Total Commitments Increased to $600.0 Million
Final Maturity of the Facility Extended to
September 2029
HOUSTON, Oct. 1, 2024
/PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN)
("Main Street") is pleased to announce that its wholly-owned
subsidiary, MSCC Funding I, LLC ("MSCC Funding"), recently amended
its special purpose vehicle revolving credit facility (the "SPV
Facility"). The recently closed amendment provides an increase in
total commitments from $430.0 million
to $600.0 million, while maintaining
an expanded accordion feature that allows for an increase up to
$800.0 million of total commitments
from new and existing lenders on the same terms and conditions as
the existing commitments. The amendment also extends the revolving
period, or reinvestment period, through September 2027 and the final maturity date to
September 2029. The amendment also
decreases the interest rate during the revolving period to
one-month Term SOFR ("SOFR") plus 2.35% (from the prior interest
rate of SOFR plus 2.50% plus a 0.10% credit spread adjustment, or
SOFR plus 2.60% in total) and during the first and second years
after the revolving period to SOFR plus 2.475% and 2.60%,
respectively (from the prior interest rate of SOFR plus 2.625% and
2.75%, respectively).
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street
(www.mainstcapital.com) is a principal investment firm that
primarily provides long-term debt and equity capital to lower
middle market companies and debt capital to middle market
companies. Main Street's portfolio investments are typically made
to support management buyouts, recapitalizations, growth
financings, refinancings and acquisitions of companies that operate
in diverse industry sectors. Main Street seeks to partner with
entrepreneurs, business owners and management teams and generally
provides "one stop" financing alternatives within its lower middle
market investment strategy. Main Street's lower middle market
portfolio companies generally have annual revenues between
$10 million and $150 million. Main Street's middle market
portfolio companies are generally larger in size than its lower
middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC
Adviser I, LLC ("MSC Adviser"), also maintains an asset management
business through which it manages investments for external parties.
MSC Adviser is registered as an investment adviser under the
Investment Advisers Act of 1940, as amended.
FORWARD-LOOKING STATEMENTS
This press release contains
certain forward-looking statements, including but not limited to
the availability of future financing capacity under its credit
facilities, which are based upon Main Street management's current
expectations and are inherently uncertain. Any such statements
other than statements of historical fact are likely to be affected
by other unknowable future events and conditions, including
elements of the future that are or are not under Main Street's
control, and that Main Street may or may not have considered;
accordingly, such statements cannot be guarantees or assurances of
any aspect of future performance. Actual performance, events and
results could vary materially from these estimates and projections
of the future as a result of a number of factors, including those
described from time to time in Main Street's filings with the
Securities and Exchange Commission. Such statements speak only as
of the time when made and are based on information available to
Main Street as of the date hereof and are qualified in their
entirety by this cautionary statement. Main Street assumes no
obligation to revise or update any such statement now or in the
future.
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO,
dhyzak@mainstcapital.com
Ryan R Nelson, CFO, rnelson@mainstcapital.com
713-350-6000
Dennard Lascar Investor
Relations
Ken Dennard /
ken@dennardlascar.com
Zach Vaughan /
zvaughan@dennardlascar.com
713-529-6600
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SOURCE Main Street Capital Corporation