HOUSTON, Sept. 30, 2014 /PRNewswire/ -- Main Street
Capital Corporation (NYSE: MAIN) ("Main Street") announced today
the amendment of its five-year credit facility (the "Credit
Facility"). The recently closed amendment provides several benefits
to Main Street, including (i) an expansion of the total commitments
under the facility by $20.0 million,
to a total of $522.5 million, (ii) an
extension of the final maturity by one year to September 2019, with the facility available on a
fully revolving basis for the entire five-year term and (iii)
reduced interest rate pricing so long as Main Street maintains an
investment grade rating. Borrowings under the amended Credit
Facility bear interest, subject to Main Street's election, on a per
annum basis equal to (i) the applicable LIBOR rate plus 2.00% or
(ii) the applicable base rate plus 1.00% so long as Main Street
maintains an investment grade rating, and 0.25% higher in each case
otherwise. The amended Credit Facility also contains an
upsized accordion feature that allows for an increase in total
commitments under the facility to up to $650.0 million of total commitments from new and
existing lenders on the same terms and conditions as the existing
commitments. In addition to the extended maturity, Main
Street continues to maintain two, one-year extension options under
the amended Credit Facility which could extend the final maturity
of the Credit Facility for up to two additional years. Main
Street currently has $281.0 million
of outstanding debt under the Credit Facility.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment
firm that 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 portfolio. 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's common stock trades on the New York Stock Exchange
("NYSE") under the symbol "MAIN." In addition, Main Street has
outstanding 6.125% Notes due 2023, which trade on the NYSE under
the symbol "MSCA."
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CFO and Senior
Managing Director
dhyzak@mainstcapital.com
713-350-6000
Dennard - Lascar Associates
Ken Dennard /
ken@dennardlascar.com
Jenny Zhou /
jzhou@dennardlascar.com
713-529-6600
SOURCE Main Street Capital Corporation