|Over a month ago|
Main Street 1.17M share Spot Secondary priced at $42.85 » 10:0508/1108/11/22
The deal priced below…
The deal priced below $44.89 last closing price and inside the $42.65-$43.30 range. RBC Capital, UBS and Wells Fargo are acting as joint book running managers for the offering.
Main Street trading resumes 09:4608/1108/11/22
Main Street trading halted, news pending 09:2608/1108/11/22
Main Street $50M Spot Secondary; price range $42.65-$43.30 » 16:1908/1008/10/22
RBC Capital, UBS and…
RBC Capital, UBS and Wells Fargo are acting as joint book running managers for the offering.
Main Street announces $50M common stock offering » 16:0908/1008/10/22
Main Street Capital…
Main Street Capital Corporation announced that it plans to make a public offering of $50M of shares of its common stock. Main Street intends to initially use the net proceeds from this offering to 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. RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities are acting as joint bookrunners for this offering.
Main Street downgraded to Market Perform from Outperform at Raymond James » 05:2708/0808/08/22
Raymond James analyst…
Raymond James analyst Robert Dodd downgraded Main Street Capital to Market Perform from Outperform without a price target.
Main Street reports Q2 adjusted NII 78c, consensus 70c » 17:2808/0408/04/22
Net asset value was…
Net asset value was $25.37 per share at June 30. "We are pleased with Main Street's strong Q2 results, which include a new quarterly record for net investment income per share and match our prior quarterly record for adjusted distributable NII per share," stated CEO Dwayne Hyzak. "...This strong performance resulted in our recommendation that our board of directors approve both an increase to our regular monthly dividends to 22c per share, or 66c per share for Q4, representing our second such monthly dividend increase in 2022, and a supplemental dividend of 10c per share, representing our fourth consecutive quarterly supplemental dividend. While our NAV per share declined in the quarter primarily as a result of the impact of increases in market interest rate spreads on our private loan and middle market debt investments, we are very pleased with the continued strong performance of our lower middle market portfolio companies which resulted in another quarter of significant fair value appreciation in this portfolio and partially offset the overall decline in valuations of our debt investments...We remain very confident that our highly unique lower middle market strategy, combined with the strength of our private loan platform and our asset management business will allow us to continue to deliver superior results for our shareholders."
Main Street raises dividend 2.3% to 66c » 07:2508/0208/02/22
Main Street Capital…
Main Street Capital announced that its Board of Directors declared regular monthly cash dividends of 22c per share for each of October, November and December 2022. These monthly dividends, which will be payable pursuant to the table below, total 66c per share for the Q4 and represent a 2.3% increase from the regular monthly dividends declared for the Q3 and a 4.8% increase from the regular monthly dividends paid for the Q4 of FY21.
Main Street invests $19.5M in three market portfolio companies » 07:0707/1207/12/22
Main Street Capital…
Main Street Capital announced that it recently invested a total of $19.5M in three existing lower middle market portfolio companies, PPL RVs, Centre Technologies Holdings, and Nebraska Vet AcquireCo, dba Heritage Vet Partners. Main Street's follow-on investment in PPL was made to support the acquisition of Four Pages, dba RV Swap Shop, which provides PPL operations in Central Florida, and to support the company's continued growth initiatives. PPL is a provider of used RVs, parts, service and third-party financing from its three Texas dealerships located in Houston, New Braunfels and Cleburne, and its newest location in Summerfield, Florida. The company is the largest consignment RV dealer in the United States and sells RVs on both a consigned and company-owned basis. Main Street originally invested in PPL in June 2010 to support a recapitalization of the company and to provide growth capital. The follow-on investment consisted of an additional first lien, senior secured term loan of $8.0M.
|Over a quarter ago|
Main Street reports Q1 NII 77c, consensus 70c » 16:2605/0505/05/22
Reports NAV $25.89 per…
Reports NAV $25.89 per share. In commenting on Main Street's results, Dwayne Hyzak, Main Street's CEO, stated, "We are pleased that Main Street delivered very strong first quarter results, with net investment income per share and distributable net investment income per share amounts that matched our quarterly records set in the fourth quarter and with distributable net investment income per share that exceeded the monthly dividends paid to our shareholders during the quarter by over 19%. The continued strong performance of our underlying portfolio companies resulted in additional fair value appreciation of our investments in these companies, and when combined with our continued success in executing new lower middle market and private loan investments increased the fair value of our total investment portfolio at quarter-end to $3.7 billion and resulted in a record net asset value per share." Hyzak continued, "These positive results and the continued momentum in each of our core strategies provided us with the confidence to recommend that our board of directors approve another supplemental dividend payable in June 2022, representing our third consecutive quarter with a supplemental dividend. In addition to our strong start to the year, we remain very confident that our highly unique lower middle market strategy, combined with the strength of our private loan platform and our growing asset management business will allow us to continue to deliver superior results for our shareholders."