The board of Business Development Corporation of America, a non-traded business development company externally managed by Benefit Street Partners, has changed the name of the company to Franklin BSP Lending Corporation.
Franklin BSP Lending Corporation primarily underwrites loans to middle market corporate borrowers across a variety of industries.
“We believe this name change is an important and positive milestone for the company,” said Richard Byrne, chairman and chief executive officer. “We think it will better align our brand with both Franklin Templeton and Benefit Street Partners, and best position us for future growth.”
Franklin BSP Lending Corporation oversees a $2.5 billion investment portfolio as of September 30, 2021.
The company commenced its initial public offering in January 2011 and raised $1.9 billion before closing in April 2015. Combined with distribution reinvestment plan proceeds and shares purchased by affiliates, the company has raised $2.4 billion as of the third quarter of 2021.
Franklin BSP Lending Corporation is managed by its investment adviser, Franklin BSP Lending Adviser, an affiliate of Benefit Street Partners, a credit-focused alternative asset management firm with approximately $36 billion in assets under management as of November 30, 2021.
Franklin Resources Inc. (NYSE: BEN) purchased Benefit Street Partners in February 2019. Benefit Street acquired all of the outstanding interests of BDCA’s adviser from AR Global in November 2016 by purchasing $10 million of company common stock.