MSC Income Fund Closes Public Offering of Common Stock
MSC Income Fund (NYSE: MSIF) has successfully closed its public offering of common stock, selling a total of 6,325,000 shares at $15.53 per share. This includes the initial offering of 5,500,000 shares plus 825,000 additional shares from the fully exercised underwriters' overallotment option. The company raised approximately $91 million in net proceeds after deducting underwriting costs and estimated offering expenses.
The company's shares began trading on the New York Stock Exchange on January 29, 2025, under the ticker symbol 'MSIF'. The proceeds will initially be used to repay outstanding debt under credit facilities, followed by reinvestment through re-borrowing to fund investments aligned with the company's objectives, cover operating expenses, and support general corporate purposes.
MSC Income Fund (NYSE: MSIF) ha chiuso con successo la sua offerta pubblica di azioni ordinarie, vendendo un totale di 6.325.000 azioni a 15,53 $ per azione. Questo include l'offerta iniziale di 5.500.000 azioni più 825.000 azioni aggiuntive derivanti dall'opzione di sovrallocazione degli underwriter totalmente esercitata. L'azienda ha raccolto circa 91 milioni di dollari di proventi netti dopo aver dedotto i costi di underwriter e le spese di offerta stimate.
Le azioni della società hanno iniziato a essere scambiate sulla New York Stock Exchange il 29 gennaio 2025, sotto il simbolo ticker 'MSIF'. I proventi saranno inizialmente utilizzati per ripagare debiti in sospeso sotto le linee di credito, seguiti da un reinvestimento attraverso nuovo indebitamento per finanziare investimenti allineati con gli obiettivi dell'azienda, coprire le spese operative e supportare scopi aziendali generali.
MSC Income Fund (NYSE: MSIF) ha cerrado con éxito su oferta pública de acciones ordinarias, vendiendo un total de 6,325,000 acciones a $15.53 por acción. Esto incluye la oferta inicial de 5,500,000 acciones más 825,000 acciones adicionales de la opción de sobreasignación de los suscriptores que se ejerció por completo. La compañía recaudó aproximadamente $91 millones en ingresos netos después de deducir los costos de suscripción y los gastos estimados de la oferta.
Las acciones de la compañía comenzaron a cotizar en la Bolsa de Valores de Nueva York el 29 de enero de 2025, bajo el símbolo de cotización 'MSIF'. Los ingresos se utilizarán inicialmente para pagar la deuda pendiente bajo las instalaciones de crédito, seguido de reinversiones mediante nuevo endeudamiento para financiar inversiones alineadas con los objetivos de la empresa, cubrir gastos operativos y apoyar fines corporativos generales.
MSC 소득 펀드 (NYSE: MSIF)는 보통주 공모를 성공적으로 마감하였으며, 총 6,325,000주를 주당 15.53달러로 판매했습니다. 여기에는 초기 5,500,000주와 언더라이터의 전량 할당 옵션에서 추가로 발행된 825,000주가 포함됩니다. 회사는 인수 비용 및 추정된 공모 비용을 공제한 후 약 9100만 달러의 순수익을 모금했습니다.
회사의 주식은 2025년 1월 29일 뉴욕증권거래소에서 'MSIF'라는 티커 기호로 거래가 시작되었습니다. 수익금은 처음에 신용 시설 아래의 미지급 부채를 상환하는 데 사용되며, 그 후 회사의 목표에 맞는 투자를 위한 재투자, 운영 비용 충당 및 일반 기업 목적 지원을 위해 재차 차입을 통해 사용될 것입니다.
MSC Income Fund (NYSE: MSIF) a réussi à finaliser son offre publique d'actions ordinaires, vendant un total de 6 325 000 actions à 15,53 $ par action. Cela inclut l'offre initiale de 5 500 000 actions ainsi que 825 000 actions supplémentaires provenant de l'option de surallocation des souscripteurs, entièrement exercée. La société a levé environ 91 millions de dollars de produits nets après déduction des frais de souscription et des coûts estimés de l'offre.
Les actions de la société ont commencé à se négocier sur la New York Stock Exchange le 29 janvier 2025, sous le symbole ticker 'MSIF'. Les produits seront utilisés dans un premier temps pour rembourser la dette en cours dans le cadre des facilités de crédit, suivis de réinvestissements par le biais d'un nouvel emprunt pour financer des investissements alignés avec les objectifs de la société, couvrir les frais d'exploitation et soutenir des fins corporatives générales.
MSC Income Fund (NYSE: MSIF) hat erfolgreich seine öffentliche Angebot von Stammaktien abgeschlossen und insgesamt 6.325.000 Aktien zu einem Preis von 15,53 $ pro Aktie verkauft. Dies umfasst das anfängliche Angebot von 5.500.000 Aktien sowie 825.000 zusätzliche Aktien aus der vollständig ausgeübten Überzeichnungsoption der Underwriter. Das Unternehmen hat nach Abzug der Emissionskosten und geschätzten Angebotskosten etwa 91 Millionen Dollar Nettoerlös erzielt.
Die Aktien des Unternehmens wurden am New York Stock Exchange am 29. Januar 2025 unter dem Tickersymbol 'MSIF' gehandelt. Die Erlöse werden zunächst verwendet, um ausstehende Schulden unter Kreditfazilitäten zu begleichen, gefolgt von einer Wiederinvestition durch erneute Fremdfinanzierung, um Investitionen zu finanzieren, die mit den Zielen des Unternehmens übereinstimmen, Betriebskosten zu decken und allgemeine Unternehmenszwecke zu unterstützen.
- Successful completion of $91 million public offering
- NYSE listing enhances market visibility and liquidity
- Full exercise of overallotment option indicates strong demand
- Debt reduction through proceeds strengthens balance sheet
- Potential shareholder dilution from 6.325 million new shares
- Increased operating expenses from being a public company
Insights
The successful IPO of MSC Income Fund (MSIF) carries significant positive implications for Main Street Capital (MAIN), the fund's external manager. The
Several key aspects deserve attention:
- The full exercise of the overallotment option signals strong institutional demand, validating both MSIF's investment strategy and MAIN's management capabilities
- MAIN stands to benefit through increased management and incentive fees from the expanded capital base of MSIF
- The strategic timing of the IPO, amid favorable market conditions for BDCs, suggests astute market positioning
- The debt repayment strategy, followed by reinvestment through credit facilities, indicates a prudent approach to leverage management while maintaining investment flexibility
The participation of prestigious underwriters like RBC Capital Markets, Truist Securities and Raymond James adds institutional credibility and suggests strong distribution capabilities for future capital raises. This successful offering strengthens MAIN's position in the BDC sector and potentially creates a template for future strategic growth initiatives.
Underwriters Fully Exercise Option to Purchase Additional Shares
MSC Income intends to initially use all of the net proceeds from this offering to repay outstanding debt borrowed under its credit facilities, and then through re-borrowing under the credit facilities, to make investments in accordance with its investment objective and strategies, pay operating expenses and other cash obligations, and for general corporate purposes.
RBC Capital Markets, Truist Securities, Raymond James, UBS Investment Bank and Keefe, Bruyette & Woods, A Stifel Company, acted as joint book-running managers for the offering. B. Riley Securities, Citizens JMP, Sanders Morris, Clear Street, Comerica Securities, Texas Capital Securities and Zions Capital Markets acted as co-managers for the offering.
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.
ABOUT MSC INCOME FUND, INC.
The Company (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. The Company's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Company seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. The Company also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, the Company has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) ("Main Street") utilizing the customized "one-stop" debt and equity financing solution provided in Main Street's lower middle market investment strategy. The Company's private loan portfolio companies generally have annual revenues between
ABOUT MSC ADVISER I, LLC
MSC Adviser I, LLC is a wholly owned subsidiary of Main Street that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. It currently manages investments for external parties, including the Company.
FORWARD-LOOKING STATEMENTS AND OTHER MATTERS
MSC Income cautions that statements in this press release which are forward-looking and provide other than historical information, including but not limited to information about the anticipated use of net proceeds from MSC Income's public offering, are based on current conditions and information available to MSC Income as of the date hereof. Although its management believes that the expectations reflected in those forward-looking statements are reasonable, MSC Income can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation, such factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in MSC Income's filings with the SEC (www.sec.gov). All forward-looking statements speak only as of the date of this communication. MSC Income undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.
Contacts:
MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Cory E. Gilbert, CFO, cgilbert@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 MSC Income Fund, Inc.
FAQ
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