Main Street Announces New Portfolio Investment Through Joint Venture
HOUSTON, Sept. 10, 2015 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it recently entered into a joint venture with Capital Southwest Corporation (NASDAQ: CSWC) ("Capital Southwest") to form I-45 SLF LLC ("I-45 SLF"), a senior loan fund that will invest primarily in syndicated senior secured loans in the upper middle market. The initial equity capital commitment to I-45 SLF will total $85.0 million, consisting of $17.0 million from Main Street and $68.0 million from Capital Southwest. Main Street will own 20.0% of I-45 SLF and will have a profits interest of 24.4%. It is anticipated that I-45 SLF will enter into a senior credit facility, the borrowings from which will be used to fund the purchase of senior secured loan assets. Main Street and Capital Southwest expect to begin funding loans for I-45 SLF later this month.
"We believe the I-45 SLF is an attractive investment opportunity that allows us to leverage our established middle market platform to build additional investment portfolios and generate additional returns for our stakeholders," said Vince Foster, Chairman, President and Chief Executive Officer of Main Street.
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 September 10, 2015