HOUSTON, Sept. 12, 2013 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") announced today that the underwriters of its recent follow-on public offering have fully exercised their option and expect to purchase 600,000 additional shares of Main Street common stock at the public offering price of $29.75 per share. The net proceeds from the exercise of the option will be approximately $17.1 million, after deducting the applicable underwriting discounts. Including the net proceeds from exercise of the option to purchase additional shares, the total net proceeds from Main Street's offering, after deducting the applicable underwriting discounts and estimated expenses payable by Main Street, will amount to approximately $131.4 million. The closing of the option to purchase additional shares is subject to customary closing conditions and is expected to occur on September 16, 2013.
Main Street intends to use all of the net proceeds from this offering 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 underwriters of this offering were Raymond James, Goldman, Sachs & Co., Robert W. Baird & Co. Incorporated, RBC Capital Markets, LLC, Sanders Morris Harris Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., MLV & Co. LLC and Wunderlich Securities, Inc. The shares are being 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 shares referred to in this press release.