Main Street Capital Corporation (NYSE: MAIN) has announced the amendment of its revolving credit facility (the “Corporate Facility”). The recently closed amendment decreases the interest rate to the applicable Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.10% plus (a) 1.775% prior to satisfying certain step-down conditions or (b) 1.65% after satisfying certain step-down conditions.
The amendment also provides an increase in total commitments from $1.110 billion to $1.145 billion, while maintaining an expanded accordion feature that allows for an increase up to $1.718 billion of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. The facility continues to benefit from a diversified group of 19 lenders.
Additionally, the amendment extends both the revolving period (or reinvestment period) through April 2029 and the final maturity date to April 2030. Main Street continues to maintain options under the amended Corporate Facility which could extend each of the revolving period and the final maturity for up to two additional years, subject to certain conditions, including lender approval.
