Main Street Announces Increase in Commitments Under its Credit Facility to $502.5 Million
HOUSTON, July 1, 2014 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today the amendment of its five-year credit facility (the "Credit Facility") to expand the total commitments under the Credit Facility from $445.0 million to $502.5 million. The $57.5 million increase in total commitments was the result of commitment increases by five existing lenders in the facility and the addition of a new lender relationship, which further diversifies the Main Street lending group under the Credit Facility to a total of fourteen participants. The amended Credit Facility also contains an upsized accordion feature that allows for an increase in total commitments under the facility to up to $600.0 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. The recent increase in total commitments under the Credit Facility provides Main Street with access to additional financing capacity in support of its future investment and operational activities. Main Street currently has $253.0 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."
Main Street Capital Corporation
Dwayne L. Hyzak, CFO and Senior Managing Director
SOURCE Main Street Capital Corporation