Main Street Capital Invests $80 Million in Q1/12
In an update of its portfolio investment activity for the first-quarter 2012, Main Street Capital said it completed lower middle-market (LMM) portfolio investments totaling $16.5 million, including one previously announced new LMM portfolio company investment totaling $6.8 million and follow on investments in existing LMM portfolio companies totaling $9.7 million.
On an aggregate basis, Main Street received total repayments of debt principal and return of invested equity capital from the exits and repayments discussed below and additional partial repayments of LMM portfolio debt investments during the first quarter of 2012 of $43.6 million.
Main Street’s significant LMM portfolio activity for the first quarter of 2012 includes:
New LMM Portfolio Company Investment
Significant LMM Portfolio Investment Exits
In addition to the LMM portfolio investment activity, Main Street completed middle-market portfolio investments, which represent debt investments in businesses that are generally larger in size than Main Street’s LMM portfolio companies, totaling $63.4 million during the first quarter of 2012, including investments in 13 new companies with a weighted average effective yield of approximately 8.7%.
These new middle-market investments represent first lien and second lien secured debt investments and include companies operating in the building materials, chemicals, computers & electronics, healthcare, manufacturing, metals & mining, oilfield services and service industries.
In addition, Main Street fully exited eight of its middle-market portfolio debt investments during the first quarter of 2012, which together with partial repayments on or sales of other debt securities in existing middle-market portfolio companies, represented a total decrease of debt securities principal of $41.6 million during the first quarter of 2012.