Main Street Capital CORP 8-K, filed Jan 11, 2022
Main Street Capital CORP (MAIN)
About this 8-K
Main Street Capital CORP filed this 8-K on January 11, 2022.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 11, 2022
Main Street Capital Corporation
(Exact name of registrant as specified in its charter)
Maryland |
| 001-33723 |
| 41-2230745 |
(State or other jurisdiction |
| (Commission File Number) |
| (IRS Employer Identification No.) |
| 1300 Post Oak Boulevard, 8th Floor, Houston, Texas | 77056 | |
| (Address of principal executive offices) | (Zip Code) | |
Registrant's telephone number, including area code: 713-350-6000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, par value $0.01 per share | MAIN | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. | Results of Operations and Financial Condition. |
On January 11, 2022, the Registrant issued a press release. A copy of such press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 9.01. | Financial Statements and Exhibits. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
| Main Street Capital Corporation (Registrant) |
January 11, 2022 (Date) |
| /s/ Jason B. Beauvais Jason B. Beauvais General Counsel |
Exhibit 99.1
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Jesse E. Morris, CFO and COO, jmorris@mainstcapital.com
713-350-6000
Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.com
Zach Vaughan | zvaughan@dennardlascar.com
713-529-6600
NEWS RELEASE
Main Street Announces Fourth Quarter 2021 Private Loan Portfolio Activity
HOUSTON, January 11, 2022 -- Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) is pleased to announce the following recent activity in its private loan portfolio. During the fourth quarter of 2021, Main Street originated approximately $459.1 million in new commitments in its private loan portfolio across 17 new borrowers and funded total investments across its private loan portfolio with a cost basis totaling approximately $369.1 million.
The following represent notable new private loan commitments and investments during the fourth quarter of 2021:
| • | $38.6 million in a first lien senior secured loan, $8.1 million in a first lien senior secured revolver, and $24.3 million in a first lien senior secured delayed draw loan to a provider of tech-enabled distribution services for large blue-chip producers within the food, chemicals, and materials industries; |
| • | $50.7 million in a first lien senior secured loan, $5.4 million in a first lien senior secured revolver, and $0.9 million in equity to an independent contractor and toll manufacturer of specialty chemicals and lubricant additives; |
| • | $51.7 million in a first lien senior secured loan and $4.3 million in a first lien senior secured revolver to a software provider that offers event management, continuous learning, and secure video capture and broadcasting solutions to healthcare associations and other healthcare systems and organizations; |
| • | $37.9 million in a first lien senior secured loan, $8.4 million in a first lien senior secured revolver, and $1.7 million in equity to a provider of electrical, mechanical, engineering and automation services to industrial process facilities, primarily in the food and beverage industry; |
| • | $30.4 million in a first lien senior secured loan, $7.0 million in a first lien senior secured revolver, and $0.2 million in equity to a professional tree care firm that specializes in providing utility line clearing, vegetation management, and wildfire disaster relief services primarily on the West Coast; |
| • | $24.5 million in a first lien senior secured loan, $2.6 million in a first lien senior secured revolver, and $5.2 million in a first lien senior secured delayed draw loan to a provider of emergency and disaster response, facility management, and environmental services to corporate clients across the United States and Canada; |
| • | $26.0 million in a first lien senior secured loan and $1.0 million in equity to a provider of specialty coatings of aluminum and steel for customers serving the construction, home improvement, and vehicle industries; |
| • | $12.2 million in a first lien senior secured loan, $3.6 million in a first lien senior secured revolver, and $0.4 million in equity to an exclusive dealer and aircraft maintenance service provider for single-engine turboprop airplanes in six states across the United States; |
| • | $10.0 million in a first lien senior secured loan, $2.2 million in a first lien senior secured revolver, and $2.2 million in a first lien senior secured delayed draw loan to a provider of snow and ice management services and de-icing agent distribution to commercial, industrial, and government customers across the Mid-West; |
| • | $14.0 million in a first lien senior secured loan to a provider of facility operations services to the sports and entertainment industries; |
| • | Increased commitments of $11.6 million in a first lien senior secured loan and $1.9 million in a first lien senior secured revolver to a manufacturer and distributor of residential and commercial fencing; |
| • | $7.6 million in a first lien senior secured loan and $5.4 million in a first lien senior secured delayed draw loan to a wholesaler of closeout and valued-priced products; |
| • | Increased commitment of $12.2 million in a first lien senior secured loan to an executive search and placement firm focused on the healthcare and life sciences industries; |
| • | $8.7 million in a first lien senior secured loan and $2.5 million in a first lien senior secured delayed draw loan to an advertising technology company that connects thousands of websites with exclusive marketing partners; |
| • | $6.2 million in a first lien senior secured loan, $0.6 million in a first lien senior secured revolver, $1.6 million in a first lien senior secured delayed draw loan, and $0.2 million in equity to a provider of fixed cost reduction and optimization solutions to businesses across several industries; and |
| • | $6.7 million in a first lien senior secured loan and $1.3 million in a first lien senior secured revolver to a provider of healthcare staffing solutions across four major brands spanning the entire healthcare staffing supply chain. |
As of December 31, 2021, Main Street’s private loan portfolio included total investments at cost of approximately $1,158.0 million across 75 unique borrowers. The private loan portfolio, as a percentage of cost, included 94.5% invested in first lien debt investments, 1.2% invested in second lien debt investments, and 4.3% invested in equity investments or other securities.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides “one stop” financing alternatives within its lower middle market investment strategy. Main Street’s lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street’s middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.
Main Street, through its wholly owned portfolio company MSC Adviser I, LLC (“MSC Adviser”), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940.