Main Street Capital adds new lender, brings facility to $430 million

By Mary-Katherine Stinson

Lexington, Ky., Jan. 18 – Main Street Capital Corp., through its wholly owned subsidiary MSCC Funding I, LLC,received a $175 million infusion of new funding from the addition of Western Alliance Bank and EverBank, NA as lenders to its revolving credit and security agreement, pushing the total commitments under the agreement to $430 million from $355 million, according to a press release and an 8-K filing with the Securities and Exchange Commission.

The joinder agreement and supplement to the firm’s existing credit agreement was executed on Oct. 12 under the facility’s accordion feature, which allows for an increase up to $450 million in total commitments from new and existing lenders on the same terms and conditions as the existing commitments.

“We are very pleased that we were able to diversify our lender group and significantly expand the commitments under our SPV credit facility. These new commitments provide us with $175 million of additional debt capital, which when combined with over $80 million of new equity capital raised under our at-the-market equity issuance program during the third quarter of 2023, has significantly increased our overall liquidity available to fund the continued growth of our investment portfolio and provided us additional flexibility with our overall capital structure,” Main Street chief executive officer Dwayne L. Hyzak said in the press release.

The credit agreement is dated Nov. 22, 2022.

Proceeds will be used as additional financing capacity to fund the future growth of the company’s investment portfolio and for general corporate purposes.

Truist Bank is the administrative agent and swingline lender.

Citibank, NA is the collateral agent, document custodian and custodian.

Virtus Group, LP is the collateral administrator.

The company is a Houston-based principal investment firm that provides debt and equity capital to middle-market companies.

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