|By PR Newswire||
|January 14, 2014 06:21 PM EST||
NEW YORK, Jan. 14, 2014 /PRNewswire/ -- Business Development Corporation of America ("BDCA"), a business development company primarily focused on senior debt investments in middle market private companies, closed on a direct originated financing transaction for Chicken Soup for the Soul. Chicken Soup for the Soul is a branded consumer products company focused on the pet food, publishing and packaged food industry.
The financing provided by BDCA consists of a $35 million senior secured credit facility, with a five-year term and two-year call protection. Proceeds from the financing were used to refinance an existing credit facility and provide a small amount of working capital liquidity to Chicken Soup for the Soul.
"Our financing for Chicken Soup for the Soul provides BDCA the opportunity to invest in a well-known, growing, consumer branded products company," said Peter M. Budko, President and Chief Operating Officer of BDCA. "The combination of our origination efforts, credit underwriting and growing platform provided us this attractive, middle market investment opportunity. We look forward to continuing to work with management to provide creative, long-term financing solutions to support future growth endeavors."
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SOURCE Business Development Corporation of America