Main Street Announces New Portfolio Investment
HOUSTON, Oct. 23, 2013 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it recently closed a new portfolio investment totaling $9.2 million of invested capital in Glowpoint, Inc. (NYSE MKT: GLOW) ("Glowpoint"). Main Street's investment in Glowpoint consists of $9.0 million in first lien senior, secured term debt and $0.2 million funded on a $2.0 million revolving credit facility. Main Street previously completed a $3.75 million indirect investment in Glowpoint's common equity. The proceeds of Main Street's debt investment enabled Glowpoint to refinance its current senior debt obligations and provided additional working capital to the company. Main Street's investments in Glowpoint represent Main Street's second investment to partner with Glowpoint's executive management team.
Glowpoint is a leading provider of cloud managed video collaboration, network, and support services to large enterprises and mid-sized companies to support their unified communications strategies and business goals. More than 1,000 organizations in 96 countries rely on its unmatched experience, business-class support and cloud-based services to collaborate with colleagues, business partners, and customers more effectively. Glowpoint was founded in 1991 and is headquartered in Murray Hill, New Jersey.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that 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 portfolio. Main Street's lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street's middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.
Main Street's common stock trades on the New York Stock Exchange ("NYSE") under the symbol "MAIN." In addition, Main Street has outstanding 6.125% Notes due 2023, which trade on the NYSE under the symbol "MSCA."
Main Street Capital Corporation
Dwayne L. Hyzak, CFO and Senior Managing Director
SOURCE Main Street Capital Corporation
Released October 23, 2013