Main Street Capital Corp. Senior Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) Nov. 16, 2017--S&P Global Ratings today said it has assigned its 'BBB' issue rating on Main Street Capital Corp.'s $100 million (with potential to upsize) senior unsecured notes due 2022. Main Street intends to use the proceeds to reduce the outstanding balance on its senior secured revolving credit facility. Therefore, we expect the transaction to be neutral from a leverage perspective. As of Sept. 30, 2017, Main Street had total debt of $887 million and total investments of almost $2.2 billion. At the same date, the company's debt to reported equity (excluding Small Business Administration debt) was 0.46x. We estimate that its debt to adjusted total equity (ATE) was about 0.73x at the same date.

...NEW YORK (S&P Global Ratings) Nov. 16, 2017--S&P Global Ratings today said it has assigned its '###' issue rating on Main Street Capital Corp.'s $100 million (with potential to upsize) senior unsecured notes due 2022. Main Street intends to use the proceeds to reduce the outstanding balance on its senior secured revolving credit facility. Therefore, we expect the transaction to be neutral from a leverage perspective. As of Sept. 30, 2017, Main Street had total debt of $887 million and total investments of almost $2.2 billion. At the same date, the company's debt to reported equity (excluding Small Business Administration debt) was 0.46x. We estimate that its debt to adjusted total equity (ATE) was about 0.73x at the same date. Through the first three quarters of 2017, the company's realized return on average investments was 5.2%, non-deal-dependent income coverage of interest was 4.9x, and its non-deal-dependent coverage of interest and dividends was 1.0x. The stable outlook on Main Street...

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