HOUSTON, July 23, 2020 /PRNewswire/ -- Main Street
Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to
announce that it has priced an underwritten public offering of an
additional $125.0 million in
aggregate principal amount of its 5.20% notes due 2024 (the
"Notes"). The Notes are being issued at a premium to par at a
public offering price of approximately 102.67% of the principal
amount per Note, resulting in estimated gross proceeds of
approximately $128.3 million and a
yield-to-maturity of approximately 4.42%.
The Notes are a further issuance of the 5.20% notes due 2024
that Main Street issued on April 23,
2019 in an aggregate principal amount of $250.0 million and on December 5, 2019 in an aggregate principal amount
of $75.0 million (together, the
"Existing 2024 Notes"). The Notes will be treated as a single
series with the Existing 2024 Notes under the indenture and will
have the same terms as the Existing 2024 Notes. The Notes will have
the same CUSIP number and will be fungible and rank equally with
the Existing 2024 Notes. Upon the issuance of the Notes, the
outstanding aggregate principal amount of Main Street's 5.20% notes
due 2024 will be $450.0 million. The offering is subject to
customary closing conditions and is expected to close on
July 28, 2020.
Main Street intends to initially use the net proceeds from this
offering to repay outstanding debt borrowed under its credit
facility and then, through re-borrowing under the credit facility,
to make investments in accordance with its investment objective and
strategies, to make investments in marketable securities and idle
funds investments, to pay operating expenses and other cash
obligations, and for general corporate purposes.
RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and
Raymond James & Associates, Inc.
are acting as joint bookrunners for this offering. Comerica
Securities, Inc. and WoodRock Securities, L.P. are acting as
co-managers for this offering.
Investors should carefully consider, among other things, Main
Street's investment objective and strategies and the risks related
to Main Street and the offering before investing. The pricing term
sheet dated July 23, 2020, the
preliminary prospectus supplement dated July
23, 2020, the accompanying prospectus dated April 30, 2019, each of which has been filed with
the Securities and Exchange Commission, any related free writing
prospectus, and any information incorporated by reference in each,
contain this and other information about Main Street and should be
read carefully before investing.
A shelf registration statement relating to these securities is
on file with the Securities and Exchange Commission and effective.
The offering may be made only by means of a preliminary prospectus
supplement and an accompanying prospectus, copies of which may be
obtained from RBC Capital Markets, LLC, Attention: Investment Grade
Syndicate Desk, 200 Vesey Street, 8th Floor, New York, NY 10281, telephone: 866-375-6829,
or e-mail: rbcnyfixedincomeprospectus@rbccm.com and SunTrust
Robinson Humphrey, Inc., Attention: Prospectus Department, 303
Peachtree Street, Atlanta, GA
30308, telephone: 800-685-4786, or e-mail:
STRHdocs@SunTrust.com.
The information in the pricing term sheet, the preliminary
prospectus supplement, the accompanying prospectus and this press
release is not complete and may be changed. The pricing term sheet,
the preliminary prospectus supplement, the accompanying prospectus
and this press release do not constitute offers to sell or the
solicitation of offers to buy, nor will there be any sale of the
notes referred to in this press release, in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of such state or jurisdiction.
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.
FORWARD-LOOKING STATEMENTS
This press release may
contain certain forward-looking statements which are based upon
Main Street management's current expectations and are inherently
uncertain. Any such statements other than statements of
historical fact are likely to be affected by other unknowable
future events and conditions, including elements of the future that
are or are not under Main Street's control, and that Main Street
may or may not have considered; accordingly, such statements cannot
be guarantees or assurances of any aspect of future performance.
Actual performance and results could vary materially from
these estimates and projections of the future as a result of a
number of factors, including those described from time to time in
Main Street's filings with the Securities and Exchange Commission.
Such statements speak only as of the time when made and are
based on information available to Main Street as of the date hereof
and are qualified in their entirety by this cautionary statement.
Main Street assumes no obligation to revise or update any
such statement now or in the future.
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO,
dhyzak@mainstcapital.com
Brent D. Smith, CFO,
bsmith@mainstcapital.com
713-350-6000
Dennard Lascar Investor
Relations
Ken Dennard |
ken@dennardlascar.com
Zach Vaughan |
zvaughan@dennardlascar.com
713-529-6600
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SOURCE Main Street Capital Corporation