Main Street Announces Second Quarter 2021 Private Loan Portfolio Activity

Rhea-AI Summary

Main Street Capital Corporation (NYSE: MAIN) reported substantial activity in its private loan portfolio for Q2 2021, originating approximately $118.5 million in new loan commitments across six borrowers. The total investments in the private loan portfolio reached $125.6 million. Key commitments include loans to a cloud communications solutions provider (totaling $50 million), a software solution provider ($20.7 million), and a labor market analytics provider ($18.9 million). As of June 30, 2021, the portfolio comprises $884 million in investments across 69 borrowers.

Positive

• Originated approximately $118.5 million in new private loan commitments.
• Total investments in the private loan portfolio amounted to about $125.6 million.
• Strong diversification with loans to six new borrowers across various sectors.
• As of June 30, 2021, total investments at cost reached approximately $884 million.

Negative

• None.

HOUSTON, July 15, 2021 /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce the following recent activity in its private loan portfolio. During the second quarter of 2021, Main Street originated approximately $118.5 million in new private loan commitments across six (6) new borrowers and funded total investments across its private loan portfolio with a cost basis totaling approximately $125.6 million.

The following represent notable new private loan commitments during the second quarter of 2021:

• $41.2 million in a first lien senior secured loan and $8.8 million in a first lien senior secured revolver to a provider of secured cloud communications solutions and managed services;
• $19.4 million in a first lien senior secured loan and $1.3 million in a first lien senior secured revolver to a provider of software solutions used to manage outdoor recreation resources;
• $16.9 million in a first lien senior secured loan and $2.0 million in a first lien senior secured revolver to a provider of labor market analytics solutions to help customers make data-driven decisions;
• $11.3 million in a first lien senior secured loan and $0.8 million in a first lien senior secured revolver to a provider of higher education services for labor organizations and professional associations;
• $9.9 million in a first lien senior secured loan to a manufacturer of carpet cleaning products and machines; and
• $7.1 million in a first lien senior secured loan to a wholesaler of licensed, branded and private label apparel across multiple tiers of retail.

As of June 30, 2021, Main Street's private loan portfolio included total investments at cost of approximately $884.0 million across 69 unique borrowers. The private loan portfolio, as a percentage of cost, included 92.2% invested in first lien debt investments, 1.8% invested in second lien debt investments, and 6.0% 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.   

Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Brent D. Smith, CFO, bsmith@mainstcapital.com
713-350-6000

Dennard Lascar Investor Relations
Ken Dennard | ken@dennardlascar.com
Zach Vaughan | zvaughan@dennardlascar.com
713-529-6600

 

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SOURCE Main Street Capital Corporation

FAQ

What were Main Street's new loan commitments in Q2 2021?

Main Street Capital Corporation originated approximately $118.5 million in new private loan commitments during Q2 2021.

How much did Main Street fund in its private loan portfolio?

Main Street funded total investments of approximately $125.6 million in its private loan portfolio during the second quarter of 2021.

What is the total cost of Main Street's private loan portfolio as of June 30, 2021?

As of June 30, 2021, Main Street's private loan portfolio included total investments at cost of approximately $884 million.

What sectors did Main Street's new loan commitments cover?

Main Street's new loan commitments in Q2 2021 included sectors like cloud communications, software solutions, labor market analytics, education services, and manufacturing.