Main Street drops on pricing stock offering

Main Street Capital

11/08/2022 15:06

** Main Street Capital Corp's  MAIN.N  shares down 5.2% at
$42.55 after follow-on prices
    ** Stock on track for biggest one-day pct drop since Mar 7,
2022
    ** Middle-market focused business development company sells
1.17 mln shares at $42.85, 4.5% discount to stock's Weds close
 urn:newsml:reuters.com:*:nPn27kd6Ba
    ** Co plans to use expected net offering proceeds of ~$47.9
mln to repay debt, make new investments
    ** RBC, UBS and Wells Fargo acted as jt bookrunners
    ** Co last week reported Q2 results and said its net asset
value/sh was $25.37 at end-Jun  urn:newsml:reuters.com:*:nPn551X6Na
    ** MAIN has ~73.9 mln shares outstanding for $3.3 bln market
value based on last close
    ** With move on the session, shares swing into red YTD by
4.8%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))