After closing at $31.08 a share yesterday, Main Street Capital (NYSE:MAIN) has priced its 4-million-share public stock offering at $29.75 a share, the company announced today. Net proceeds from the offering are expected to be approximately $114.3 million.
As of the end of Q2, Main Street had 34.75 million shares outstanding, up from the year-ago period's 27.12 million shares, according to an SEC filing connected to the new offering.
In addition to the 4 million shares available to the public, the underwriters of the deal have a 30-day option to purchase as many as 600,000 additional shares at the public offering price, Main Street said.
Main Street said it intends to use the stock offering's proceeds to repay debt under its existing credit facility, followed by "re-borrowing under the credit facility, to make investments in accordance with its investment objective and strategies, to make investments in marketable securities and idle funds investments, to pay operating expenses and other cash obligations, and for general corporate purposes."
Main Street provides debt and equity capital to small and mid-market companies, which it defines as those with $10 million to $150 million in annual revenues.