09/11/2024 | Press release | Distributed by Public on 09/11/2024 15:27
Issuer:
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Main Street Capital Corporation
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Security:
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6.500% Senior Unsecured Notes due 2027
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Expected Ratings*:
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BBB- Stable (S&P)
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BBB- Stable (Fitch)
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Aggregate Principal Amount Offered:
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$100,000,000 |
Aggregate Principal Amount Outstanding After This Offering: | $400,000,000 |
Maturity:
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June 4, 2027
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Trade Date:
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September 11, 2024
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Settlement Date**:
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September 13, 2024 (T+2)
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Use of Proceeds:
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Repay outstanding indebtedness, including amounts outstanding under the Company's multi-year revolving credit facility and/or under the Company's special purpose vehicle revolving credit facility.
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Price to Public (Issue Price):
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102.134%, plus accrued and unpaid interest from June 4, 2024, up to, but not including, the date of delivery of the New Notes |
Coupon (Interest Rate):
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6.500%
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Yield to Maturity:
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5.617% |
Spread to Benchmark Treasury:
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+ 210 basis points |
Benchmark Treasury:
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3.75% due August 15, 2027
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Benchmark Treasury Price and Yield:
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100-20+ and 3.517%
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Interest Payment Dates:
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June 4 and December 4 of each year, commencing December 4, 2024.
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Optional Redemption:
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Prior to May 4, 2027 (one month prior to the maturity date of the Notes) (the "Par Call Date"), the Company may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:
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(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to the date of redemption, and
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(2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.
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On or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.
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Offer to Purchase upon a Change of Control Repurchase Event:
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If a Change of Control Repurchase Event (as defined in "Description of the Notes" in the Preliminary Prospectus) occurs prior to maturity, holders will have the right, at their option, to require the Company to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date.
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Denomination:
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$2,000 and integral multiples of $1,000 in excess thereof
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CUSIP:
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56035LAJ3
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ISIN:
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US56035LAJ35
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Underwriting Discount:
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0.45% |
Active Bookrunners:
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Truist Securities, Inc.
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J.P. Morgan Securities LLC
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RBC Capital Markets, LLC
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SMBC Nikko Securities America, Inc.
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Co-Managers:
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Raymond James & Associates, Inc.
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Zions Direct, Inc.
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TCBI Securities, Inc.
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Hancock Whitney Investment Services, Inc.
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Comerica Securities, Inc.
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B. Riley Securities, Inc.
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WauBank Securities LLC
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