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April 2, 2013 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that it closed the previously announced public offering of
$80.0 million in aggregate principal amount of 6.125% senior unsecured notes due 2023 (the "Notes"). The Notes will mature on
April 1, 2023, and may be redeemed in whole or in part at any time or from time to time at Main Street's option on or after
April 1, 2018. The Notes bear interest from
April 2, 2013 at a rate of 6.125% per year payable quarterly on
July 1 and
October 1 of each year, beginning
July 1, 2013. Main Street also granted the underwriters a 30-day option to purchase up to an additional
$12.0 million in aggregate principal amount of Notes to cover over-allotments, if any. The Notes are expected to be listed on the New York Stock Exchange and trade under the symbol "MSCA."
Main Street intends to use the net proceeds from this offering, including the net proceeds from any exercise of the underwriters' over-allotment option, to initially repay outstanding debt borrowed under its credit facility, and then through re-borrowing under the credit facility, to make investments in accordance with its investment objective and strategies, to make investments in marketable securities and idle funds investments, to pay operating expenses and other cash obligations, and for general corporate purposes.
The joint book-running managers of this offering are Keefe, Bruyette & Woods, Inc.,
Raymond James and RBC Capital Markets, LLC. The lead co-managers of this offering are BB&T Capital Markets, a division of BB&T Securities, LLC, Sanders Morris Harris Inc. and Janney Montgomery Scott LLC. The co-managers of this offering are Ladenburg Thalmann & Co. Inc., MLV & Co. LLC and Wunderlich Securities, Inc. The Notes were sold pursuant to an effective shelf registration statement on Form N-2 that has been filed with, and has been declared effective by, the U.S. Securities and Exchange Commission.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes referred to in this press release.