Main Street Receives Board Approval to Reduce Asset Coverage Ratio to 150%
HOUSTON, February 28, 2022 /PRNewswire/ — Main Street Capital Corporation (NYSE: MAIN) (“Main Street”) is pleased to announce that it has received approval from its Board of Directors to reduce its minimum asset coverage ratio by 200% to 150%. The reduction in Main Street’s minimum asset coverage ratio is effected pursuant to section 61(a)(2) of the Investment Companies Act 1940, which provides that such approval shall take effect on the first anniversary from the administration board. approval. The board also approved the submission of a proposal to adopt the reduced minimum asset coverage ratio at Main Street’s 2022 annual meeting of shareholders, which, if approved, would take effect the following day. of the assembly. Main Street will provide additional details regarding the company’s objectives and anticipated expectations for the use of additional leverage in its proxy statement for the 2022 annual meeting of shareholders.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a primary investment company that primarily provides long-term debt and equity capital to lower-middle-market companies and debt capital to middle-market companies. Main Street’s portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of businesses that operate in various industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally offers “one-stop” financing solutions as part of its lower middle market investment strategy. Lower-middle-market businesses on Main Street typically have annual revenues between $10 million and $150 million. Investments in Main Street’s middle market debt are made in companies that are generally larger in size than the companies in its lower middle market portfolio.
Main Street, through its wholly owned holding company MSC Adviser I, LLC (“MSC Adviser”), also operates an asset management business through which it manages investments for third parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act 1940.
This press release may contain certain forward-looking statements, including, but not limited to, the timing of Main Street’s adoption of the reduced minimum asset coverage ratio. All such statements other than statements of historical fact are subject to being affected by other unknown future events and conditions, including matters of the future which may or may not be within the control of Main Street, and which Main Street may whether or not to have taken into account; therefore, these statements cannot constitute guarantees or assurances as to any aspect of future performance. Actual performance and results could differ materially from these estimates and future projections due to a number of factors, including those described from time to time in Main Street’s filings with the Securities and Exchange Commission. These statements speak only as of the time they are made and are based on information available to Main Street as of the date hereof and are qualified in their entirety by this disclaimer. Main Street assumes no obligation to revise or update any such statement now or in the future.
Dennard Lascar Investor Relations
Ken Dennard | [email protected]
Zach Vaughan | [email protected]
SOURCE Main Street Capital Corporation