Kroll Bond Rating Agency Releases Comment: Change in Control of BDCA Adviser, Ratings of “BBB” maintained
NEW YORK--(BUSINESS WIRE)-- Kroll Bond Rating Agency (KBRA) releases research report entitled “Change in Control of BDCA Adviser, Ratings of “BBB” maintained”. The report makes the following points:
- Business Development Corporation of America (“BDCA”) has announced that BDCA Adviser, LLC, (“BDCA Adviser”) will become controlled by Apollo Global Management, LLC (NYSE:APO, or “Apollo”). The change in control is being effected through AR Capital, LLC’s (“AR Capital”) agreement to transfer its interests in BDCA Adviser to AR Global Investments, LLC (“ARGI” or “AR Global”), a newly formed entity that will be 60% owned by Apollo and 40% owned by AR Capital.
- The agreement between AR Capital and Apollo contemplates that AR Global will own a majority of the ongoing asset management business of AR Capital. The acquisition is subject to shareholder and regulatory approvals and expected to close in 2015.
- BDCA Adviser will remain the external manager of BDCA.
- In KBRA’s view, the above transaction is rating-neutral for BDCA’s ratings. In April 2015, Kroll Bond Rating Agency (KBRA) assigned an issuer and senior unsecured debt rating of BBB with a stable outlook to BDCA.
To view the full report, please use the following link: www.krollbondratings.com/show_report/2823
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
View source version on businesswire.com: http://www.businesswire.com/news/home/20150827006056/en/
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Source: Kroll Bond Rating Agency
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