Exhibit 99.1 | | | | | |
| NEWS RELEASE |
| Contacts: Main Street Capital Corporation Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com Jesse E. Morris, CFO and COO, jmorris@mainstcapital.com 713-350-6000 Dennard Lascar Investor Relations Ken Dennard / ken@dennardlascar.com Zach Vaughan / zvaughan@dennardlascar.com 713-529-6600 |
Main Street Announces Second Quarter 2024 Private Loan Portfolio Activity
HOUSTON – July 11, 2024 – Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) is pleased to announce the following recent activity in its private loan portfolio. During the second quarter of 2024, Main Street originated new or increased commitments in its private loan portfolio of $375.9 million and funded total investments across its private loan portfolio with a cost basis totaling $323.8 million.
The following represent notable new private loan commitments and investments during the second quarter of 2024:
•$107.6 million in a first lien senior secured loan and $15.4 million in a first lien senior secured revolver to a manufacturer of custom engineered die cut, formed foam, nonwoven and multi-material components for the automotive and healthcare end markets;
•$47.5 million in a first lien senior secured loan, $10.5 million in a first lien senior secured revolver and $25.0 million in a first lien senior secured delayed draw loan to a provider of senior-level executive search, interim placement, consulting and other talent advisory solutions;
•$52.8 million in a first lien senior secured loan and $6.2 million in a first lien senior secured revolver to a provider of mission critical services to datacenters specializing in the procurement and maintenance of power systems equipment;
•$42.9 million in a first lien senior secured loan and $3.6 million in a senior secured revolver to a provider of packaging supply chain solutions including contract packaging, procurement, warehousing, process design and third-party logistics;
•$26.4 million in a first lien senior secured loan and $0.1 million in a first lien senior secured revolver to a provider of asset management and alternative investing services;
•Increased commitment of $8.1 million in a first lien senior secured incremental loan and $13.5 million in a first lien senior secured incremental delayed draw loan to a provider of clinical trial sites used by drug manufacturers to perform clinical trials;
•Increased commitment of $5.8 million in a first lien senior secured incremental revolver to a supplier of complex antenna and thermal management solutions critical to the advancement and management of next-generation radars, electronic warfare and defense systems;
•$5.2 million in a first lien senior secured loan and $0.5 million in a first lien senior secured revolver to a provider of maintenance, installation and construction services for wastewater treatment and environmental solutions; and
•$4.0 million in a first lien senior secured loan to a provider of safety, logistics, project planning, materials management and technology support services to refineries and petrochemical plants.
As of June 30, 2024, Main Street’s private loan portfolio included total investments at cost of approximately $1.8 billion across 92 unique borrowers. The private loan portfolio, as a percentage of cost, included 95.4% invested in first lien debt investments and 4.6% invested in equity investments or other securities.
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 and debt capital to middle market companies. Main Street’s 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 seeks to partner with entrepreneurs, business owners and management teams and generally provides “one-stop” financing alternatives within its lower middle market investment strategy. Main Street’s lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street’s middle market portfolio companies are generally larger in size than its lower middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC Adviser I, LLC (“MSC Adviser”), 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.