Main Street Announces Fourth Quarter 2022 Private Loan Portfolio Activity
HOUSTON, Jan. 12, 2023 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce the following recent activity in its private loan portfolio. During the fourth quarter of 2022, Main Street originated new or increased commitments in its private loan portfolio of $44.2 million and funded total investments across its private loan portfolio with a cost basis totaling $86.4 million.
The following represent notable new private loan commitments and investments during the fourth quarter of 2022:
- $29.1 million in a first lien senior secured loan and $3.7 million in a first lien senior secured revolver to an exclusive dealer and aircraft maintenance and upgrades service provider for single-engine turboprop airplanes in the United States;
- Increased commitment of $6.5 million in a mezzanine loan to a provider of secured cloud communications solutions and managed services for commercial, enterprise and public sector organizations throughout the United States; and
- Increased commitment of $4.9 million in a first lien senior secured incremental loan to a specialty distributor of hard-to-find and obsolete electronic components globally.
As of December 31, 2022, Main Street's private loan portfolio included total investments at cost of approximately $1.5 billion across 85 unique borrowers. The private loan portfolio, as a percentage of cost, included 96.7% invested in first lien debt investments and 3.3% invested in equity investments or other securities.
Main Street (www.mainstcapital.com) is a principal investment firm that primarily 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 investment strategy. 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, through its wholly owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.
SOURCE Main Street Capital Corporation
Released January 12, 2023