Main Street Capital Corporation (NYSE: MAIN) shares are trading lower by 5.79% to $42.29 Thursday morning after the company announced a $50 million public offering of common stock during Wednesday's after-hours session.
The company Thursday morning said it has priced a public underwritten offering of 1,170,000 shares of its common stock.
Pricing was set at $42.85 per share, and net proceeds from the offering, after deducting underwriting discounts and estimated offering expenses payable by Main Street, are expected to be approximately $47.9 million.
What Else?
Main Street intends to initially use the net proceeds from this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional shares, to repay outstanding debt borrowed under its credit facility and then, through 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.
The offering is expected to close on August 15th.
According to data from Benzinga Pro, Main Street Capital has a 52-week high of $47.13 and a 52-week low of $34.35.
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