UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): March 7, 2012
Main Street Capital Corporation
(Exact name of registrant as specified in its charter)
Maryland |
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001-33723 |
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41-2230745 |
(State or other jurisdiction of incorporation) |
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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
1300 Post Oak Boulevard, Suite 800, |
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77056 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (713) 350-6000
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On March 7, 2012, the Registrant issued a press release. A copy of such press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information disclosed under Item 8.01, including Exhibit 99.1 hereto, shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press release dated March 7, 2012
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Main Street Capital Corporation | ||
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Date: March 7, 2012 |
By: |
/s/ Dwayne L. Hyzak | |
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Name: |
Dwayne L. Hyzak |
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Title: |
Chief Financial Officer |
Exhibit 99.1
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NEWS RELEASE |
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Contacts: |
Main Street Capital Corporation | |
Dwayne L. Hyzak, CFO and Senior Managing Director | |
dhyzak@mainstcapital.com | |
713-350-6000 | |
Dennard Rupp Gray & Lascar, LLC | |
Ken Dennard | ksdennard@drg-l.com | |
Ben Burnham | bburnham@drg-l.com | |
713-529-6600 |
Main Street Capital Announces Dividend Increase
Dividends of $0.14 per Share for April, May and June 2012 Represent a 7.7% Increase Compared to Second Quarter 2011
HOUSTON, March 7, 2012 Main Street Capital Corporation (NYSE: MAIN) (Main Street) announced today that its Board of Directors declared monthly dividends of $0.14 per share for each of April, May and June 2012. These monthly dividends, which will be payable pursuant to the table below, equal a total of $0.42 per share for the second quarter of 2012. The second quarter 2012 dividends represent a 7.7% increase from the dividends declared for the second quarter of 2011 and a 3.7% increase compared to the first quarter of 2012. Including the dividends declared for the second quarter of 2012, Main Street will have paid $7.14 per share in cumulative dividends since its October 2007 initial public offering.
Summary of Second Quarter 2012 Monthly Dividends
Declared |
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Ex-Dividend Date |
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Record Date |
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Payment Date |
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Amount Per Share |
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3/6/2012 |
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3/19/2012 |
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3/21/2012 |
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4/16/2012 |
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$ |
0.14 |
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3/6/2012 |
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4/18/2012 |
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4/20/2012 |
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5/15/2012 |
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$ |
0.14 |
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3/6/2012 |
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5/17/2012 |
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5/21/2012 |
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6/15/2012 |
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$ |
0.14 |
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Total for Second Quarter 2012: |
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$ |
0.42 |
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When declaring dividends, the Main Street Board of Directors reviews estimates of taxable income available for distribution, which differs from consolidated income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, (iii) activity at our taxable subsidiaries, and (iv) the amount of undistributed taxable income (or spillover income) carried over from a given year for distribution in the following year. As a result of a recent, previously announced realized gain from the exit of its warrant equity position in a portfolio company, Main Street estimates that a substantial portion of its dividends for the second quarter of 2012 will constitute long term capital gains for tax purposes. The final determination of 2012 taxable income, as well as the tax attributes for 2012 dividends, will be made after the close of the 2012 tax year. The final tax attributes for 2012 dividends will generally include both ordinary taxable income and capital gains but may also include qualified dividends and return of capital.
Main Street maintains a dividend reinvestment plan (DRIP) that provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if Main Street declares a dividend, our stockholders who have not opted out of the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of our common stock. Main Street has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly-issued shares will be valued based upon the final closing price of Main Streets common stock on a specified valuation date for each dividend as determined by Main Streets Board of Directors. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator, before any associated brokerage or other costs.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides long-term debt and equity capital to lower middle market companies. Main Streets lower middle market investments are made to support management buyouts, recapitalizations, growth financings and acquisitions of companies that operate in diverse industry sectors and generally have annual revenues ranging from $10 million to $100 million. 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 also maintains a portfolio of privately placed, interest-bearing debt investments in middle market businesses that are generally larger in size than its lower middle market portfolio companies.
FORWARD-LOOKING STATEMENTS
This press release may contain certain forward-looking statements, including but not limited to the potential tax attributes for 2012 dividends. 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 Streets 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 statement now or in the future.
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