MSC Income Fund Completes Follow-On Public Offering and Listing of its Shares on the New York Stock Exchange
MSC Income Fund has completed a follow-on public offering and listing on the New York Stock Exchange under the ticker symbol 'MSIF'. The company offered 5,500,000 shares at $15.53 per share, generating gross proceeds of approximately $85.4 million.
The funds will be used to repay outstanding debt under credit facilities, make new investments aligned with the company's objectives, cover operating expenses, and support general corporate purposes. MSC Income is externally managed by MSC Adviser I, a wholly owned registered investment adviser of Main Street Capital (NYSE: MAIN).
Il Fondo MSC Income ha completato un'offerta pubblica di follow-on e la quotazione sulla Borsa di New York con il simbolo ticker 'MSIF'. L'azienda ha offerto 5.500.000 azioni a $15,53 per azione, generando proventi lordi di circa $85,4 milioni.
I fondi saranno utilizzati per ripagare debiti in sospeso sotto le linee di credito, effettuare nuovi investimenti in linea con gli obiettivi dell'azienda, coprire le spese operative e supportare fini aziendali generali. MSC Income è gestita esternamente da MSC Adviser I, un consulente per gli investimenti registrato interamente controllato da Main Street Capital (NYSE: MAIN).
El Fondo MSC Income ha completado una oferta pública de seguimiento y una cotización en la Bolsa de Nueva York bajo el símbolo ticker 'MSIF'. La compañía ofreció 5,500,000 acciones a $15.53 por acción, generando ingresos brutos de aproximadamente $85.4 millones.
Los fondos se utilizarán para pagar deudas pendientes bajo las facilidades de crédito, realizar nuevas inversiones alineadas con los objetivos de la empresa, cubrir gastos operativos y apoyar propósitos corporativos generales. MSC Income es gestionado externamente por MSC Adviser I, un asesor de inversiones registrado de propiedad total de Main Street Capital (NYSE: MAIN).
MSC 인컴 펀드는 뉴욕 증권 거래소에서 'MSIF'라는 티커 기호로 후속 공적 제안을 완료하고 상장했습니다. 회사는 5,500,000 주식을 주당 $15.53에 제공하여 약 $85.4 백만의 총 수익을 창출했습니다.
이 자금은 кредит 유치의 미결제 채무를 상환하고, 회사의 목표에 맞춘 새로운 투자, 운영비용을 충당하며, 일반 기업 목적으로 지원하는 데 사용됩니다. MSC 인컴은 Main Street Capital (NYSE: MAIN)의 전액 출자된 등록 투자 고문인 MSC Adviser I에 의해 외부 관리됩니다.
Le Fonds MSC Income a complété une offre publique de suivi et une cotation sur la Bourse de New York sous le symbole ticker 'MSIF'. La société a proposé 5.500.000 actions à $15,53 par action, générant des recettes brutes d'environ $85,4 millions.
Les fonds seront utilisés pour rembourser des dettes en cours dans le cadre des facilités de crédit, réaliser de nouveaux investissements alignés avec les objectifs de l'entreprise, couvrir les frais d'exploitation et soutenir des objectifs d'entreprise généraux. MSC Income est géré de manière externe par MSC Adviser I, un conseiller en investissement enregistré entièrement détenu par Main Street Capital (NYSE: MAIN).
Der MSC Income Fonds hat eine Folgeemission durchgeführt und wurde unter dem Tickersymbol 'MSIF' an der New Yorker Börse gelistet. Das Unternehmen bot 5.500.000 Aktien zu einem Preis von $15,53 pro Aktie an und erzielte brutto Einnahmen von etwa $85,4 Millionen.
Die Mittel werden verwendet, um ausstehende Schulden unter Kreditfazilitäten zu begleichen, neue Investitionen im Einklang mit den Unternehmenszielen zu tätigen, Betriebskosten zu decken und allgemeine Unternehmenszwecke zu unterstützen. MSC Income wird extern verwaltet von MSC Adviser I, einem vollständig im Besitz befindlichen registrierten Anlageberater von Main Street Capital (NYSE: MAIN).
- Successful completion of $85.4 million public offering
- NYSE listing enhances visibility and liquidity
- Proceeds will be used to reduce debt and fund new investments
- Strategic expansion of Main Street Capital's managed portfolio
- Potential dilution for existing shareholders from 5.5 million new shares
Insights
The successful NYSE listing and
- Enhanced Fee Revenue Stream: As the external manager through MSC Adviser, MAIN will benefit from both management and incentive fees on a larger capital base, creating a more diversified revenue stream beyond its core BDC operations.
- Strategic Growth: The public listing of MSC Income provides a scalable platform for future growth, as listed BDCs typically have better access to capital markets and can more easily raise additional funds when needed.
- Market Validation: The successful completion of the offering during current market conditions demonstrates investor confidence in both MSC Income's portfolio and MAIN's management capabilities.
- Operational Leverage: MAIN can leverage its existing infrastructure and expertise to manage a larger asset base through MSC Income without proportional cost increases, potentially improving operational efficiency.
The structure of this transaction is particularly noteworthy within the BDC sector, where external management arrangements can provide stable, recurring fee income. The listing also enhances MSC Income's ability to access capital markets independently, which could accelerate its growth trajectory and, by extension, MAIN's fee-based revenues.
"We are very pleased to announce the successful completion of MSC Income's follow-on offering and listing and are very excited about the future opportunities that we expect these activities to bring to both Main Street and MSC Income shareholders," said Dwayne L. Hyzak, Main Street's Chief Executive Officer.
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.
ABOUT MSC INCOME FUND, INC.
MSC Income (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. MSC Income's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSC Income seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. MSC Income also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, MSC Income has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street utilizing the customized "one-stop" debt and equity financing solution provided in Main Street's lower middle market investment strategy. MSC Income's private loan portfolio companies generally have annual revenues between
FORWARD-LOOKING STATEMENTS
Main Street cautions that statements in this press release which are forward-looking and provide other than historical information, including but not limited to any potential benefits related to the MSC Income listing and follow-on offering, are based on current conditions and information available to Main Street as of the date hereof. Although its management believes that the expectations reflected in those forward-looking statements are reasonable, Main Street 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 Main Street's filings with the Securities and Exchange Commission (the "SEC") (www.sec.gov). Main Street 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:
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
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SOURCE Main Street Capital Corporation
FAQ
What was the share price and total proceeds of MSC Income Fund's follow-on offering?
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