HOUSTON, Jan. 10,
2024 /PRNewswire/ -- Main Street Capital Corporation
(NYSE: MAIN) ("Main Street") is pleased to announce that it has
priced an underwritten public offering of $350 million in aggregate principal amount of
6.95% notes due 2029 (the "Notes"). The Notes will bear interest at
a rate of 6.95% per year, payable semiannually, will mature on
March 1, 2029 and may be redeemed in
whole or in part at Main Street's option at any time at par plus a
"make-whole" premium, if applicable. The offering is subject to
customary closing conditions and is expected to close on
January 12, 2024.
Main Street intends to initially use the net proceeds from this
offering to repay outstanding indebtedness, including amounts
outstanding under Main Street's corporate revolving credit facility
(the "Corporate Facility"), its special purpose vehicle revolving
credit facility (the "SPV Facility" and, together with the
Corporate Facility, the "Credit Facilities") or its 5.20% senior
notes due 2024 and then, through re-borrowing under the Credit
Facilities, to make investments in accordance with its investment
objective and strategies, to make investments in marketable
securities and idle funds investments, to pay operating expenses
and other cash obligations, and for general corporate purposes.
SMBC Nikko Securities America, Inc., J.P. Morgan Securities LLC,
RBC Capital Markets, LLC and Truist Securities, Inc. are acting as
joint bookrunners for this offering. Raymond James & Associates, Inc., TCBI
Securities, Inc., Hancock Whitney Investment Services, Inc.,
Oppenheimer & Co. Inc., Zions Direct, Inc., Regions Securities
LLC, Comerica Securities, Inc. and B. Riley Securities, Inc. are
acting as co-managers for this offering.
Investors should carefully consider, among other things, Main
Street's investment objective and strategies and the risks related
to Main Street and the offering before investing. The pricing term
sheet dated January 10, 2024, the preliminary prospectus
supplement dated January 10, 2024, the accompanying prospectus
dated March 3, 2022, each of which has been filed with the
Securities and Exchange Commission, any related free writing
prospectus, and any information incorporated by reference in each,
contain this and other information about Main Street and should be
read carefully before investing.
A shelf registration statement relating to these securities is
on file with the Securities and Exchange Commission and effective.
The offering may be made only by means of a preliminary prospectus
supplement and an accompanying prospectus, copies of which may be
obtained from SMBC Nikko Securities America, Inc. at 277 Park
Avenue, New York, New York 10172,
Attn: Debt Capital Markets, 1-888-868-6856, or e-mail:
prospectus@smbcnikko-si.com; J.P. Morgan Securities LLC, 383
Madison Avenue, New York, NY
10179, Attn: Investment Grade Syndicate Desk, 212-834-4533; RBC
Capital Markets, LLC, Attention: Investment Grade Syndicate Desk,
200 Vesey Street, 8th Floor, New York,
NY 10281, telephone: 866-375-6829, or e-mail:
rbcnyfixedincomeprospectus@rbccm.com; or Truist Securities, Inc.,
Attention: Prospectus Department, 303 Peachtree Street,
Atlanta, GA 30308, telephone:
800-685-4786, or e-mail: TSIdocs@Truist.com.
The information in the pricing term sheet, the preliminary
prospectus supplement, the accompanying prospectus and this press
release is not complete and may be changed. The pricing term sheet,
the preliminary prospectus supplement, the accompanying prospectus
and this press release do not constitute offers to sell or the
solicitation of offers to buy, nor will there be any sale of the
Notes referred to in this press release, in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of such state or jurisdiction.
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 contains certain forward-looking statements
which are based upon Main Street management's current expectations
and are inherently uncertain. The forward-looking statements
may include statements as to Main Street's notes offering, the
expected net proceeds from the offering and the anticipated use of
the net proceeds of the offering. 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
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