During Q1/23, Main Street Capital originated $12.9 million in new and increased commitments in its private loan portfolio and funded total investments across its private loan portfolio with a cost basis totaling $43.7 million.
Main Street Capital completed a portfolio investment to facilitate the recapitalization of Infinity X1, a supplier of portable lighting products. Main Street, along with its co-investor, partnered with the company’s existing owners and management team to facilitate the transaction.
Main Street Capital closed a private note offering, totaling $100 million in aggregate principal amount. The notes are unsecured and bear interest at a fixed rate of 7.84% per year, payable semiannually, mature on Dec. 23, 2025.
Main Street Capital and its wholly owned subsidiary, MSCC Funding I (SPV), entered into a senior secured revolving credit facility led by Truist Bank, with Truist serving as administrative agent and as one of three initial lenders under the facility.
Main Street Capital completed a new portfolio investment to facilitate the recapitalization of Elgin Industries with Main Street funding $34.3 million in a combination of first lien, senior secured term debt and a direct equity investment.
Main Street Capital invested a total of $19.5 million in three existing lower middle-market portfolio companies, PPL RVs, Centre Technologies Holdings and Nebraska Vet AcquireCo.
Summit Park led a recapitalization of Artifact Uprising (A|U), a provider of premium personalized photo books, prints and gifts.
Main Street Capital completed three new follow-on investments totaling $15.8 million in two existing portfolio companies, Direct Marketing Solutions and Nebraska Vet AcquireCo (which does business as Heritage Vet Partners).
Citizens M&A Advisory served as the exclusive financial advisor to Orttech on its majority recapitalization by Main Street Capital.
Capital Southwest, an internally managed business development company, provided a split lien term to Hybrid Apparel to supports its acquisition of Air Waves. Capital Southwest led the financing and will act as the sole administrative agent on the credit facility.