Exhibit
99.1
 |
NEWS RELEASE |
|
Contacts:
Main
Street Capital Corporation
Todd
A.
Reppert, President and CFO
treppert@mainstreethouston.com
713-350-6000
Dennard
Rupp Gray and Easterly, LLC
Ken
Dennard
ksdennard@drg-e.com
/ 713-529-6600
Augustine
Okwu
gokwu@drg-e.com
/ 404-532-0086
|
Main
Street Capital Declares Initial
Quarterly
Dividend of $0.33 Per Share
HOUSTON,
TEXAS, November 5, 2007– Main Street Capital Corporation
(NASDAQ-GS: MAIN) (“Main Street”) announced today that its Board of Directors
declared an initial quarterly dividend of $0.33 per share. The
initial dividend represents an 8.8% annual yield based upon the $15.00 per
share
initial public offering price.
This
initial
dividend is being paid based upon the accumulated taxable income recognized
by
Main Street, including the gain realized from the previously announced sale
of
portfolio company All Hose & Specialty, LLC. For tax
purposes, it is estimated that approximately 67% of this initial dividend will
be designated as long-term capital gain with the remainder reflected as ordinary
taxable income. The final determination of the tax attributes for
this dividend will be made after the close of the 2007 tax year and may differ
from the estimates above. In addition, it is currently estimated that
Main Street will generate taxable income for its 2007 tax year in excess of
the
initial quarterly dividend. Main Street intends to carry over any
undistributed excess 2007 taxable income, net of a 4% excise tax, for
distribution to its shareholders in 2008.
The
initial
quarterly dividend will be payable on November 30, 2007 to shareholders of
record on November 16, 2007.
ABOUT
MAIN STREET CAPITAL CORPORATION
Main
Street
(www.mainstreethouston.com) is a principal investment firm that provides
long-term debt and equity capital to lower middle market
companies. Main Street’s investments are generally made to support
management buyouts, recapitalizations, growth financings and acquisitions of
companies that operate in diverse industry sectors and generally have annual
revenues ranging from $10 to $100 million. Main Street seeks to partner with
entrepreneurs, business owners and management teams and generally provides
“one-stop” financing alternatives to its portfolio companies.
FORWARD-LOOKING
STATEMENTS
This
press
release may contain certain forward-looking statements. Any such statements,
other than statements of historical fact, are likely to be affected by other
unknowable future events and conditions, including elements of the future that
are or are not under Main Street’s control, and that Main Street may or may not
have considered; accordingly, such statements cannot be guarantees or assurances
of any aspect of future performance. Actual developments and results are highly
likely to vary materially from these estimates and projections of the future.
Such statements speak only as of the time when made, and Main Street undertakes
no obligation to update any such statement now or in the future.
#
#
#