Main Street Announces Amendment of its SPV Credit Facility
Main Street Capital (NYSE: MAIN) has announced key amendments to its SPV revolving credit facility through its subsidiary MSCC Funding I, The changes include:
- A reduction in interest rate during the revolving period to Term SOFR plus 1.95% (previously Term SOFR plus 2.35%)
- Lower interest rates for post-revolving periods: Term SOFR plus 2.075% for first year and 2.20% for second year (down from 2.475% and 2.60% respectively)
- Extension of revolving period through September 2028
- Extension of final maturity date to September 2030
- Decrease in unused fee to 0.40% on unused amounts up to 50% of commitment amount (previously 0.50% up to 35%)
Main Street Capital (NYSE: MAIN) ha annunciato modifiche importanti alla sua linea di credito revolving SPV tramite la sua controllata MSCC Funding I. Le modifiche includono:
- Riduzione del tasso di interesse durante il periodo revolving a Term SOFR più 1,95% (precedentemente Term SOFR più 2,35%)
- Tassi di interesse più bassi per i periodi post-revolving: Term SOFR più 2,075% per il primo anno e 2,20% per il secondo anno (in calo rispetto al 2,475% e 2,60% rispettivamente)
- Proroga del periodo revolving fino a settembre 2028
- Proroga della data di scadenza finale a settembre 2030
- Riduzione della commissione per importi inutilizzati allo 0,40% su somme inutilizzate fino al 50% dell'importo impegnato (precedentemente 0,50% fino al 35%)
Main Street Capital (NYSE: MAIN) ha anunciado modificaciones clave en su línea de crédito revolvente SPV a través de su subsidiaria MSCC Funding I. Los cambios incluyen:
- Reducción de la tasa de interés durante el período revolvente a Term SOFR más 1.95% (anteriormente Term SOFR más 2.35%)
- Menores tasas de interés para los períodos posteriores al revolvente: Term SOFR más 2.075% para el primer año y 2.20% para el segundo año (reducción desde 2.475% y 2.60% respectivamente)
- Extensión del período revolvente hasta septiembre de 2028
- Extensión de la fecha de vencimiento final hasta septiembre de 2030
- Disminución de la tarifa por montos no utilizados a 0.40% sobre montos no usados hasta el 50% del compromiso (anteriormente 0.50% hasta el 35%)
Main Street Capital (NYSE: MAIN)은 자회사 MSCC Funding I를 통해 SPV 리볼빙 신용 시설에 대한 주요 수정 사항을 발표했습니다. 변경 사항은 다음과 같습니다:
- 리볼빙 기간 동안 이자율이 Term SOFR 플러스 1.95%로 인하됨(이전에는 Term SOFR 플러스 2.35%)
- 리볼빙 이후 기간의 낮은 이자율: 첫 해 Term SOFR 플러스 2.075%, 두 번째 해 2.20%(이전에는 각각 2.475% 및 2.60%)
- 리볼빙 기간이 2028년 9월까지 연장됨
- 최종 만기일이 2030년 9월까지 연장됨
- 미사용 수수료가 약정 금액의 50%까지 미사용 금액에 대해 0.40%로 인하됨(이전에는 35%까지 0.50%)
Main Street Capital (NYSE: MAIN) a annoncé des modifications clés de sa facilité de crédit renouvelable SPV via sa filiale MSCC Funding I. Les changements comprennent :
- Réduction du taux d'intérêt pendant la période renouvelable à Term SOFR plus 1,95 % (auparavant Term SOFR plus 2,35 %)
- Taux d'intérêt plus bas pour les périodes post-renouvelables : Term SOFR plus 2,075 % la première année et 2,20 % la deuxième année (contre 2,475 % et 2,60 % auparavant)
- Prolongation de la période renouvelable jusqu'en septembre 2028
- Extension de la date d'échéance finale jusqu'en septembre 2030
- Baisse des frais sur montants non utilisés à 0,40 % sur les montants inutilisés jusqu'à 50 % du montant engagé (auparavant 0,50 % jusqu'à 35 %)
Main Street Capital (NYSE: MAIN) hat wichtige Änderungen an seiner SPV revolvierenden Kreditfazilität über seine Tochtergesellschaft MSCC Funding I bekannt gegeben. Die Änderungen umfassen:
- Senkung des Zinssatzes während der revolvierenden Periode auf Term SOFR plus 1,95 % (zuvor Term SOFR plus 2,35 %)
- Niedrigere Zinssätze für die Zeit nach der Revolving-Periode: Term SOFR plus 2,075 % im ersten Jahr und 2,20 % im zweiten Jahr (vorher 2,475 % bzw. 2,60 %)
- Verlängerung der Revolving-Periode bis September 2028
- Verlängerung des Endfälligkeitstermins bis September 2030
- Senkung der Nichtnutzungsgebühr auf 0,40 % für ungenutzte Beträge bis zu 50 % der Zusage (zuvor 0,50 % bis 35 %)
- Interest rate reduction of 40 basis points during revolving period
- Extended maturity date by one year to September 2030
- Lower unused fee rate (0.40% vs 0.50%)
- Higher threshold for unused fee application (50% vs 35% of commitment amount)
- None.
Interest Rate Reduced
Final Maturity Date Extended to September 2030
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. 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 customized "one-stop" debt and equity financing alternatives within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between
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, as amended.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements, including but not limited to the availability of future financing capacity under its credit facilities, which are based upon Main Street management's current expectations and are inherently uncertain. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Main Street's control, and that Main Street may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance, events and results could vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Main Street's filings with the Securities and Exchange Commission. Such statements speak only as of the time when made and are based on information available to Main Street as of the date hereof and are qualified in their entirety by this cautionary statement. Main Street assumes no obligation to revise or update any such statement now or in the future.
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Ryan R Nelson, CFO, rnelson@mainstcapital.com
713-350-6000
Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan@dennardlascar.com
713-529-6600
View original content:https://www.prnewswire.com/news-releases/main-street-announces-amendment-of-its-spv-credit-facility-302437890.html
SOURCE Main Street Capital Corporation
FAQ
What changes were made to MAIN's SPV credit facility interest rates?
When is the new maturity date for Main Street Capital's SPV facility?
How long is MAIN's new revolving period for the SPV facility?
What are the new unused fee terms for Main Street Capital's SPV facility?
