Main Street Capital Enters Material Agreement, New Financial Obligation

TL;DR

**MAIN just took on new debt or a big financial commitment, watch for details.**

AI Summary

Main Street Capital Corporation (MAIN) filed an 8-K on January 12, 2024, reporting an event that occurred on January 10, 2024, related to entering a material definitive agreement and creating a direct financial obligation. This indicates the company has taken on new debt or made a significant financial commitment. For investors, this matters because new obligations can impact future earnings, dividend capacity, and overall financial health, potentially affecting the stock's valuation.

Why It Matters

This filing signals that Main Street Capital has taken on new financial commitments, which could affect its balance sheet, future profitability, and ability to distribute dividends to shareholders.

Risk Assessment

Risk Level: medium — The filing indicates new financial obligations without specifying the amount or terms, creating uncertainty about the potential impact on the company's financial health.

Analyst Insight

A smart investor would monitor Main Street Capital's upcoming financial disclosures for specific details regarding the new material definitive agreement and financial obligation to assess its impact on the company's balance sheet and future earnings.

Key Players & Entities

• Main Street Capital Corporation (company) — the registrant filing the 8-K
• January 10, 2024 (date) — date of the earliest event reported
• January 12, 2024 (date) — date the 8-K was filed
• Maryland (company) — state of incorporation for Main Street Capital Corporation
• New York Stock Exchange (company) — exchange where Main Street Capital's Common Stock is registered

Forward-Looking Statements

• Main Street Capital will provide more details about the new financial obligation in its next quarterly or annual report. (Main Street Capital Corporation) — high confidence, target: Q1 2024 Earnings Report

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share MAIN New York Stock Exchange
• $350 million — onnection with the issuance and sale of $350 million in aggregate principal amount (the "Off
• $346.3 m — eet are estimated to be approximately $ $346.3 million, after deducting the underwriting

Filing Documents

• main-20240110.htm (8-K) — 40KB
• main-january2024bondxunder.htm (EX-1.1) — 269KB
• main-jan2024bondxsixthsupp.htm (EX-4.1) — 132KB
• main-january2024bondsxex51.htm (EX-23.1) — 24KB
• dechertlogo.jpg (GRAPHIC) — 10KB
• mainst-logo.jpg (GRAPHIC) — 79KB
• 0001396440-24-000036.txt ( ) — 798KB
• main-20240110.xsd (EX-101.SCH) — 2KB
• main-20240110_lab.xml (EX-101.LAB) — 24KB
• main-20240110_pre.xml (EX-101.PRE) — 13KB
• main-20240110_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On January 10, 2024, Main Street Capital Corporation ("Main Street") entered into an underwriting agreement (the "Underwriting Agreement") by and among Main Street and SMBC Nikko Securities America, Inc., as representative of the underwriters named in Schedule A thereto, in connection with the issuance and sale of $350 million in aggregate principal amount (the "Offering") of Main Street's 6.95% notes due 2029 (the "Notes"). The Offering closed on January 12, 2024 and the Notes were issued under a Sixth Supplemental Indenture, dated January 12, 2024, between Main Street and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Trustee"), to the indenture, dated April 2, 2013, between Main Street and the Trustee (the "Base Indenture" and, together with the Sixth Supplemental Indenture, the "Indenture"). The Notes will mature on March 1, 2029 unless previously redeemed or repurchased in accordance with their terms . The Notes will bear cash interest from January 12, 2024, at an annual rate of 6.95% payable semiannually on March 1 and September 1 of each year, beginning on September 1, 2024 . The Notes are direct unsecured obligations of Main Street and rank equally in right of payment with Main Street's existing and future unsecured indebtedness but effectively subordinated to all of Main Street's outstanding and future secured indebtedness , to the extent of the value of the assets securing such indebtedness, and structurally subordinated to the debt and other obligations of any of Main Street's subsidiaries, financing vehicles or similar facilities . Prior to February 1, 2029 (one month prior to the maturity date of the Notes) (the "Par Call Date"), Main Street may redeem the Notes at its option, in whole or in part, at any time or from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 1.1 Underwriting Agreement, dated January 10, 2024, between Main Street Capital Corporation and SMBC Nikko Securities America, Inc. as representative of the underwriters named in Schedule A thereto 4.1 Sixth Supplemental Indenture, dated January 12, 2024, between Main Street Capital Corporation and The Bank of New York Mellon Trust Company, N.A., as trustee 4.2 Form of 6.95% Notes due 2029 (contained in the Sixth Supplemental Indenture incorporated by reference as Exhibit 4.1 hereto) 5.1 Opinion of Dechert LLP, dated January 12, 2024 23.1 Consent of Dechert LLP (included in Exhibit 5.1) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Main Street Capital Corporation Date: January 12, 2024 By: /s/ Jason B. Beauvais Name: Jason B. Beauvais Title: General Counsel

View Full Filing

View this 8-K filing on SEC EDGAR