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Main Street Announces New Portfolio Investment

October 22, 2014, 08:00 AM
Filed Under: Manufacturing

Main Street Capital Corporation announced it recently led a financing totaling $12 million of invested capital in East West Copolymer & Rubber, LLC ("East West") to support East West's working capital and expansion needs.  The financing consisted of a $12.0 million first lien, senior secured term loan with equity warrant participation, with Main Street funding $9.6 million of the invested capital.  Main Street and its co-investor partnered with the management team of East West to facilitate the transaction.

East West is a synthetic rubbers manufacturer with its production facility located in Baton Rouge, Louisiana. East West's Styrene-Butadiene-Rubber ("SBR") & Nitrile-Butadiene-Rubber ("NBR") products are primarily used in the production of tires for automobile, industrial, and agriculture applications.  The facility was designed and built by the U.S. Government and has played a major role in the development and advancement in synthetic rubber technology. East West is one of only two independent rubber manufacturing plants in the United States capable of producing SBR.

Main Street 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.

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