Main Street lifts loan commitments to $655 million, extends to 2023

By Susanna Moon

Chicago, June 6 – Main Street Capital Corp. increased its revolving credit facility commitments to $655 million and extended it to Sept. 27, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The company amended its credit agreement on June 5 with BB&T Capital Markets as lead arranger and Branch Banking and Trust Co. as administrative agent.

Interest on the loans will be Libor plus 187.5 basis points if the company meets excess collateral and maximum leverage requirements. Otherwise, the rate will be Libor plus 200 bps.

The unused fees are 25 bps.

Main Street also will maintain two one-year extension options.

The amended agreement replaces the facility dated Sept. 27, 2013 with BB&T as administrative agent.

The amendment of the company’s revolving credit facility provides an extension of the final maturity by more than two years and lifts commitments from $585 million while maintaining an expanded accordion that allows for an increase up to $800 million of total commitments, according to a company announcement.

Lenders include Frost Bank, Royal Bank of Canada, Hancock Whitney Bank, ZB, NA doing business as Amegy Bank, Texas Capital Bank, NA, Cadence Bank, NA, Trustmark National Bank, Comerica Bank, Raymond James Bank, NA, BOKF, NA doing business as Bank of Texas, Woodforest National Bank, City National Bank, First Financial Bank, NA, Veritex Community Bank and Goldman Sachs Bank USA.

Houston-based Main Street provides long-term debt and equity capital to lower middle-market companies and debt capital to middle-market companies.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.