Welcome to our dedicated page for Main Street Capital Corporation news (Ticker: MAIN), a resource for investors and traders seeking the latest updates and insights on Main Street Capital Corporation stock.
Main Street Capital Corporation (NYSE: MAIN) is a principal investment firm that provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. The company's portfolio investments typically support management buyouts, recapitalizations, growth financings, refinancings, and acquisitions across various industry sectors. Main Street's lower middle market investments target companies with annual revenues between $10 million and $150 million, offering a 'one-stop' financing solution for entrepreneurs, business owners, and management teams. In contrast, its middle market investments focus on larger businesses.
Recent milestones include:
- In Q4 2023, Main Street reported new or increased commitments in its private loan portfolio amounting to $136.8 million, with investments totaling $160.4 million, bringing the private loan portfolio to around $1.5 billion across 87 unique borrowers.
- Preliminary Q4 2023 results show a record net investment income per share, a new high for net asset value per share for the sixth consecutive quarter, and a return on equity exceeding 22% for the quarter.
- For the full year 2023, Main Street achieved a 19% return on equity, with distributable net investment income per share setting annual records.
Strategic partnerships and diversified investment strategies have enabled Main Street to maintain a conservative capital structure while delivering significant shareholder value. In January 2024, the company issued $350 million in unsecured notes at 6.95%, further solidifying its financial foundation.
Main Street also manages external investments through its wholly-owned subsidiary MSC Adviser I, LLC, which is registered as an investment adviser. This asset management business, which ended 2023 with $1.5 billion in assets under management, contributes substantially to the company's net investment income.
Main Street's robust pipeline and strong performance trends indicate ongoing growth and value creation for stakeholders. For more information, visit the company's website at www.mainstcapital.com.
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.
Main Street Capital has successfully completed an underwritten offering of 1,345,500 shares of its common stock at a price of $42.85 per share, generating approximately $55.1 million in net proceeds. The funds will primarily be used to repay existing debt and support investments in line with Main Street's objectives. The offering was managed by RBC Capital Markets and others, under an effective SEC registration statement.
Main Street Capital Corporation (NYSE: MAIN) has priced a public offering of 1,170,000 shares of common stock at $42.85 per share, expecting net proceeds of approximately $47.9 million. The underwriters, including RBC Capital Markets and UBS Investment Bank, have a 30-day option to purchase an additional 175,500 shares. Proceeds will primarily be used to repay debt and make investments per the company’s objectives. The offering is expected to close on August 15, 2022.
Main Street Capital Corporation (NYSE: MAIN) announced a public offering of $50,000,000 in common stock. The underwriters will have an option to purchase additional shares. Proceeds are intended to repay debt and reinvest in line with investment strategies, including marketable securities and operational expenses. The offering depends on market conditions and completion is not guaranteed. RBC Capital Markets, UBS Investment Bank, and Wells Fargo Securities are acting as joint bookrunners. Investors are advised to review the preliminary prospectus for detailed information and risks.
Main Street Capital Corporation has invested $31.1 million in SI East, LLC to facilitate the acquisition of Chicago Steel Container Corporation, a significant player in new steel drum manufacturing. This follow-on investment, marking Main Street's second contribution since August 2018, supports ongoing growth activities for SI East, which operates from manufacturing facilities in North Carolina and Ohio. The investment solidifies Main Street's commitment to the lower middle market, focusing on businesses with revenues between $10 million and $150 million.
Main Street Capital Corporation (NYSE: MAIN) reported strong second quarter 2022 results, with net investment income of $54.7 million ($0.75/share) and distributable net investment income of $58.3 million ($0.80/share). The adjusted distributable net investment income reached $57.1 million ($0.78/share), marking a significant increase year-over-year. The company declared monthly dividends totaling $0.645/share for Q3 2022, a 4.9% rise from last year. Despite a decline in net asset value to $25.37/share, Main Street highlighted its strong investment income growth and commitments to enhance shareholder returns.
Main Street Capital Corporation (NYSE: MAIN) has announced an amendment to its revolving credit facility, increasing total commitments from $855 million to $920 million. The maturity of the facility is now extended to August 2027. The credit facility includes an accordion feature to raise commitments up to $1.4 billion. Borrowing rates will now be determined using the Term SOFR index, maintaining an interest spread of 1.875% if certain conditions are met.
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