HOUSTON, Jan. 7, 2011 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it has completed two lower middle market portfolio investments together totaling approximately $11.4 million in invested capital.
Main Street recently closed a $6.9 million investment to support the acquisition of IRTH Solutions, Inc. ("IRTH") by IRTH's existing management team and a group of private investors. Main Street's $6.9 million investment consists of $6.0 million in first lien secured debt and a $0.9 million direct equity investment. IRTH is headquartered in Columbus, Ohio and is a leading provider of software and services to the underground infrastructure damage prevention industry.
Main Street also recently closed a $4.5 million investment in Affinity VideoNet, Inc. ("Affinity") to refinance certain debt obligations of Affinity and to provide capital for Affinity's future growth. Main Street's investment consists of $4.5 million in first lien secured debt with equity warrant participation. Headquartered in Denver, CO with East Coast operations in Boston, MA, Affinity offers a full complement of high-definition video conferencing solutions across the globe.
In addition to the new portfolio investments discussed above, Main Street has invested $29.3 million in five privately placed, interest-bearing debt securities with a weighted average cash interest coupon of 10.7% during the fourth quarter of 2010. These privately placed investments represent first lien and second lien secured debt investments and include companies operating in the packaged food products, food distribution, information services and entertainment industries.
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 lower middle market 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 within its lower middle market portfolio. Main Street also maintains a portfolio of privately placed secured, interest-bearing debt investments in middle market businesses that are generally larger in size than its lower middle market
Main Street Capital Corporation
Todd A. Reppert, President and CFO
Dennard Rupp Gray & Lascar, LLC
Ken Dennard | firstname.lastname@example.org
Ben Burnham | email@example.com
SOURCE Main Street Capital Corporation