Main Street Capital Corporation (NYSE: MAIN) has announced the amendment of its revolving credit facility, with the total commitments increased to $1.110 billion. This marks an increase from the previous total commitments of $995.0 million. The diversified group of lenders has also been expanded to include 19 lenders.
Additionally, the amended corporate facility includes an expanded accordion feature, allowing for an increase up to $1.665 billion of total commitments from new and existing lenders on the same terms and conditions as the existing commitments.
The final maturity of the facility has been extended to June 2029, with maturity dates of June 2029 on $1.035 billion and August 2027 on $0.075 billion of the total revolving commitments, respectively. Main Street also maintains two, one-year extension options under the amended corporate facility, which could extend the final maturity for up to two additional years, subject to certain conditions, including lender approval.
Main Street Capital Corporation primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Its 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's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million, while its middle market portfolio companies are generally larger in size than its lower middle market portfolio companies.
Through its wholly owned portfolio company MSC Adviser I, LLC, Main Street 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. Today the company's shares have moved 0.7% to a price of $50.49. Check out the company's full 8-K submission here.
