By Devika Patel
Knoxville, Tenn., July 23 – Main Street Capital Corp. priced a $125 million add-on to its 5.2% notes (BBB-) due May 1, 2024 on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The company priced the notes at 102.674 to yield 4.418%, or 415 basis points over Treasuries.
Main Street Capital originally issued $250 million of the notes on April 23, 2019 at 99.125 to yield 5.401%, or a spread of 300 bps over Treasuries. The company tapped the notes on Dec. 2, 2019, selling $75 million at 105.001 to yield 3.951%, with a spread of 230 bps over Treasuries. The total outstanding is now $450 million.
RBC Capital Markets Corp., SunTrust Robinson Humphrey Inc. and Raymond James & Associates were the bookrunners.
Proceeds will be used to repay debt outstanding under the company’s credit facility.
The market lender for electric cooperatives is based in Herndon, Va.
Issuer: | Main Street Capital Corp.
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Amount: | $125 million reopening
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Description: | Notes
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Maturity: | May 1, 2024
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Bookrunners: | RBC Capital Markets Corp., SunTrust Robinson Humphrey Inc. and Raymond James & Associates
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Co-managers: | Comerica Securities, Inc. and WoodRock Securities, LP
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Coupon: | 5.2%
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Price: | 102.674
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Yield: | 4.418%
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Spread: | Treasuries plus 415 bps
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Call feature: | Make-whole call at price equal to greater of par or Treasuries plus 45 bps
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Trade date: | July 23
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Settlement date: | July 28
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Rating: | S&P: BBB-
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Distribution: | SEC registered
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Total outstanding: | $450 million, including $250 million of notes issued April 23, 2019 at 99.125 to yield 5.401%, or a spread of 300 bps over Treasuries, and $75 million issued on Dec. 2, 2019 at 105.001 to yield 3.951%, with a spread of 230 bps over Treasuries
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