Main Street Capital Corp. (MAIN: Quote) announced the closing of its previously announced underwritten public offering of 3.75 million shares of common stock at a public offering price of $22.50 per share.
In addition, the underwriters fully exercised their option to purchase 562,500 additional shares of the company's common stock to cover over-allotments. Including the exercise of the over-allotment option, the total number of shares sold in the offering was 4.31 million, the company stated.
Main Street said that the net proceeds from the offering, including exercise of the over-allotment option but after deducting underwriting discounts and estimated offering expenses payable by the company, were approximately $93.0 million.
Main Street intends to use the net proceeds from this offering, including the net proceeds from the exercise of the underwriters' over-allotment option, to make portfolio investments in accordance with its investment objective and strategies, to make investments in marketable securities and idle funds investments, to repay outstanding debt borrowed under its credit facility, to pay operating expenses and other cash obligations, and for general corporate purposes.
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by RTT Staff Writer
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