Main Street Announces New Portfolio Investment
HOUSTON, July 9, 2015 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it recently led a new portfolio investment totaling $17.4 million of invested capital in HW Temps LLC ("HW" or the "Company"), with Main Street funding $13.9 million of the investment. Main Street's investment in HW included a first-lien, senior secured term debt investment and a preferred equity investment. Main Street and its co-investor partnered to facilitate a recapitalization of the Company and to support the Company's growth initiatives. In addition, Main Street and its co-investor are providing HW an undrawn credit facility to support its future growth initiatives and working capital needs.
Headquartered in South Easton, Massachusetts and founded in 1980, HW (www.hwstaffing.com) provides temporary staffing and related services primarily to employers in the light industrial, manufacturing, and distribution industries. HW operates in 9 states through 14 branch offices and 10 on-site locations across the northeast and southern U.S.
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."
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SOURCE Main Street Capital Corporation
Released July 9, 2015