Main Street gets expanded $445 million five-year loans, adds lenders

By Susanna Moon

Chicago, Oct. 1 - Main Street Capital Corp. said it closed an expanded $445 million five-year credit facility by lifting commitments from three existing lenders and by adding two new lenders for a total of 13 lenders.

The company entered into an amended credit agreement with Branch Banking and Trust Co. as the administrative agent, Regions Capital Markets as the joint lead arranger and syndication agent and BB&T Capital Markets as the joint lead arranger, according to an 8-K filing with the Securities and Exchange Commission.

The facility has an upsized accordion that allows total commitments of up to $500 million under the agreement.

Pricing on the loans was reduced to Libor plus 225 basis points with an unused fee of 25 bps.

The extended facility will mature on Sept. 27, 2018 with two one-year extension options.

The credit agreement replaces the agreement dated Sept. 20, 2010 with BB&T as administrative agent and lender.

Main Street has $166 million of outstanding debt under the facility.

The investment firm is based in Houston.

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