HOUSTON, Nov. 28,
2022 /PRNewswire/ -- Main Street Capital Corporation
(NYSE: MAIN) ("Main Street") is pleased to announce that its wholly
owned subsidiary, MSCC Funding I, LLC (the "SPV"), entered into a
senior secured revolving credit facility (the "Revolving Credit
Facility") led by Truist Bank ("Truist"), with Truist serving as
administrative agent and as one of three initial lenders under the
facility. The Revolving Credit Facility provides for
$240 million of aggregate initial
commitments with an accordion feature that allows for increases up
to $450 million of total commitments
from new and existing lenders on the same terms and conditions as
the existing commitments. Commitments under the Revolving
Credit Facility are revolving through November 21, 2025 and mature on November 21, 2027. Advances under the
Revolving Credit Facility bear interest at one-month Term SOFR plus
a 0.10% credit spread adjustment plus an applicable margin of 2.50%
during the reinvestment period and 2.625% and 2.75% during the
first and second years of the amortization period,
respectively.
Borrowings under the Revolving Credit Facility are being used to
purchase certain investments and participation interests from Main
Street and to finance the SPV's direct investments thereafter.
The SPV's obligations to the lenders under the Revolving
Credit Facility are secured by a first priority security interest
in all of the SPV's assets but are non-recourse to Main Street.
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 companies generally have annual revenues between
$10 million and $150 million. Main Street's middle market
debt investments are made in businesses that 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 may
contain certain forward-looking statements. 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 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
Jesse E. Morris, CFO and COO,
jmorris@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