|12 Months Ended|
Dec. 31, 2022
|Subsequent Events [Abstract]|
|SUBSEQUENT EVENTS||SUBSEQUENT EVENTS
In January 2023, Main Street expanded its total commitments under the Corporate Facility from $920.0 million to $980.0 million. The recent increase in total commitments was executed under the accordion feature of the Corporate Facility which allows for an increase up to $1.4 billion in total commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments.
In February 2023, Main Street entered into a first supplement to the Master Note Purchase Agreement dated December 23, 2022, governing the issuance of $50.0 million in aggregate principal amount of 7.53% Series B unsecured notes (the “December 2025 Follow-On Notes”) to qualified institutional investors in a private placement. The December
2025 Follow-On Notes were issued on February 2, 2023 and will mature on December 23, 2025 unless redeemed, purchased or prepaid prior to such date by Main Street or its affiliates in accordance with their terms. Interest on the December 2025 Follow-On Notes will be due semiannually on June 23 and December 23. In addition, Main Street is obligated to offer to repay the December 2025 Follow-On Notes at par plus accrued and unpaid interest if certain change in control events occur. The December 2025 Follow-On Notes are general unsecured obligations of Main Street’s that rank pari passu with all of Main Street’s outstanding and future unsecured unsubordinated indebtedness.
In February 2023, Main Street declared a supplemental cash dividend of $0.175 per share payable in March 2023. This supplemental cash dividend is in addition to the previously announced regular monthly cash dividends that Main Street declared $0.225 per share for each of January, February and March 2023 or total regular monthly cash dividends of $0.675 per share first quarter of 2023.
In February 2023, Main Street also declared regular monthly dividends of $0.225 per share for each of April, May and June of 2023. These regular monthly dividends equal a total of $0.675 per share for the second quarter of 2023, representing a 4.7% increase from the regular monthly dividends paid in the second quarter of 2022. Including the regular monthly and supplemental dividends declared for the first and second quarters of 2023, Main Street will have paid $36.645 per share in cumulative dividends since its October 2007 initial public offering.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef