Daily News: June 28, 2012

Main Street Capital Closes Public Offering of Common Stock


Main Street Capital Corporation announced that it closed the previously announced underwritten public offering of 3.75 million shares of common stock at a public offering price of $22.50 per share (or approximately 143% of its latest reported net asset value per share of $15.72). In addition, the underwriters fully exercised their option to purchase 562,500 additional shares of the company’s common stock to cover over-allotments.

Including the exercise of the over-allotment option, the total number of shares sold in the offering was 4,312,500. Net proceeds from the offering, including exercise of the over-allotment option but after deducting underwriting discounts and estimated offering expenses payable by the company, were approximately $93 million.

Main Street intends to use the net proceeds from this offering, including the net proceeds from the exercise of the underwriters’ over-allotment option, to make portfolio investments in accordance with its investment objective and strategies, to make investments in marketable securities and idle funds investments, to repay outstanding debt borrowed under its credit facility, to pay operating expenses and other cash obligations, and for general corporate purposes.

The underwriters of this offering are Raymond James, Robert W. Baird & Co. Incorporated, BB&T Capital Markets, a division of Scott & Stringfellow, LLC, Sanders Morris Harris Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc.

Main Street 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.

Previously on abfjournal.com:

Main Street Capital Prices Public Offering of Common Stock, Thursday, June 21, 2012