Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.22.2.2
DEBT (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
Summary of debt as of September 30, 2022 is as follows:
Outstanding
Balance		 Unamortized Debt
Issuance
(Costs)/Premiums (2)		 Recorded Value Estimated Fair
Value (1)
(in thousands)
Credit Facility $ 561,000  $ —  $ 561,000  $ 561,000 
3.00% Notes due 2026
 500,000  (1,996) 498,004  422,715 
5.20% Notes due 2024
 450,000  863  450,863  444,114 
SBIC Debentures 350,000  (6,382) 343,618  288,546 
4.50% Notes due 2022
 185,000  (101) 184,899  184,819 
Total Debt $ 2,046,000  $ (7,616) $ 2,038,384  $ 1,901,194 
____________________
(1)Estimated fair value for outstanding debt if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.11.—Summary of Significant Accounting Policies—Fair Value of Financial Instruments.
(2)The unamortized debt issuance costs for the Credit Facility are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the 3.00% Notes due 2026, 5.20% Notes due 2024, 4.50% Notes due 2022 and SBIC Debentures are reflected as contra-liabilities on the Consolidated Balance Sheets.
Summary of debt as of December 31, 2021 is as follows:
Outstanding
Balance		 Unamortized Debt
Issuance
(Costs)/Premiums (2)		 Recorded Value Estimated Fair
Value (1)
(in thousands)
Credit Facility $ 320,000  $ —  $ 320,000  $ 320,000 
3.00% Notes due 2026
 500,000  (2,391) 497,609  502,285 
5.20% Notes due 2024
 450,000  1,272  451,272  480,767 
SBIC Debentures 350,000  (7,269) 342,731  328,206 
4.50% Notes due 2022
 185,000  (556) 184,444  190,043 
Total Debt $ 1,805,000  $ (8,944) $ 1,796,056  $ 1,821,301 
____________________
(1)Estimated fair value for outstanding debt if Main Street had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of Main Street’s debt in Note B.11.—Summary of Significant Accounting Policies—Fair Value of Financial Instruments.
(2)The unamortized debt issuance costs for the Credit Facility are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the 3.00% Notes due 2026, 5.20% Notes due 2024, 4.50% Notes due 2022 and SBIC Debentures are reflected as contra-liabilities on the Consolidated Balance Sheets.
Schedule of Interest Expense
Summarized interest expense for the three and nine months ended September 30, 2022 and 2021 is as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
(dollars in thousands)
Credit Facility $ 6,551  $ 1,574  $ 11,249  $ 3,948 
3.00% Notes due 2026
 3,882  2,487  11,645  7,124 
5.20% Notes due 2024
 5,714  5,714  17,141  17,141 
SBIC Debentures 2,855  2,704  8,482  8,002 
4.50% Notes due 2022
 2,233  2,233  6,699  6,699 
Total Interest Expense $ 21,234  $ 14,711  $ 55,216  $ 42,914