Main Street Capital CORP 8-K, filed Oct 19, 2021
Main Street Capital CORP (MAIN)
About this 8-K
Main Street Capital CORP filed this 8-K on October 19, 2021.
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) October 19, 2021
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 October 19, 2021, 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) |
October 19, 2021 (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 Third Quarter 2021 Private Loan Portfolio Activity
HOUSTON, October 19, 2021 -- Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) is pleased to announce the following recent activity in its private loan portfolio. During the third quarter of 2021, Main Street originated approximately $99.3 million in new private loan commitments across six new borrowers and funded total investments across its private loan portfolio with a cost basis totaling approximately $119.7 million.
The following represent notable new private loan commitments during the third quarter of 2021:
| • | $37.3 million in a first lien senior secured loan to a provider of mechanical and industrial cleaning services specializing in the downstream energy market; |
| • | $19.0 million in a first lien senior secured loan and $5.0 million in a first lien senior secured revolver to a provider of third-party maintenance services to data center ecosystems; |
| • | $19.5 million in a first lien senior secured loan and $2.1 million in a first lien senior secured revolver to a provider of specialized industrial and environmental services within the oil & gas and pulp & paper industries; |
| • | $2.8 million in a first lien senior secured loan, $0.8 million in a first lien senior secured revolver, and $3.1 million in a first lien senior secured delayed draw loan to a residentially focused provider of roof restoration and repair services; |
| • | $4.4 million in a first lien senior secured loan, $0.4 million in a first lien senior secured revolver, and $0.4 million in an equity co-invest to a provider of financial training programs to investment banks and universities; and |
| • | $4.5 million in a first lien senior secured loan to a provider of metal-based laminates for packaging and industrial solutions. |
As of September 30, 2021, Main Street’s private loan portfolio included total investments at cost of approximately $865.5 million across 69 unique borrowers. The private loan portfolio, as a percentage of cost, included 92.4% invested in first lien debt investments, 1.8% invested in second lien debt investments, and 5.8% 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 portfolio. 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.