NEW YORK, Feb. 26, 2013 /PRNewswire/ -- Business Development Corporation of America ("BDCA" or the "Company") announced today that its board of directors has appointed Nicholas Radesca as its Chief Financial Officer and Treasurer to succeed Brian S. Block. Mr. Block will remain the Chief Financial Officer and Executive Vice President for a number of public real estate investment trusts sponsored by AR Capital, LLC, the Company's sponsor. Mr. Radesca has nearly 20 years of experience in finance and accounting, including substantial experience in managing debt. In his 20 years before joining American Realty Capital in December 2012, Mr. Radesca served as chief financial officer and secretary of another business development company, Solar Capital, from 2008 to 2012, and coordinated financial, tax and SEC reporting in various roles for iStar Financial, Fannie Mae, Del Monte Foods and Providian Financial.
Peter M. Budko, President and Chief Operating Officer of BDCA said, "Nick brings a wealth of experience to our team which will be key in helping us to manage our debt portfolio as a growing specialty finance company. We are pleased to bring on a CFO with ample public BDC knowledge."
The Company also announced that its board of directors authorized an increase to the public offering price of its common shares from $10.80 to $10.90 per share. The change will become effective with BDCA's next bi-monthly closing, scheduled on or about March 1, 2013, and is consistent with the Company's pricing policy, which ensures that its net offering price will not exceed its net asset value ("NAV") per share.As previously announced, BDCA intends to sustain a 7.75% annualized distribution rate, subject to further approval by its board of directors, with each subsequent public offering price increase. Therefore, the Company's board of directors also authorized an increase to the Company's annual distribution, to be effective with its next bi-monthly closing, scheduled on or about March 1, 2013. BDCA's board of directors will review BDCA's annual distribution with each future public offering price increase to determine whether the Company should continue to sustain a 7.75% annualized distribution rate. The Company's Chief Investment Officer, Robert K. Grunewald, noted, "During the first quarter of 2013, we have continued to see a steady increase to our net asset value reflecting the quality of our portfolio and the attractiveness of middle market loan investments, justifying another price increase."