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MAIN > SEC Filings for MAIN > Form 8-K on 1-Oct-2013All Recent SEC Filings

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Creation of a Direct Financial Obligation or an Obligation under an Off-

Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On September 27, 2013, Main Street Capital Corporation ("Main Street") entered into a Second Amended and Restated Credit Agreement (the "Amended Credit Agreement") among Main Street, as borrower, Main Street Capital Partners, LLC and Main Street Equity Interests, Inc., as guarantors, Branch Banking and Trust Company ("BB&T"), Regions Bank, Frost Bank, Capital One, N.A., Texas Capital Bank, Amegy Bank N.A., Goldman Sachs Bank USA, Royal Bank of Canada, Cadence Bank, N.A., Patriot Bank, Trustmark National Bank, Raymond James Bank, N.A. and First Financial Bank, N.A., collectively as lenders, and BB&T as administrative agent. The Amended Credit Agreement replaces the Amended and Restated Credit Agreement entered into on September 20, 2010 among Main Street, as borrower, the guarantors party thereto, BB&T, as administrative agent and lender, and the lenders party thereto, as such agreement was amended from time to time.

Under the Amended Credit Agreement, (i) revolving commitments by lenders were increased to an amount not to exceed $445,000,000 (the "Credit Facility"), subject to the value of cash and cash equivalents and eligible investments included in a borrowing base, and Main Street has the right to request an increase in commitments under the Credit Facility from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $500,000,000, subject to certain conditions, (ii) the term of the Credit Facility was extended for five years from the amendment date to September 27, 2018, with the facility fully revolving for the entire five-year term, and
(iii) borrowings under the Credit Facility bear interest, subject to Main Street's election, on a per annum basis equal to (A) the applicable LIBOR rate plus 225 basis points or (B) the applicable base rate of interest plus 125 basis points. The Amended Credit Agreement also requires payment of 25 basis points per annum in unused commitment fees based on average daily unused commitments under the Credit Facility. In addition, Main Street continues to maintain two, one-year extension options under the amended Credit Facility which could extend the final maturity of the Credit Facility for up to two additional years.

The Credit Facility is guaranteed by the guarantors, each of which is a wholly owned subsidiary of Main Street. The Credit Facility is secured by
(i) substantially all of the present and future property and assets of Main Street and the guarantors, (ii) 100% of the equity interests in the domestic subsidiaries of Main Street, and (iii) 65% of the voting equity interests and 100% of the non-voting equity interests in the foreign subsidiaries of Main Street, in each case excluding subsidiaries that are licensed as "small business investment companies" or are special purpose financing vehicles (as defined) (collectively, the "Collateral").

The Amended Credit Agreement contains cross default provisions to other material debt of Main Street and its subsidiaries and contains certain affirmative and negative covenants, including but not limited to: (i) maintaining a minimum availability of at least 10% of the borrowing base, (ii) maintaining a minimum consolidated tangible net worth (as defined), (iii) maintaining a minimum interest coverage ratio (as defined) and (iv) maintaining a minimum asset coverage ratio (as defined).

BB&T, Goldman Sachs Bank USA, Royal Bank of Canada, Raymond James Bank, N.A. and the other lenders under the Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for Main Street.

The above summary is not complete and is qualified in its entirety to the full text of the Amended Credit Agreement and related documents.

Item 8.01 Other Events.

On October 1, 2013, the Registrant issued a press release. A copy of such press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information disclosed under Item 8.01, including Exhibit 99.1 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1 Second Amended and Restated Credit Agreement dated September 27, 2013

10.2 Second Amended and Restated General Security Agreement dated September 27, 2013

10.3 Second Amended and Restated Equity Pledge Agreement dated September 27, 2013

99.1 Press release dated October 1, 2013

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