Main Street Issues Reminder Regarding Upcoming Dividend Activity
HOUSTON, Dec. 9, 2014 /PRNewswire/ -- As previously announced on October 23, 2014, Main Street Capital Corporation (NYSE: MAIN) ("Main Street") will pay a supplemental semi-annual cash dividend of $0.275 per share in December 2014, which is in addition to Main Street's previously announced regular monthly cash dividends of $0.17 per share to be paid in each of December 2014 and January, February and March 2015. Consistent with prior practice in previous periods with several dividends in close proximity, Main Street is issuing this reminder with respect to its upcoming dividend activity since there are multiple ex-dividend and payment dates in December 2014.
Each of Main Street's December 2014 and January 2015 regular monthly and December 2014 supplemental semi-annual dividends will be payable as set forth below to stockholders who hold shares through the trading day immediately preceding the ex-dividend date for such dividend.
Summary of Upcoming Dividend Activity |
|||||
Declared |
Ex-Dividend Date |
Record Date |
Payment Date |
Amount Per Share |
|
8/4/2014 |
11/18/2014 |
11/20/2014 |
12/15/2014 |
$0.170 |
|
10/22/2014 |
12/16/2014 |
12/18/2014 |
12/24/2014 |
$0.275 |
|
11/5/2014 |
12/29/2014 |
12/31/2014 |
1/15/2015 |
$0.170 |
|
Aggregate total payable in December 2014 and January 2015: |
$0.615 (1) |
||||
(1) | Additionally, Main Street has previously declared regular monthly dividends of $0.17 per share payable on February 13, 2015 and March 16, 2015 to stockholders of record on January 21, 2015 and February 20, 2015, respectively. |
The December 2014 supplemental semi-annual dividend will be paid out of Main Street's undistributed taxable income as of September 30, 2014 (or taxable income in excess of dividends paid through such date). As previously discussed in the October 23, 2014 press release and in Main Street's third quarter 2014 earnings release dated November 6, 2014, both of which can be found on Main Street's website at www.mainstcapital.com, Main Street estimates that its undistributed taxable income as of September 30, 2014 was $1.09 per share, and the supplemental semi-annual dividend represents a payout of approximately one-fourth of Main Street's estimated undistributed taxable income as of September 30, 2014.
Based on the regular monthly dividends declared for the fourth quarter of 2014 and the first quarter of 2015 and the $0.275 per share supplemental semi-annual dividend payable in December 2014, Main Street will have paid $13.74 per share in cumulative dividends since its October 2007 initial public offering. The combination of the current regular monthly dividend rate of $0.17 per share and the current supplemental semi-annual dividend rate of $0.275 per share equates to annualized cash dividends of $2.59 per share, or an annualized yield of 8.4% based on Main Street's current share price.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives within its lower middle market portfolio. Main Street's lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street's middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.
Main Street's common stock trades on the New York Stock Exchange ("NYSE") under the symbol "MAIN." In addition, Main Street has outstanding 6.125% Notes due 2023, which trade on the NYSE under the symbol "MSCA."
FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking statements, including but not limited to the amount of estimated undistributed taxable income and the declaration and payment of regular or supplemental semi-annual dividends in the future. Any such statements other than statements of historical fact are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Main Street's control, and that Main Street may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual performance and results could vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and Main Street undertakes no obligation to update any such statements now or in the future.
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, COO, [email protected]
Brent D. Smith, CFO, [email protected]
713-350-6000
Dennard ▪ Lascar Associates
Ken Dennard | [email protected]
Jenny Zhou | [email protected]
713-529-6600
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SOURCE Main Street Capital Corporation
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