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.
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.