Total Commitments Increased to $430 Million
HOUSTON, Oct. 13,
2023 /PRNewswire/ -- Main Street Capital Corporation
(NYSE: MAIN) ("Main Street") is pleased to announce that its wholly
owned subsidiary, MSCC Funding I, LLC (the "SPV"), has expanded its
senior secured revolving credit facility (the "SPV Credit
Facility") from $255.0 million to
$430.0 million. The
$175.0 million increase in total
commitments was the result of the addition of two new lender
relationships under the SPV Credit Facility. The recent
increase in total commitments was executed under the accordion
feature of the SPV Credit Facility, which allows for an increase up
to $450.0 million in total
commitments under the facility from new and existing lenders on the
same terms and conditions as the existing commitments. The
recent increase in total commitments under the SPV Credit Facility
provides Main Street with access to additional financing capacity
to fund the future growth of its investment portfolio and for
general corporate purposes.
Dwayne L. Hyzak, Main Street's
Chief Executive Officer, commented, "We are very pleased that we
were able to diversify our lender group and significantly expand
the commitments under our SPV credit facility. These new
commitments provide us with $175
million of additional debt capital, which when combined with
over $80 million of new equity
capital raised under our at-the-market, or ATM, equity issuance
program during the third quarter of 2023, has significantly
increased our overall liquidity available to fund the continued
growth of our investment portfolio and provided us additional
flexibility with our overall capital structure. The confidence
shown by these new lending relationships is greatly
appreciated."
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, including but not
limited to the availability of future financing capacity under the
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 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
View original
content:https://www.prnewswire.com/news-releases/main-street-announces-increase-in-commitments-under-its-spv-credit-facility-301955246.html
SOURCE Main Street Capital Corporation