Main Street Capital prices $350M notes due 2029
Investing.com | Editor Lina Guerrero
Published Jan 10, 2024 05:31PM ET
HOUSTON - Main Street Capital Corporation (NYSE: NYSE:MAIN), a principal investment firm, has announced the pricing of a public offering of $350 million in notes at a 6.95% interest rate, with a maturity date set for March 1, 2029. The interest on these notes is to be paid semiannually. The notes offering, subject to standard closing conditions, is expected to close on January 12, 2024.
The company has stated that the net proceeds from the sale of the notes will initially be used to repay existing debts. This includes outstanding amounts under Main Street's corporate revolving credit facility, its special purpose vehicle revolving credit facility, and its senior notes due in 2024.
Following the repayment of these debts, Main Street plans to re-borrow under the credit facilities to fund new investments that align with its investment objectives and strategies. Additionally, the funds may be used to invest in marketable securities, cover operating expenses, and for other general corporate purposes.
Joint bookrunners for the offering include SMBC Nikko Securities America, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, and Truist Securities, Inc. Co-managers for the offering are Raymond James & Associates, Inc., TCBI Securities, Inc., and several other financial services firms.
Main Street Capital Corporation is known for providing long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. It also manages investments for external parties through its wholly owned portfolio company, MSC Adviser I, LLC, which is registered as an investment adviser.
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