Exhibit (l)(2)
[Letterhead of Sutherland Asbill & Brennan LLP]
January 13, 2010
Main Street Capital Corporation
1300 Post Oak Boulevard, Suite 800
Houston, TX 77056
Ladies and Gentlemen:
We have acted as counsel to Main Street Capital Corporation, a Maryland corporation (the
Company), in connection with the registration statement on Form N-2 (File No. 333-1558056) (the
Registration Statement) filed by the Company with the Securities and Exchange Commission (the
Commission) under the Securities Act of 1933, as amended (the Securities Act), previously
declared effective by the Commission, relating to the public offering of securities of the Company
that may be offered by the Company from time to time as set forth in the prospectus dated May 1,
2009, which forms a part of the Registration Statement (the Prospectus), and as may be set forth
from time to time in one or more supplements to the Prospectus. This opinion letter is rendered in
connection with the public offering of 2,875,000 shares of common stock of the Company (the
Shares), including 375,000 shares issuable by the Company to cover the underwriters
over-allotment option, as described in the Prospectus and a prospectus supplement dated January 13,
2010 (the Prospectus Supplement). All of the Shares are to be sold by the Company as described
in the Registration Statement and related Prospectus and Prospectus Supplement.
The Shares are to be sold by the Company pursuant to an underwriting agreement (the
Underwriting Agreement), dated as of January 13, 2010, by and between the Company and Morgan
Keegan & Company, Inc., which is being filed as Exhibit (h) to the Companys Post-Effective
Amendment No. 3 (the Post-Effective Amendment) to the Registration Statement, to be filed with
the Commission on the date hereof.
As counsel to the Company, we have participated in the preparation of the Registration
Statement, the Prospectus and the Prospectus Supplement and have examined the originals or copies,
certified or otherwise identified to our satisfaction as being true copies of such records,
documents or other instruments as we in our judgment have deemed to be necessary or appropriate to
enable us to render the opinions hereinafter expressed including, without limitation, the
following:
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(i) |
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The Articles of Amendment and Restatement of the Company, certified
as of the date hereof by an officer of the Company; |
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(ii) |
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The Amended and Restated Bylaws of the Company, certified as of the
date hereof by an officer of the Company; |
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(iii) |
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A Certificate of Good Standing with respect to the Company issued by
the State Department of Assessments and Taxation of the State of
Maryland as of a recent date; and |
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(iv) |
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The resolutions of the board of directors of the Company relating
to, among other things, (a) the authorization and approval of the
preparation and filing of the Registration Statement, and (b) the
authorization, issuance, offer and sale of the Shares pursuant to
the Underwriting Agreement, the Registration Statement, the
Prospectus and the Prospectus Supplement, certified as of the date
hereof by an officer of the Company. |
With respect to such examination and our opinions expressed herein, we have assumed, without
any independent investigation or verification, (i) the genuineness of all signatures on all
documents submitted to us for examination, (ii) the legal capacity of all natural persons, (iii)
the authenticity of all documents submitted to us as originals, (iv) the conformity to original
documents of all documents submitted to us as conformed or reproduced copies and the authenticity
of the originals of such copied documents, and (v) that all certificates issued by public officials
have been properly issued. We also have assumed without independent investigation or verification
the accuracy and completeness of all corporate records made available to us by the Company.
Where factual matters material to this opinion letter were not independently
established, we have relied with your approval upon certificates of public officials (which we have
assumed remain accurate as of the date of this opinion), upon certificates and/or representations
of officers and employees of the Company, upon such other certificates as we deemed appropriate,
and upon such other data as we have deemed to be appropriate under the circumstances. Except as
otherwise stated herein, we have undertaken no independent investigation or verification of factual
matters. We have also made such examination of law as we have considered necessary for the purposes
of the opinions hereinafter expressed.
This opinion letter is limited to the effect of the General Corporation Law of the State
of Maryland, as in effect on the date hereof, and we express no opinion as to the applicability or
effect of any other laws of such jurisdiction or the laws of any other jurisdictions. Without
limiting the preceding sentence, we express no opinion as to any state securities or broker dealer
laws or regulations thereunder relating to the offer, issuance and sale of the Shares.
On the basis of and subject to the foregoing, and in reliance thereon, and subject to
the limitations and qualifications set forth in this opinion letter, we are of the opinion that the
Shares have been duly authorized and, when issued and paid for in accordance with the terms of the
Underwriting Agreement, the Shares will be validly issued, fully paid and nonassessable.
This opinion letter is limited to the matters expressly set forth herein, and no opinion may
be implied or inferred beyond those expressly stated. This opinion is based upon currently
existing statutes, rules, regulations and judicial decisions, and we disclaim any obligation to
advise you of any change in any of these sources of law or subsequent legal or factual
developments which might affect any matters or opinions set forth herein.
We hereby consent to the filing of this opinion as an exhibit to the Post-Effective Amendment
and to the reference our firm in the Legal Matters section in the Prospectus Supplement. We do
not admit by giving this consent that we are in the category of persons whose consent is required
under Section 7 of the Securities Act.
Very truly yours,
/s/ Sutherland Asbill & Brennan LLP