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Business Development Corporation of America Announces Third Quarter 2012 Results from Operations

NEW YORK, Nov. 8, 2012 /PRNewswire/ -- Business Development Corporation of America ("BDCA" or the "Company") announced results of operations for the third quarter ended September 30, 2012. 

(Logo: http://photos.prnewswire.com/prnh/20120525/NY14377LOGO )

The Company commenced operations on August 25, 2011, subsequent to raising sufficient funds to meet escrow break requirements.  For the three months ended September 30, 2012, BDCA acquired 34 individual investments at a total cost of $67.9 million and received proceeds of $39.2 million from loan repayments and the sale of certain investments. The Company realized gains of $0.3 million in connection with those sales.  BDCA generated portfolio net investment income of $1.7 million, excluding realized gains and losses, during the three months ended September 30, 2012.  During the same period, the Company paid distributions of $1.5 million

For the nine months ended September 30, 2012, BDCA acquired 67 individual investments at a total cost of $148.3 million and received proceeds of $62.7 million from loan repayments and the sale of certain investments. The Company realized gains of $0.9 million in connection with those sales.  BDCA generated portfolio net investment income of $3.1 million, excluding realized gains and losses, during the nine months ended September 30, 2012.  During the same period, the Company paid distributions of $2.5 million

"We are pleased to report another strong quarter of operations for BDCA," stated Peter M. Budko, President and Chief Operating Officer of the Company. Mr. Budko noted, "We continue to fully cover our dividend from net investment income rather than investment gains and new equity. Our portfolio continues to be of high quality, with approximately 81 percent of our assets invested in senior secured loans. With continued unease in Europe and other economic concerns, we believe that BDCA's strategy of originating and participating in well structured, senior loans to middle market U.S. companies provides investors with attractive risk-adjusted returns."

 

Portfolio Highlights (dollar amounts in thousands):









September 30, 2012


December 31, 2011


Investments, at fair value

$         102,048


$         14,271


Net asset value per share (1)

$               9.44


$             9.00


Weighted average effective yield (2)

8.16%


10.79%


Number of portfolio investments

44


34


Number of industry groups

16


18


         ______________________



(1)

Net asset value per share and common shares outstanding for the year ended December 31, 2011 have been adjusted to reflect a special common stock distribution of $0.05 per share declared on March 29, 2012.

(2)

Includes the effect of the amortization or accretion of loan premiums or discounts. 


 

 

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)

 






September 30, 2012


December 31, 2011


(Unaudited)



ASSETS




Investments, at fair value (amortized cost of $100,917 and $14,294, respectively)

$

102,048



$

14,271


Cash and cash equivalents

4,970



828


Cash collateral on deposit with custodian

11,417




Interest receivable

1,174



142


Due from affiliate

1,127



918


Deferred credit facility financing costs, net

787



50


Unrealized gain on total return swap

580




Receivable due on total return swap

348




Prepaid expenses and other assets

154



41


Receivable for unsettled trades

3,521




Total assets

$

126,126



$

16,250






LIABILITIES




Revolving credit facility

$

14,818



$

5,900


Payable for unsettled trades

17,553



1,914


Management fees payable

176




Accounts payable and accrued expenses

90



154


Interest and credit facility fees payable

91



19


Payable for common stock repurchases

86




Stockholder distributions payable

632



56


Total liabilities

33,446



8,043






NET ASSETS




Preferred stock, $.001 par value, 50,000,000 shares authorized, none issued and outstanding




Common stock, $.001 par value, 450,000,000 shares authorized,
9,821,991 and 912,297 shares issued and outstanding, respectively

10



1


Capital in excess of par value

90,240



8,235


Accumulated distributions in excess of net investment income

(334)



(7)


Accumulated undistributed net realized gain from investments and total return swap

1,053



1


Net unrealized appreciation (depreciation) on investments and total return swap

1,711



(23)


Net assets

92,680



8,207


Total liabilities and net assets

$

126,126



$

16,250






Net asset value per share *

$

9.44



$

9.00


 

*Net asset value per share and common shares outstanding for the year ended December 31, 2011 have been adjusted to reflect a special common stock distribution of $0.05 per share declared on March 29, 2012.

 

 

 

BUSINESS DEVELOPMENT CORPORATION OF AMERICA

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

 








For the Three Months Ended September 30,


For the Nine Months Ended September 30,



2012


2011


2012


2011

Investment income:









Interest income


$

1,959



$

62



$

3,677



$

62


Other income


14





63




Total investment income


1,973



62



3,740



62











Operating expenses:









Contract termination fee




320





320


Interest and credit facility financing expenses


192



26



420



51


Professional fees


137





364




Directors fees


18





57




Insurance


51





154




Management fees


402



7



730



7


Incentive fees


572



37



968



37


Other administrative


35



101



75



251


Expenses before expense waivers and

  reimbursements from Adviser


1,407



491



2,768



666


Waiver of management and incentive fees


(798)



(44)



(1,522)



(44)


Expense support reimbursement from Adviser




(571)



(266)



(571)


Total expenses net of expense waivers and

  reimbursements from Adviser


609



(124)



980



51











Net investment income


1,364



186



2,760



11











Realized and unrealized gain on investments:









Net realized gain from investments


344





926




Net realized gain from total return swap


390





390




Net unrealized appreciation on investments


1,184





1,154




Net unrealized appreciation on total return swap


580





580




Net realized and unrealized gain on

   investments


2,498





3,050













Net increase in net assets resulting from

  operations


$

3,862



$

186



$

5,810



$

11











Per share information - basic and diluted*:









Net investment income


$

0.16



$

1.26



$

0.55



$

0.17


Net increase in net assets resulting from

   operations


$

0.47



$

1.26



$

1.15



$

0.17


Weighted average common shares outstanding


8,297,178



147,598



5,042,363



64,473


 

*Per share information - basic and diluted and weighted average common shares outstanding for the three and nine months ended September 30, 2011 have been adjusted to reflect a special common stock distribution of $0.05 per share declared on March 29, 2012.

 

 


 

BUSINESS DEVELOPMENT CORPORATION OF AMERICA 

ADJUSTED PORTFOLIO NET INVESTMENT INCOME

(in thousands)

(Unaudited) 

 

     The difference between our GAAP net investment income and our portfolio net investment income is due to the inclusion of realized gains from our total return swap ("TRS") in portfolio net investment income, which represents the interest income received from the underlying loans in the TRS offset by interest paid to Citibank, N.A. to finance such loans, and the net realized gains or losses from the sale of the underlying loans in the TRS. We subsequently remove the net realized gains or losses from the TRS to determine adjusted portfolio net investment income. The following table sets forth a reconciliation between GAAP net investment income and adjusted portfolio net investment income during the nine months ended September 30, 2012 and 2011 (dollars in thousands):

 


For the Three Months Ended September 30,


For the Nine Months Ended September 30,


2012


2011


2012


2011

GAAP net investment income

$

1,364



$

186



$

2,760



$

11


GAAP realized gains on total return swap

390





390




Portfolio net investment income

$

1,754



$

186



$

3,150



$

11


Less realized gains on total return swap

44





44




Adjusted portfolio net investment income

$

1,710



$

186



$

3,106



$

11


Distributions paid

$

1,500



$

-



$

2,511



$

-


Undistributed adjusted portfolio net

  investment income

$

210



$

186



$

595



$

11


















Distributions declared

$

1,706



$

26



$

3,087



$

26


 

This announcement may contain certain forward-looking statements, including statements with regard to the future performance of BDCA. Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the filings BDCA makes with the SEC. BDCA undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

SOURCE Business Development Corporation of America

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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