Main Street Capital Corp.'s Proposed $150 Million Senior Unsecured Notes Due 2031 Rated 'BBB-'

TORONTO (S&P Global Ratings) April 9, 2026--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Main Street Capital Corp. 's proposed $150 million senior unsecured notes due 2031. The company intends to use the net proceeds, cash on hand, and availability under secured funding lines to repay its $500 million senior unsecured notes due in July 2026. As of Dec. 31, 2025, Main's debt totaled approximately $2.5 billion--roughly 65% of which was unsecured, slightly above the average for publicly traded business development company (BDC) peers. Assuming no equity growth from year-end 2025, Main's leverage calculated as debt to adjusted total equity, adjusted for the new issuance and paydown of the July 2026 notes remain relatively flat at around 1.1x

...April 9, 2026 TORONTO (S&P Global Ratings) April 9, 2026--S&P Global Ratings today assigned its '###-' issue- level rating to Main Street Capital Corp.'s proposed $150 million senior unsecured notes due 2031. The company intends to use the net proceeds, cash on hand, and availability under secured funding lines to repay its $500 million senior unsecured notes due in July 2026. As of Dec. 31, 2025, Main's debt totaled approximately $2.5 billion--roughly 65% of which was unsecured, slightly above the average for publicly traded business development company (BDC) peers. Assuming no equity growth from year-end 2025, Main's leverage calculated as debt to adjusted total equity, adjusted for the new issuance and paydown of the July 2026 notes remain relatively flat at around 1.1x (after temporarily rising to 1.25x before the debt paydown). Main had an asset coverage ratio of 241% as of Dec. 31, 2025. At the end of 2025, loans on nonaccrual at cost declined to 4.2% of total debt investments, from...

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