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

NEW YORK (S&P Global Ratings) Jan. 13, 2020--S&P Global Ratings today assigned its 'BBB-' debt rating to Main Street Capital Corp.'s proposed issuance of $300 million senior unsecured notes due 2026. We expect the transaction to be largely leverage neutral, with the initial use of proceeds primarily to repay existing borrowings under the revolving credit facility which had approximately $300 million outstanding as of Jan. 11, 2021. As of Sept. 30, 2020, Main Street's debt to adjusted total equity (ATE) was 0.88x. The stable outlook reflects Main Street's very strong capital position, long track record of good performance, and diverse funding sources. Over the next 12 months, we expect the company to operate with total debt to ATE of less

...January 13, 2021 NEW YORK (S&P Global Ratings) Jan. 13, 2020--S&P Global Ratings today assigned its '###-' debt rating to Main Street Capital Corp.'s proposed issuance of $300 million senior unsecured notes due 2026. We expect the transaction to be largely leverage neutral, with the initial use of proceeds primarily to repay existing borrowings under the revolving credit facility which had approximately $300 million outstanding as of Jan. 11, 2021. As of Sept. 30, 2020, Main Street's debt to adjusted total equity (ATE) was 0.88x. The stable outlook reflects Main Street's very strong capital position, long track record of good performance, and diverse funding sources. Over the next 12 months, we expect the company to operate with total debt to ATE of less than 1.0x, a substantial cushion to the minimum 200% asset coverage ratio, and debt (excluding Small Business Investment Co. debt) to reported equity below 0.85x. We could lower the ratings in the next 12 months if debt to ATE increases...

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