Main Street Capital Provides Q2/12 Portfolio Activity Update
Main Street Capital Corporation provided an update of its portfolio investment activity for the second quarter of 2012.
Lower Middle-Market Portfolio Investments Update
During the second quarter of 2012, Main Street completed lower middle-market (LMM) portfolio investments totaling $29.4 million, including investments in three previously announced new LMM portfolio companies totaling $23 million and follow on investments in existing LMM portfolio companies totaling $6.4 million. On an aggregate basis, Main Street received total repayments of debt principal from several LMM portfolio debt investments during the second quarter of 2012 totaling $8.5 million. Main Street also realized a loss of $3.4 million on a LMM portfolio investment that had been fully impaired in prior periods and which also had been on non-accrual status since the first quarter of 2011.
Main Street’s significant LMM portfolio activity for the second quarter of 2012 is summarized below:
New LMM Portfolio Company Investments
Middle-Market Portfolio Investments Update
In addition to the LMM portfolio investment activity discussed above, 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 $133.7 million during the second quarter of 2012. The second quarter investment activity resulted in 22 new middle-market companies at June 30, 2012, with such investments totaling $113 million with a weighted average effective yield of approximately 7.9%. The 22 new middle-market investments represent first lien secured debt investments and include companies operating in a variety of industries. In addition, during the second quarter of 2012 Main Street fully exited its investments in six middle-market portfolio companies that Main Street was invested in on March 31, 2012, which together with partial repayments on or exits of other debt securities in middle-market portfolio companies, represented a total decrease of $41.3 million in middle-market debt investments during the second quarter of 2012.