Main Street Announces New Portfolio Investment
HOUSTON, Nov. 3, 2015 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it recently led a new portfolio investment totaling $15.5 million of invested capital to fund the near-term growth opportunities for Apex Linen Service, Inc. ("Apex Linen"), with Main Street funding $12.4 million of the investment. The investment in Apex Linen included a combination of first-lien, senior secured term debt and a revolving line of credit. Main Street and its co-investor also have a commitment to provide $2.5 million of additional first-lien, senior secured term debt in the near-term future upon the completion of certain conditions. In addition, Main Street and its co-investor are providing Apex Linen a conditional commitment beyond the $2.5 million of additional first-lien, senior secured term debt for additional capital to support its future growth opportunities.
Headquartered in Las Vegas, Nevada, and founded in 2010 by long-established industry experts, Apex Linen (www.apexlinen.com) is a provider of commercial laundry and linen services to the hotel and gaming industry in Las Vegas metropolitan area. Apex Linen maintains a reputation for the highest quality commercial laundry services in the Las Vegas metropolitan area and is a provider to some of the largest hotels on the Las Vegas strip. Main Street's investment will enable Apex Linen to expand production capacity at its current facility and have the flexibility to finance future growth opportunities.
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."
SOURCE Main Street Capital Corporation