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

NEW YORK (S&P Global Ratings) Dec. 23, 2022--S&P Global Ratings today assigned its 'BBB-' debt rating to Main Street Capital Corp.'s proposed issuance of up to $100 million of senior unsecured notes due 2025. We expect the transaction to be largely leverage neutral, with the initial use of proceeds primarily for general corporate purposes and to repay existing borrowings under the revolving credit facility. As of Sept. 30, 2022, Main Street's debt to adjusted total equity (ATE) was 1.18x. The stable outlook reflects Main Street's strong capital position, long record of good performance, and diverse funding sources. Over the next 12-24 months, we expect the company to operate with debt to ATE of 1.0x-1.5x, a significant cushion to the minimum

...December 23, 2022 NEW YORK (S&P Global Ratings) Dec. 23, 2022--S&P Global Ratings today assigned its '###-' debt rating to Main Street Capital Corp.'s proposed issuance of up to $100 million of senior unsecured notes due 2025. We expect the transaction to be largely leverage neutral, with the initial use of proceeds primarily for general corporate purposes and to repay existing borrowings under the revolving credit facility. As of Sept. 30, 2022, Main Street's debt to adjusted total equity (ATE) was 1.18x. The stable outlook reflects Main Street's strong capital position, long record of good performance, and diverse funding sources. Over the next 12-24 months, we expect the company to operate with debt to ATE of 1.0x-1.5x, a significant cushion to the minimum 150% asset coverage ratio, and debt (excluding small business investment company debt) to reported equity of 0.7x-0.9x. We could lower the ratings in the next 12-24 months if: - Debt to ATE exceeds 1.5x; - Regulatory asset coverage...

Ratings Action