Main Street invests in entity formed for North Coast Container acquisition

|About: Main Street Capital (MAIN)|By:, SA News Editor

Main Street Capital (NYSE:MAIN) reports a new portfolio investment in SI East, a new entity formed to facilitate General Steel Drum's acquisition of North Coast Container Corp. to create a leading manufacturer of new steel drums in the North American market.

Main Street with a co-investor, is partnering with General Steel Drum's existing owners to facilitate the transaction. Main Street is funding $41.25M in a combination of first-lien, senior secured term debt, and a direct minority equity investment.

In addition, Main Street and its co-investor are providing SI East an undrawn credit facility to support future organic and acquisition growth initiatives and working capital needs.

Previously: Main Street invests in firearm holster, accessories maker (Sept. 5)

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