Main Street Announces New Portfolio Investment
HOUSTON, June 3, 2014 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it recently led a new portfolio investment totaling $19.2 million of invested capital in Datacom, L.L.C. ("Datacom"), with Main Street funding $17.2 million of the new investment. The proceeds of the investment were used to complete a minority recapitalization, refinance existing debt and provide capital to fund Datacom's near-term growth opportunities. Main Street's investment in Datacom includes first-lien, senior secured term debt and a direct equity investment. In addition, Main Street and its co-investor are providing Datacom an undrawn revolving line of credit to support its future working capital needs and a commitment for additional term loans to support its future growth opportunities.
Headquartered in Lafayette, Louisiana, and founded in 2002, Datacom is a leading Gulf Coast region provider of communication and data transfer technology solutions primarily to the oil & gas exploration and production and marine industries. Datacom operates through several subsidiaries and under several trade names in addition to Datacom, including Global Technology Group, Blackhawk Security Solutions and Raven Research and Development. In addition to its headquarters in Lafayette, Louisiana, Datacom maintains operating locations in Cutoff, Louisiana; Carthage, Texas; Devine, Texas; and Midland, Texas. Main Street completed its investment in partnership with Datacom's management team, which retained majority equity ownership of Datacom, as the company enters into its next phase of growth.
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 June 3, 2014