- Interest rates on Main Street Capital's (MAIN, Financial) SPV facility reduced by 40 basis points during the revolving period.
- Final maturity date of the SPV facility extended to September 2030.
- Unused fee rate lowered from 0.50% to 0.40% on unused amounts up to 50% of the commitment.
Main Street Capital Corporation (MAIN) has officially amended its special purpose vehicle (SPV) revolving credit facility through its subsidiary, MSCC Funding I, LLC. The amendment sees a significant reduction in interest rates and an extension in both the revolving period and final maturity date, providing more favorable terms for Main Street's financial operations.
During the revolving period, the interest rate will now be one-month Term Secured Overnight Financing Rate (SOFR) plus 1.95%, down from the previous Term SOFR plus 2.35%. For the first and second years following the revolving period, the interest rates have been adjusted to Term SOFR plus 2.075% and 2.20% respectively, reduced from the earlier rates of 2.475% and 2.60%.
The amendment also extends the revolving period to September 2028 and the final maturity date to September 2030. Additionally, the unused fee has been reduced to 0.40% on unused amounts up to 50% of the commitment, previously set at 0.50% up to 35% of the commitment amount.
Main Street Capital Corporation is a principal investment firm that offers customized long-term debt and equity capital solutions to lower middle market companies. Through its strategic amendments, Main Street aims to optimize financial management for its diverse portfolio of investments.
