HOUSTON, April 11,
2024 /PRNewswire/ -- Main Street Capital
Corporation (NYSE: MAIN) ("Main Street") is pleased to announce the
following recent activity in its private loan portfolio. During the
first quarter of 2024, Main Street originated new or increased
commitments in its private loan portfolio of $146.3 million and funded total investments
across its private loan portfolio with a cost basis totaling
$154.5 million.
The following represent notable new private loan commitments and
investments during the first quarter of 2024:
- $45.0 million in a first lien
senior secured loan to a manufacturer and distributor of
low-to-medium voltage transformers and accessories, connecting
power generation sources with the ultimate end users of
electricity;
- $34.2 million in a first lien
senior secured loan, $3.6 million in
a first lien senior secured revolver and $1.2 million in equity to a provider of positive
displacement meters, ultrasonic meters, turbine meters, tank truck
meters, loading systems, terminal management systems and
aftermarket spare parts across the energy value chain;
- $26.7 million in a first lien
senior secured loan, $3.0 million in
a first lien senior secured revolver, $3.0
million in a first lien senior secured delayed draw loan and
$2.3 million in equity to a provider
of highly technical specialty services to datacenters and various
other diverse end markets;
- Increased commitment of $2.5
million in a first lien senior secured incremental revolver
and $7.5 million in a first lien
senior secured delayed draw loan to a provider of server
maintenance, storage and network support to the datacenter end
market;
- Increased commitment of $6.7
million in a first lien senior secured incremental loan and
$1.1 million in a first lien senior
secured incremental revolver to a provider of snow management,
de-icing agent distribution, lawn maintenance, irrigation and water
management to commercial, industrial and government customers;
- Increased commitment of $4.5
million in a first lien senior secured incremental loan to a
provider of self-storage exterior solutions; and
- Increased commitment of $3.4
million in a first lien senior secured incremental loan to a
provider of electrical, mechanical, engineering and automation
services to industrial process facilities, primarily in the food
& beverage industry.
As of March 31, 2024, Main
Street's private loan portfolio included total investments at cost
of approximately $1.5 billion across
88 unique borrowers. The private loan portfolio, as a percentage of
cost, included 94.7% invested in first lien debt investments and
5.3% invested in equity investments or other securities.
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 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, 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.
Contacts:
Main Street Capital
Corporation
Dwayne L.
Hyzak, CEO,
dhyzak@mainstcapital.com
Jesse E. Morris, CFO and COO,
jmorris@mainstcapital.com
713-350-6000
Dennard Lascar Investor
Relations
Ken
Dennard |
ken@dennardlascar.com
Zach Vaughan |
zvaughan@dennardlascar.com
713-529-6600
View original
content:https://www.prnewswire.com/news-releases/main-street-announces-first-quarter-2024-private-loan-portfolio-activity-302113784.html
SOURCE Main Street Capital Corporation