans and equity investments originated prior to closing.
Benefit Street is the credit investment arm of Providence Equity Partners and has more than $23 billion in assets under management.
BDCA primarily invests in senior secured loans, and to a lesser extent, mezzanine loans, unsecured loans and equity of private middle-market companies. The company commenced its initial public offering in January 2011 and raised $1.9 billion before closing the offering in April 2015. As of the first quarter of 2018, BDCA’s portfolio consisted of nearly $2.6 billion in investments, according to Summit Investment Research.