Daily News: October 1, 2014

BB&T Agents Main Street Facility Amendment

Main Street Capital announced today the amendment of its five-year credit facility. According to an 8-K dated September 25, 2014, BB&T acted as administrative agent. In addition, BB&T, Regions Bank, Frost Bank, Amegy Bank, Capital One, Texas Capital Bank, Cadence Bank, Goldman Sachs, Royal Bank of Canada, Comerica Bank, Patriot Bank, Trustmark National Bank, Raymond James Bank and First Financial Bank acted as lenders.

The recently closed amendment provides several benefits to Main Street, including an expansion of the total commitments under the facility by $20 million, to a total of $522.5 million; an extension of the final maturity by one year to September 2019, with the facility available on a fully revolving basis for the entire five-year term and reduced interest rate pricing so long as Main Street maintains an investment grade rating.

Borrowings under the amended facility bear interest, subject to Main Street’s election, on a per annum basis equal to the applicable LIBOR rate plus 2.00% or the applicable base rate plus 1.00% so long as Main Street maintains an investment grade rating, and 0.25% higher in each case otherwise.

The amended facility also contains an upsized accordion feature that allows for an increase in total commitments under the facility to up to $650 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments.

In addition to the extended maturity, Main Street continues to maintain two, one-year extension options under the amended facility which could extend the final maturity of the facility for up to two additional years. Main Street currently has $281 million of outstanding debt under the facility.