HoustonDescription
Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently completed a new portfolio investment to facilitate the minority recapitalization of Classic H&G Holdings, LLC ("Classic" or the "Company"), a leading provider of engineered packaging solutions for the home & garden and fragrance & cosmetic industries. Main Street, along with its co-investor, partnered with the Company's existing owner and senior management team to facilitate the transaction and provide growth capital, with Main Street funding $31.8 million in a combination of first-lien, senior secured term debt and a minority direct equity investment. The Company's capital structure and liquidity position at closing included approximately $3.0 million of cash on the Company's balance sheet and other contractual arrangements providing the Company access to an additional $3.0 million of equity support to facilitate the Company's future capital and liquidity needs. In addition, Main Street and its co-investors are providing Classic with a credit facility to support its future growth initiatives and working capital needs.