HOUSTON, June 15 /PRNewswire-FirstCall/ -- Main Street Capital Corporation (Nasdaq: MAIN) ("Main Street") announced today that it has completed two new core portfolio investments together totaling $15.3 million in invested capital.
Main Street recently closed a $7.0 million total investment in Harrison Hydra-Gen, Ltd. ("HHG") to support a recapitalization and growth capital financing. Main Street's investment in HHG consists of a $6.0 million first-lien debt investment with equity warrant participation and a $1.0 million direct equity investment. HHG is a Houston, Texas based manufacturer of mobile hydraulic-driven generators for the fire apparatus, oilfield service and aerial work platform markets. HHG is the largest provider of hydraulic generators to fire engine manufacturers in the United States.
In addition, Main Street closed an $8.3 million total investment in PPL RVs, Inc. ("PPL") to support a recapitalization and growth capital financing. Main Street's investment in PPL consists of a $6.3 million first-lien debt investment and a $2.0 million direct equity investment. PPL is one of the largest consigners of pre-owned recreational vehicles and online parts retailers in the United States. PPL also services recreational vehicles and sells parts directly to consumers from its sales and consignment facility located in Houston, Texas.
In addition to the new core portfolio investments, since March 31, 2010, Main Street has invested $6.5 million in privately placed, interest-bearing portfolio debt securities with a weighted average interest coupon of approximately 12%.
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. Main Street's investments are made to support management buyouts, recapitalizations, growth financings and acquisitions of companies that operate in diverse industry sectors and generally have annual revenues ranging from $10 million to $100 million. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives to its portfolio companies.
SOURCE Main Street Capital Corporation