HOUSTON, Oct. 28, 2020 /PRNewswire/ -- Main Street Capital
Corporation (NYSE: MAIN) ("Main Street") is pleased to announce
that MSC Adviser I, LLC ("MSC Adviser"), a wholly owned subsidiary
of Main Street and the previous investment sub-adviser to HMS
Income Fund, Inc. (the "Fund"), has successfully received approval
from the Fund's shareholders to replace HMS Adviser LP, a wholly
owned affiliate of Hines Interests Limited Partnership, as the sole
investment adviser and administrator to the Fund. The
transaction benefits the Fund's stockholders as the management fee
rate will be reduced from 2.00% to 1.75%, with no changes to
incentive fee calculations. As part of the transaction, the
Fund will change its name to MSC Income Fund, Inc. ("MSC
Income"). The transaction is subject to customary closing
conditions and is expected to close on October 30, 2020.
"We greatly appreciate the support and confidence shown in us by
the fund's shareholders. We also appreciate our long-term
relationship with the Hines organization, and specifically, their
partnership in helping us build the fund to its current
position. We expect this to be a seamless transition due to
our previous role as investment sub-adviser to the fund and we look
forward to positioning the fund for future success," said
Dwayne L. Hyzak, Chief Executive
Officer of Main Street. "We are excited to complete this transition
as part of our strategy to grow our asset management business for
the benefit of our Main Street stakeholders, and we believe that
expanding our asset management business within our internally
managed structure will continue to benefit our unique and
differentiated business model."
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.
ABOUT MSC ADVISER I, LLC
MSC Adviser is a wholly-owned subsidiary of Main Street that is
registered as an investment adviser under the Investment Advisers
Act of 1940. It currently serves as the investment
sub-adviser to HMS Income and will serve as the sole investment
adviser to HMS Income (to be renamed MSC Income) subsequent to the
completion of the transaction described elsewhere herein.
ABOUT HMS INCOME FUND, INC.
HMS Income (to be renamed MSC Income subsequent to the
completion of the transaction described elsewhere herein) is a
specialty finance company that primarily provides long-term debt
and equity capital to lower middle market companies and debt
capital to middle market companies. HMS Income's lower middle
market companies generally have annual revenues between
$10 million and $150 million. HMS Income's middle market
debt investments are made in businesses that are generally larger
in size than its lower middle market portfolio companies.
FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking
statements 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
Brent D. Smith, CFO,
bsmith@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