Main Street Capital Announces New Investment in Walden Smokey Point

MAIN STREET CAPITAL HAS APPROXIMATELY $65 MILLION OF CURRENT LIQUIDITY

HOUSTON, Jan. 15 /PRNewswire-FirstCall/ -- Main Street Capital Corporation (Nasdaq: MAIN) ("Main Street") announced today that it has completed a new portfolio investment in Walden Smokey Point, Inc. ("Smokey Point") to support an investor and management led buyout transaction of Smokey Point Distributing, Inc. Main Street's investment in Smokey Point consists of a $4.8 million second lien, secured debt investment and a $0.6 million equity investment representing approximately 8.5% of the outstanding common equity interest in Smokey Point. Smokey Point is a leading provider of specialty transportation and logistical services throughout the United States. As a less-than-truckload ("LTL") carrier, Smokey Point operates in a niche sector of the transportation industry, specializing in large, irregular and difficult to handle cargo such as heavy machinery, aerospace parts and raw materials. Smokey Point was founded in 1979 and is based in Arlington, Washington, with an additional terminal in Wichita, Kansas. Smokey Point's growth plans include additional terminals in Southern California and the eastern seaboard.

Subsequent to this new investment, Main Street has approximately $65 million of liquidity including $35 million of net cash or short-term investments, which is net of approximately $5 million in cash reserved for future purchases under Main Street's previously announced share repurchase program, and an undrawn $30 million investment line of credit facility. Main Street expects that its current liquidity will provide sufficient funding for its new investment and operational activities during the foreseeable future.

ABOUT MAIN STREET CAPITAL CORPORATION

Main Street (www.mainstcapital.com) is a principal investment firm that 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 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.

FORWARD LOOKING STATEMENTS

This press release may contain certain forward-looking statements, including but not limited to the current liquidity being sufficient to fund new investment and operational activities for the foreseeable future. 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 developments and results may vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and Main Street undertakes no obligation to update any such statement now or in the future.

    Contacts:
    Main Street Capital Corporation
    Todd A. Reppert, President and CFO
    treppert@mainstcapital.com
    713-350-6000

    Dennard Rupp Gray and Easterly, LLC
    Ken Dennard
    ksdennard@drg-e.com / 713-529-6600
    Augustine Okwu
    gokwu@drg-e.com / 404-532-0086

SOURCE Main Street Capital Corporation

Released January 15, 2009