In a Q&A with ABF Journal, Dwayne L. Hyzak of Main Street Capital discusses private equity’s evolving relationship with asset-based lending and how an increase in direct lending activity and combination financing with debt and equity is changing the commercial lending landscape overall.
According to an 8K filed with the SEC, Truist Bank is serving as administrative agent for an amendment to Main Street Capital’s revolving credit facility. The amendment, among other things, increased the total commitments of the facility to $855 million.
Main Street Capital completed a new portfolio investment to facilitate the minority recapitalization of Superior Rigging & Erecting, with Main Street funding $26 million in a combination of first-lien, senior secured term debt and a direct equity investment.
Truist served as administrative agent on an increase from $705 million to $740 million for the revolving credit facility of Main Street Capital, according to a related 8K filed with the SEC.
Main Street Capital funded $24.4 million in a combination of first-lien, senior secured term debt and a direct equity investment for Cody Pools and teamed with a co-investor in the company to provide a credit facility to support future growth initiatives and working capital needs.
Main Street Capital expanded the total commitments under its revolving credit facility from $655 million to $680 million. BB&T served as administrative agent for the 17-bank lender group.
Capital Southwest supported the majority recapitalization of American Nuts by Gauge Capital with a first lien term loan (including a delayed draw term loan), a revolving credit facility and an equity co-investment.
MB Business Capital provided a new $23 million senior credit facility to NRP Jones, a manufacturer of hydraulic, industrial and oilfield hoses, fitting, and assemblies for both OEMs and distributors.
Vincent D. Foster, co-founder of Main Street Capital, is stepping down and turning over his responsibilities to Dwayne L. Hyzak.
Main Street Capital expanded the total commitments under its credit facility from $560 million to $585 million. BB&T served as administrative agent for the banking syndicate.