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Main Street Announces Third Quarter 2022 Private Loan Portfolio Activity

Date: Oct 14, 2022 @ 07:50 AM
Filed Under: Industry News

Main Street Capital Corporation announced the following recent activity in its private loan portfolio. During the third quarter of 2022, Main Street originated approximately $269.9 million in new commitments in its private loan portfolio across eight new borrowers and funded total investments across its private loan portfolio with a cost basis totaling approximately $233.8 million.

The following represent notable new private loan commitments and investments during the third quarter of 2022:

  • $67.6 million in a first lien senior secured loan, $7.1 million in a first lien senior secured revolver and $1.4 million in equity to an outsourced legal provider and mass tort settlement administrator;
  • $37.5 million in a first lien senior secured loan, $7.2 million in a first lien senior secured revolver and $1.7 million in equity to a provider of design, engineering and manufacturing services for a variety of original equipment manufacturers in the agricultural, construction and recreational industries;
  • $28.6 million in a first lien senior secured loan and $9.5 million in a first lien senior secured revolver to a provider of specialized welding and related energy infrastructure services;
  • $14.4 million in a first lien senior secured loan, $12.0 million in a first lien senior secured revolver, $8.0 million in a first lien senior secured delayed draw loan and $0.2 million in equity to a supplemental staffing company focused on business continuity solutions;
  • $16.9 million in a first lien senior secured loan, $3.4 million in a first lien senior secured revolver and $6.8 million in a first lien senior secured delayed draw loan to a provider of clinical trial sites used by drug manufacturers to perform clinical trials;
  • $17.1 million in a first lien senior secured loan, $1.5 million in a first lien senior secured revolver and $3.0 million in a first lien senior secured delayed draw loan to a provider of applied behavior analysis therapy;
  • $16.0 million in a first lien senior secured loan, $3.2 million in a first lien senior secured revolver and $0.6 million in equity to a provider of professional-level photobooks, cards, frames, photoprint, calendars and more; and
  • $3.7 million in a first lien senior secured loan, $1.0 million in a first lien senior secured revolver and $1.5 million in a first lien senior secured delayed draw loan to a provider of high-quality rice varietals as well as beans and spices.

As of September 30, 2022, Main Street's private loan portfolio included total investments at cost of approximately $1.5 billion across 87 unique borrowers. The private loan portfolio, as a percentage of cost, included 97.0% invested in first lien debt investments and 3.0% invested in equity investments or other securities.

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