By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Sept. 28 – Main Street Capital Corp. priced a $200 million add-on to its 3% notes due July 14, 2026 (expected: /BBB-/) at 101.741 to yield 2.604% and a spread of 160 basis points over Treasuries, according to a press release and an FWP filing with the Securities and Exchange Commission.
The notes will be added to, and fungible with, the $300 million of notes issued on Jan. 14, 2021.
The notes were talked in the Treasuries plus 170 bps area, a market source said.
The notes can be redeemed at any time at par plus a make-whole premium, if applicable.
RBC Capital Markets LLC, Truist Securities, Inc. and SMBC Nikko Securities America, Inc. were the active bookrunners and Raymond James & Associates, Inc. was the passive bookrunner.
Proceeds will be used to repay amounts under the company’s credit facility. The company will subsequently reborrow money under its credit facility, which will be used for investment in line with its objective and strategies.
The company is a Houston-based principal investment firm that provides debt and equity capital to middle-market companies.
| Issuer: | Main Street Capital Corp.
|
| Amount: | $200 million add-on
|
| Description: | Notes
|
| Maturity: | July 14, 2026
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| Bookrunners: | RBC Capital Markets LLC, Truist Securities, Inc., SMBC Nikko Securities America, Inc. (active) and Raymond James & Associates, Inc. (passive)
|
| Co-managers: | Comerica Securities, Inc., Hancock Whitney Investment Services, Inc. and Zions Direct, Inc.
|
| Coupon: | 3%
|
| Price: | 101.741
|
| Yield: | 2.604%
|
| Spread: | Treasuries plus 160 bps
|
| Call feature: | Make-whole call at any time
|
| Pricing date: | Sept. 28
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| Settlement date: | Oct. 1
|
| Rating: | S&P: BBB- (expected)
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| Distribution: | SEC registered
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| Talk: | Treasuries plus 170 bps area
|
| Total amount: | $500 million, including $300 million issued on Jan. 14, 2021
|
| Cusip: | 56035LAE4
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