Welcome to our dedicated page for Main Str Cap news (Ticker: MAIN), a resource for investors and traders seeking the latest updates and insights on Main Str Cap stock.
Main Street Capital Corporation (NYSE: MAIN) is a principal investment firm focused on providing long-term debt and equity capital to lower middle market companies and secured debt capital to private equity-backed private companies. Its news flow offers insight into how this investment platform deploys capital, manages its portfolio and reports performance over time.
News about Main Street often highlights quarterly and annual financial results, including net investment income (NII), distributable net investment income (DNII) and net asset value (NAV) per share. The company regularly issues press releases with preliminary estimates of results, followed by detailed quarterly reports that discuss portfolio performance, fair value changes, return on equity and its Operating Expenses to Assets Ratio.
Investors can also expect frequent updates on investment activity in both the lower middle market and private loan portfolios. Recent releases have described new portfolio investments, follow-on investments, exits of existing portfolio companies and realized gains, as well as the mix of first lien senior secured term loans, revolvers, delayed draw term loans and equity investments. These announcements provide context on how Main Street sources opportunities, partners with management teams and private equity sponsors, and realizes returns through exits.
Another key category of news involves capital structure and dividend actions. Main Street reports on regular and supplemental dividend declarations, the federal tax treatment of its dividends, and capital markets transactions such as unsecured note offerings and redemptions of prior notes. Updates to its at‑the‑market equity offering program and other financing activities are also disclosed.
By following the MAIN news feed on this page, readers can track Main Street’s ongoing investment activity, portfolio developments, earnings trends, dividend decisions and capital markets transactions in one place, using the company’s own press releases and related disclosures as primary sources.
Main Street Capital Corporation (NYSE: MAIN) announced the successful closure of a private notes offering totaling $100.0 million. The unsecured notes carry a fixed interest rate of 7.84%, maturing on December 23, 2025. Proceeds will be primarily used to repay debt from its revolving credit facility and fund investments. The notes have not been registered under the Securities Act, limiting their sale in the U.S. without proper registration or exemption. Main Street aims to support lower middle market companies through long-term debt and equity capital.
On November 28, 2022, Main Street Capital Corporation (NYSE: MAIN) announced a new senior secured revolving credit facility of $240 million led by Truist Bank. This facility includes an accordion feature for increases up to $450 million by new and existing lenders. The credit line matures on November 21, 2027, with interest rates structured around one-month Term SOFR and credit spread adjustments. Funds will be used to purchase investments and finance the SPV's direct investments, secured by the SPV's assets, but non-recourse to Main Street.
Main Street Capital Corporation (NYSE: MAIN) announced strong third-quarter 2022 results, with net investment income of $62.4 million ($0.83 per share) and distributable net investment income of $65.8 million ($0.88 per share). The net asset value stood at $25.94 per share. The company declared regular monthly dividends of $0.66 per share for Q4 2022, a 4.8% increase from the previous year, along with a supplemental dividend of $0.10 per share. Total investment income rose to $98.4 million, highlighting the effectiveness of its core investment strategies.
Main Street Capital Corporation (NYSE: MAIN) announced regular monthly cash dividends of $0.225 per share for January, February, and March 2023, totaling $0.675 for the first quarter. This represents a 2.3% increase from Q4 2022 and a 4.7% increase from Q1 2022. Additionally, a supplemental dividend of $0.10 per share will be payable in December 2022. Since its IPO in October 2007, Main Street has paid $35.80 per share in cumulative dividends without ever reducing its monthly payout.
Main Street Capital Corporation (NYSE: MAIN) has completed a $34.3 million investment to recapitalize Elgin Industries, Inc., a supplier of engine and chassis components. This investment includes senior secured term debt and direct equity. Additionally, Main Street and co-investors have provided Elgin with a revolving line of credit for future growth. Founded in 1919, Elgin supplies over 45,000 SKU offerings to OEMs and aftermarket customers in various vehicle markets.
Main Street Capital Corporation (NYSE: MAIN) reported strong preliminary operating results for Q3 2022. The company achieved record net investment income (NII) of $0.82 to $0.84 per share and distributable net investment income (DNII) of $0.87 to $0.89 per share. The net asset value (NAV) per share rose to $25.92 to $25.97, reflecting a 2.2% to 2.4% increase from Q2 2022. Total investments in lower middle market (LMM) and private loan portfolios increased significantly, indicating a robust investment pipeline. Overall, DNII exceeded monthly dividends by over 25%, demonstrating financial strength.
Main Street Capital Corporation (NYSE: MAIN) reported approximately $269.9 million in new commitments in its private loan portfolio for Q3 2022, involving eight new borrowers. Total investments funded amounted to $233.8 million. Key transactions included a $67.6 million loan to a legal service provider and a $37.5 million loan for manufacturing services. As of September 30, 2022, the company held approximately $1.5 billion across 87 borrowers, with 97% in first lien debt investments.
Main Street Capital Corporation (NYSE: MAIN) will announce its third quarter 2022 results on November 3, 2022, after market close. A live conference call will be held on November 4, 2022, at 10:00 a.m. Eastern Time. Investors can join via phone or webcast. Details for participation include dialing 412-902-0030 by phone or accessing the webcast through Main Street's Investor Relations page. A replay will be available post-call.
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