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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)&nbsp;of
the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
<B>July 24, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Business Development Corporation of America</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maryland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 2.4pt; font-size: 10pt; font-weight: bold; text-align: center"><B>814-00821</B></TD>
    <TD STYLE="width: 50%; padding-right: 0.8pt; font-size: 10pt; font-weight: bold; text-align: center"><B>27-2614444</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.4pt; font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.4pt; font-size: 10pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>405 Park Avenue, 15th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>New York, New York 10022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.6pt 0pt 0; text-align: center">(Address, Including Zip Code,
of Principal Executive Offices)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(212) 415-6500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">(Registrant&rsquo;s Telephone
Number, Including Area Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">(Former Name or Former Address,
if Changed Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&nbsp;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.45in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule&nbsp;425 under
the Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.45in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule&nbsp;14a-12 under
the Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.45in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.45in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1.02.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Termination of a Material Definitive
Agreement. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 24, 2012, Business Development Corporation of America
(the &ldquo;Company&rdquo;) used working capital and certain proceeds from the total return swap of its subsidiary, 405 TRS I,
LLC, as disclosed in the Company&rsquo;s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 13,
2012, to repay all of the obligations under the Company&rsquo;s credit facility with Main Street Capital Corporation. The Company
was not required to pay any prepayment penalty in connection with such repayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.03.&#9;&nbsp;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or
an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 24, 2012, the Company, through a newly-formed,
wholly-owned, special purpose financing subsidiary, BDCA Funding I, LLC (&ldquo;Funding Sub&rdquo;), entered into a revolving
credit facility (the &ldquo;Credit Facility&rdquo;) with Wells Fargo Bank, National Association, as lender, Wells Fargo
Securities, as administrative agent (together, &ldquo;Wells Fargo&rdquo;) and U.S. Bank National Association, as collateral
agent, account bank and collateral custodian. The Credit Facility provides for borrowings in an aggregate principal amount of
up to $50.0 million on a committed basis, with a term of 48 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company may contribute cash or loans to the Funding Sub
from time to time and will retain a residual interest in any assets contributed through its ownership of the Funding Sub or will
receive fair market value for any loans sold to the Funding Sub. The Funding Sub may purchase additional loans from various sources.
The Funding Sub has appointed the Company as servicer to manage its portfolio of loans. The Funding Sub&rsquo;s obligations under
the Credit Facility are secured by a first priority security interest in substantially all of the assets of the Funding Sub, including
its portfolio of loans. The obligations of the Funding Sub under the Credit Facility are non-recourse to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Credit Facility will be priced at LIBOR, with no LIBOR
floor, plus a spread ranging between 2.00% and 2.75% per annum, depending on the composition of the portfolio of loans owned
by Funding Sub for the relevant period. Interest is payable quarterly in arrears. The Funding Sub will be subject to a
non-usage fee to the extent the aggregate principal amount available under the Credit Facility has not been borrowed. Any
amounts borrowed under the Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and
payable in July 2016. The Funding Sub paid a structuring fee and incurred certain other customary costs and expenses in
connection with obtaining the Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Borrowings under the Credit Facility are subject
to compliance with a borrowing base, pursuant to which the amount of funds advanced to the Funding Sub varies depending upon
the types of loans in the Funding Sub&rsquo;s portfolio. The Credit Facility may be prepaid in whole or in part, subject
to customary breakage costs. In the event that the Credit Facility is terminated prior to the first anniversary, an
additional amount is payable to Wells Fargo equal to 2.00% of the principal amount outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Credit Facility contains customary default provisions pursuant
to which Wells Fargo may terminate the rights, obligations, power and authority of the Company, in its capacity as servicer of
the portfolio assets under the Credit Facility, including, but not limited to, non-performance of Credit Facility obligations,
insolvency, defaults of certain financial covenants and other events with respect to the Company that may be adverse to Wells Fargo
and the secured parties under the Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Credit Facility, the Funding Sub has
made certain representations and warranties and is required to comply with various covenants, reporting requirements and other
customary requirements for similar facilities. Upon the occurrence and during the continuation of an event of default, Wells Fargo
may declare the outstanding advances and all other obligations under the Credit Facility immediately due and payable. During the
continuation of an event of default, the Funding Sub must pay interest at a default rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Borrowings of the Funding Sub will be considered borrowings
of the Company for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended,
applicable to business development companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the press release announcing the Company&rsquo;s entrance,
through the Funding Sub, into the Credit Facility is attached as Exhibit 99.1 to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01.</B> &nbsp;&nbsp; <B>Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(d) Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; font-weight: bold">Exhibit No.</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 78%; border-bottom: black 1pt solid; font-weight: bold">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Press Release dated July 24, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.8pt; font-weight: bold"><B>BUSINESS DEVELOPMENT CORPORATION OF AMERICA</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 47%; padding-right: 1.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.4pt">Date: July 24, 2012</TD>
    <TD STYLE="padding-right: 0.8pt">By:</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 5.4pt">/s/ Nicholas S. Schorsch</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0">Name: &nbsp;&nbsp;&nbsp;&nbsp;Nicholas S. Schorsch</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0">Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer and Chairman</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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{"company-data": {"conformed-name": "Business Development Corp of America", "cik": "0001490927", "irs-number": "000000000", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "814-00821", "film-number": "12977258"}, "business-address": {"street1": "405 PARK AVENUE, 15TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "2124156500"}, "mail-address": {"street1": "405 PARK AVENUE, 15TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
July 24, 2012
Business Development Corporation of America
(Exact Name of Registrant as Specified in
Its Charter)
Maryland
(State or Other Jurisdiction of Incorporation)
814-00821
27-2614444
(Commission File Number)
(IRS Employer Identification No.)
405 Park Avenue, 15th Floor
New York, New York 10022
(Address, Including Zip Code,
of Principal Executive Offices)
(212) 415-6500
(Registrant's Telephone
Number, Including Area Code)
Not Applicable
(Former Name or Former Address,
if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item 1.02.	    Termination of a Material Definitive
Agreement.
On July 24, 2012, Business Development Corporation of America
(the "Company") used working capital and certain proceeds from the total return swap of its subsidiary, 405 TRS I,
LLC, as disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 13,
2012, to repay all of the obligations under the Company's credit facility with Main Street Capital Corporation. The Company
was not required to pay any prepayment penalty in connection with such repayment.
Item 2.03.	    Creation of a Direct Financial Obligation or
an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On July 24, 2012, the Company, through a newly-formed,
wholly-owned, special purpose financing subsidiary, BDCA Funding I, LLC ("Funding Sub"), entered into a revolving
credit facility (the "Credit Facility") with Wells Fargo Bank, National Association, as lender, Wells Fargo
Securities, as administrative agent (together, "Wells Fargo") and U.S. Bank National Association, as collateral
agent, account bank and collateral custodian. The Credit Facility provides for borrowings in an aggregate principal amount of
up to $50.0 million on a committed basis, with a term of 48 months.
The Company may contribute cash or loans to the Funding Sub
from time to time and will retain a residual interest in any assets contributed through its ownership of the Funding Sub or will
receive fair market value for any loans sold to the Funding Sub. The Funding Sub may purchase additional loans from various sources.
The Funding Sub has appointed the Company as servicer to manage its portfolio of loans. The Funding Sub's obligations under
the Credit Facility are secured by a first priority security interest in substantially all of the assets of the Funding Sub, including
its portfolio of loans. The obligations of the Funding Sub under the Credit Facility are non-recourse to the Company.
The Credit Facility will be priced at LIBOR, with no LIBOR
floor, plus a spread ranging between 2.00% and 2.75% per annum, depending on the composition of the portfolio of loans owned
by Funding Sub for the relevant period. Interest is payable quarterly in arrears. The Funding Sub will be subject to a
non-usage fee to the extent the aggregate principal amount available under the Credit Facility has not been borrowed. Any
amounts borrowed under the Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and
payable in July 2016. The Funding Sub paid a structuring fee and incurred certain other customary costs and expenses in
connection with obtaining the Credit Facility.
Borrowings under the Credit Facility are subject
to compliance with a borrowing base, pursuant to which the amount of funds advanced to the Funding Sub varies depending upon
the types of loans in the Funding Sub's portfolio. The Credit Facility may be prepaid in whole or in part, subject
to customary breakage costs. In the event that the Credit Facility is terminated prior to the first anniversary, an
additional amount is payable to Wells Fargo equal to 2.00% of the principal amount outstanding.
The Credit Facility contains customary default provisions pursuant
to which Wells Fargo may terminate the rights, obligations, power and authority of the Company, in its capacity as servicer of
the portfolio assets under the Credit Facility, including, but not limited to, non-performance of Credit Facility obligations,
insolvency, defaults of certain financial covenants and other events with respect to the Company that may be adverse to Wells Fargo
and the secured parties under the Credit Facility.
In connection with the Credit Facility, the Funding Sub has
made certain representations and warranties and is required to comply with various covenants, reporting requirements and other
customary requirements for similar facilities. Upon the occurrence and during the continuation of an event of default, Wells Fargo
may declare the outstanding advances and all other obligations under the Credit Facility immediately due and payable. During the
continuation of an event of default, the Funding Sub must pay interest at a default rate.
Borrowings of the Funding Sub will be considered borrowings
of the Company for purposes of complying with the asset coverage requirements under the Investment Company Act of 1940, as amended,
applicable to business development companies.
A copy of the press release announcing the Company's entrance,
through the Funding Sub, into the Credit Facility is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release dated July 24, 2012
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BUSINESS DEVELOPMENT CORPORATION OF AMERICA
Date: July 24, 2012
By:
/s/ Nicholas S. Schorsch
Name:     Nicholas S. Schorsch
Title:       Chief Executive Officer and Chairman