Main Street amends and restates facility, upping size to $210 million

By Jennifer Chiou

New York, Nov. 22 - Main Street Capital Corp. entered into on Monday an amendment and restatement of its credit agreement with Branch Banking and Trust Co. as administrative agent to increase the total commitments to $210 million from $155 million, according to an 8-K filing with the Securities and Exchange Commission.

Capital One, NA, Regions Bank, Frost National Bank, Texas Capital Bank, Compass Bank and Cadence Bank, NA are the other lenders.

The changes also resulted in the increase of the accordion to up to $300 million of total commitments.

The filing added that Main Street has two one-year extension options that could extend the maturity to Sept. 20, 2016 from Sept. 20, 2014.

Main Street Capital Partners, LLC and Main Street Equity Interests, Inc. are guarantors under the loan.

Borrowings bear interest at Libor plus 250 basis points with no floor, according to a news release.

As of Tuesday, the company had $58 million of outstanding debt under the credit facility.

Main Street is a Houston-based principal investment firm that primarily provides long-term debt and equity capital to lower middle-market companies.

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