HOUSTON, Sept. 11,
2024 /PRNewswire/ -- Main Street Capital Corporation
(NYSE: MAIN) ("Main Street") is pleased to announce that it has
priced an underwritten public offering of an additional
$100 million in aggregate principal
amount of its 6.50% notes due 2027 (the "Notes"). The Notes are
being issued at a premium to par at a public offering price of
102.134% of the principal amount per Note, resulting in estimated
gross proceeds of approximately $102.1
million and a yield-to-maturity of 5.617%.
The Notes are a further issuance of the 6.50% notes due 2027
that Main Street issued on June 4,
2024 in an aggregate principal amount of $300.0 million (the "Existing 2027 Notes"). The
Notes will be treated as a single series with the Existing 2027
Notes under the indenture and will have the same terms as the
Existing 2027 Notes. The Notes will have the same CUSIP number and
will be fungible and rank equally with the Existing
2027 Notes. Upon the issuance of the Notes, the outstanding
aggregate principal amount of Main Street's 6.50% notes due 2027
will be $400 million. The offering is
subject to customary closing conditions and is expected to close on
September 13, 2024.
Main Street intends to initially use the net proceeds from this
offering to repay outstanding indebtedness, including amounts
outstanding under Main Street's corporate revolving credit facility
(the "Corporate Facility") or its special purpose vehicle revolving
credit facility (the "SPV Facility" and, together with the
Corporate Facility, the "Credit Facilities"), and then, through
re-borrowing under the Credit Facilities, 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.
Truist Securities, Inc., J.P. Morgan Securities LLC, RBC Capital
Markets, LLC and SMBC Nikko Securities America, Inc. are acting as
joint bookrunners for this offering. Raymond James & Associates, Inc., Zions
Direct, Inc., TCBI Securities, Inc., doing business as Texas
Capital Securities, Hancock Whitney Investment Services, Inc.,
Comerica Securities, Inc., B. Riley Securities, Inc. and WauBank
Securities LLC 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 September 11, 2024, the
preliminary prospectus supplement dated September 11, 2024, the accompanying prospectus
dated March 3, 2022, 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 Truist Securities, Inc., Attention: Prospectus
Department, 303 Peachtree Street, Atlanta, GA 30308, telephone: 800-685-4786, or
e-mail: TSIdocs@Truist.com; J.P. Morgan Securities LLC, 383 Madison
Avenue, New York, NY 10179, Attn:
Investment Grade Syndicate Desk, 212-834-4533; RBC Capital Markets,
LLC, Brookfield Place,
200 Vesey Street, 8th Floor, New
York, NY 10281, toll-free: 1-866-375-6829, or e-mail:
rbcnyfixedincomeprospectus@rbccm.com; or SMBC Nikko Securities
America, Inc. at 277 Park Avenue, New
York, New York 10172, Attn: Debt Capital Markets,
1-888-868-6856, or e-mail: prospectus@smbcnikko-si.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 investment strategy. Main Street's lower
middle market portfolio companies generally have annual revenues
between $10 million and $150 million. Main Street's middle market
portfolio companies are generally larger in size than its lower
middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC
Adviser I, LLC ("MSC Adviser"), also maintains an asset management
business through which it manages investments for external
parties. MSC Adviser is registered as an investment adviser
under the Investment Advisers Act of 1940, as amended.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements
which are based upon Main Street management's current expectations
and are inherently uncertain. The forward-looking statements
may include statements as to Main Street's notes offering, the
expected net proceeds from the offering and the anticipated use of
the net proceeds of the offering. 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, events 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
Ryan R. Nelson, CFO,
rnelson@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