Main Street Capital (MAIN) Expands Facility to $210M
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Main Street Capital Corporation (NYSE: MAIN) has expanded of total commitments under its three-year credit facility from $155 million to $210 million.
The $55 million increase in total commitments included commitment increases by lenders currently participating in the Credit Facility, as well as the addition of one new lender relationship which further diversifies the Main Street lending group to a total of seven participants. The amended Credit Facility contains an accordion feature that allows for a further increase in total commitments under the facility up to $300 million on the same terms and conditions as the existing lender commitments. The amended Credit Facility also contains two one-year extension options bringing the total potential funding period to five years. Borrowings under the Credit Facility continue to bear an annual interest rate equal to the applicable published LIBOR rate plus 2.50%, with no contractual interest rate floor.
The $55 million increase in total commitments included commitment increases by lenders currently participating in the Credit Facility, as well as the addition of one new lender relationship which further diversifies the Main Street lending group to a total of seven participants. The amended Credit Facility contains an accordion feature that allows for a further increase in total commitments under the facility up to $300 million on the same terms and conditions as the existing lender commitments. The amended Credit Facility also contains two one-year extension options bringing the total potential funding period to five years. Borrowings under the Credit Facility continue to bear an annual interest rate equal to the applicable published LIBOR rate plus 2.50%, with no contractual interest rate floor.
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