Main Street Capital Announces New Portfolio Investments
HOUSTON, Dec. 2, 2010 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it has completed a new portfolio investment in OPI International, Ltd. ("OPI" or the "Company") totaling $8.75 million in invested capital to support the Company's growth and related capital expenditures. Main Street's $8.75 million investment consists of $8.0 million in first lien secured debt, $0.75 million in junior debt, and equity warrant participation in the Company. In addition to this initial investment, Main Street provided for additional financing capacity to fund the Company's future growth prospects. OPI provides offshore construction services to large integrated and independent customers within the oil and gas industry. The Company's services include facility maintenance programs, drilling and production support services, upgrade and refurbishment services, and new project development and execution.
In addition to the new portfolio investment discussed above, Main Street has invested $22.1 million since September 30, 2010 in 4 privately placed, interest-bearing portfolio debt securities with a weighted average interest coupon of 10.7%. These new portfolio investments represent first lien and second lien secured debt investments and include companies operating in the packaged food products, food distribution, and information services industries.
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. Main Street's investments are made to support management buyouts, recapitalizations, growth financings and acquisitions of companies that operate in diverse industry sectors and generally have annual revenues ranging from $10 million to $100 million. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives to its portfolio companies.
Contacts: Main Street Capital Corporation Todd A. Reppert, President and CFO treppert@mainstcapital.com 713-350-6000 Dennard Rupp Gray & Lascar, LLC Ken Dennard | ksdennard@drg-l.com Ben Burnham | bburnham@drg-l.com 713-529-6600
SOURCE Main Street Capital Corporation
Released December 2, 2010