Main Street Capital Corporation closed the previously announced underwritten public offering of 4,000,000 shares of common stock at a public offering price of $31.50 per share. In addition, the underwriters fully exercised their option to purchase 600,000 additional shares. Including the exercise of the underwriters' option, the total number of shares sold in the offering was 4,600,000. Net proceeds to Main Street from the offering, including exercise of the underwriters' option to purchase additional shares and after deducting underwriting discounts and estimated offering expenses payable by Main Street, were approximately $139.6 million.
Main Street intends to use all of the net proceeds from this offering to initially repay outstanding debt borrowed under its credit facility, and then through re-borrowing under the credit facility, to make investments in accordance with its investment objective and strategies, to make investments in marketable securities and idle funds investments, to pay operating expenses and other cash obligations, and for general corporate purposes.
The underwriters of this offering were Raymond James, Goldman, Sachs & Co., Robert W. Baird & Co. Incorporated and RBC Capital Markets, LLC (as joint bookrunners), Sanders Morris Harris Inc. and BB&T Capital Markets, a division of BB&T Securities, LLC (as lead co-managers), and Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., MLV & Co. LLC and Wunderlich Securities, Inc. (as co-managers). The shares were sold pursuant to an effective shelf registration statement on Form N-2 that has been filed with, and has been declared effective by, the U.S. Securities and Exchange Commission.
Main Street is a principal investment firm that 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 companies that operate in diverse industry sectors.