Main Street Capital enters $240 million five-year revolver

By Marisa Wong

Los Angeles, Nov. 28 – Main Street Capital Corp. announced that wholly owned subsidiary, MSCC Funding I, LLC, entered into a senior secured revolving credit facility on Nov. 22 led by Truist Bank as administrative agent and as one of three initial lenders under the facility.

The revolver provides for $240 million of aggregate initial commitments with an accordion feature that allows for increases up to $450 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments, according to a press release.

Commitments are revolving through Nov. 21, 2025 and mature on Nov. 21, 2027.

Advances bear interest at one-month term SOFR plus a 10 basis points credit spread adjustment plus an applicable margin of 250 bps during the reinvestment period and 262.5 bps and 275 bps during the first and second years of the amortization period, respectively.

Borrowings are being used to purchase certain investments and participation interests from Main Street and to finance MSCC’s direct investments thereafter. MSCC’s obligations under the revolver are secured by a first priority security interest in all of its assets but are non-recourse to Main Street.

Citibank, NA is collateral agent, document custodian and custodian, and Virtus Group, LP is collateral administrator.

Main Street is a principal investment firm based in Houston.

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