Main Street Announces Amendment of its Credit Facility
Total Commitments Increased to $655 Million
Maturity of the Facility Extended to September 2023
HOUSTON, June 6, 2018 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce the amendment of its revolving credit facility (the "Credit Facility"). The recently closed amendment provides an extension of the final maturity by more than two years to September 2023. The total commitments of the Credit Facility increased from $585.0 million to $655.0 million while maintaining an expanded accordion feature that allows for an increase up to $800.0 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. The interest rate for outstanding borrowings under the Credit Facility remains unchanged at the applicable LIBOR rate plus 1.875% so long as Main Street satisfies certain agreed upon excess collateral and leverage requirements. In addition to the extended maturity and increased commitments, Main Street continues to maintain two, one-year extension options under the amended Credit Facility which could extend the final maturity of the Credit Facility for up to two additional years, subject to certain conditions, including lender approval.
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.
SOURCE Main Street Capital Corporation