HOUSTON, Oct. 18, 2017 /PRNewswire/ -- Main Street
Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to
announce that its Board of Directors declared its semi-annual
supplemental cash dividend of $0.275
per share payable in December 2017. This supplemental cash
dividend is in addition to the previously announced regular monthly
cash dividends that Main Street declared for the fourth quarter of
2017 of $0.57 per share, or
$0.19 per share for each of October,
November and December 2017, and is
consistent with the previous semi-annual supplemental cash
dividends paid in December 2016 and
June 2017. Including the regular monthly and supplemental
cash dividends declared to date, Main Street will have paid
$21.39 per share in cumulative cash
dividends since its October 2007
initial public offering at $15.00 per
share. Based upon the regular monthly dividend rate of
$0.19 per share for the fourth
quarter of 2017 and the current semi-annual supplemental dividend
rate of $0.275 per share, Main
Street's current annualized run-rate for cash dividends is
$2.83 per share. Main Street
also expects that its Board of Directors will declare regular
monthly dividends for the first quarter of 2018 during the last
week of October.
This supplemental cash dividend, which will be payable as set
forth in the table below, will be paid out of Main Street's
undistributed taxable income (taxable income in excess of dividends
paid) as of September 30, 2017.
Supplemental Cash
Dividend Payable in December 2017
|
|
|
|
|
|
Declared
|
Ex-Dividend
Date
|
Record
Date
|
Payment
Date
|
Amount Per
Share
|
10/17/2017
|
12/18/2017
|
12/19/2017
|
12/27/2017
|
$0.275
|
|
|
|
|
|
When declaring dividends, the Main Street Board of Directors
reviews estimates of taxable income available for distribution,
which differs from consolidated net income under generally accepted
accounting principles due to (i) changes in unrealized appreciation
and depreciation, (ii) temporary and permanent differences in
income and expense recognition, (iii) activity at taxable
subsidiaries, and (iv) the amount of undistributed taxable income
carried over from a given year for distribution in the following
year. The final determination of taxable income for each year, as
well as the tax attributes for dividends in such year, will be made
after the close of the tax year. The final tax attributes for
2017 dividends are currently expected to include ordinary taxable
income, capital gains and qualified dividends.
Main Street maintains a dividend reinvestment plan ("DRIP") that
provides for the reinvestment of dividends on behalf of its
registered stockholders who hold their shares with Main Street's
transfer agent and registrar, American Stock Transfer and Trust
Company, or certain brokerage firms that have elected to
participate in the DRIP. Under the DRIP, if Main Street declares a
dividend, registered stockholders (and stockholders holding shares
through participating brokerage firms) who have not "opted out" of
the DRIP by the dividend record date will have their dividend
automatically reinvested into additional shares of Main Street
common stock.
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 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."
FORWARD-LOOKING STATEMENTS
This press release may
contain certain forward-looking statements, including but not
limited to the amount of undistributed taxable income, the
declaration and payment of regular and supplemental dividends in
the future and the potential tax attributes for 2017 dividends. 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. 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, President &
COO, dhyzak@mainstcapital.com
Brent D. Smith, CFO,
bsmith@mainstcapital.com
713-350-6000
Dennard • Lascar Associates
Ken Dennard | ken@dennardlascar.com
Mark Roberson |
mroberson@dennardlascar.com
713-529-6600
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SOURCE Main Street Capital Corporation