Main Street Capital Investor Day Presentation Deck
Private Loan Case Study - NWN (Lead Loan)
$247.0 Million
May 7, 2021
Senior Secured Credit Facility
nwn
N STATE
CAPITAL PARTNERS
Sole Arranger
MAIN ST
CAPITAL CORPORATION
Note: Past performance does not guarantee future results
Main Street Capital Corporation
MAIN ST
Transaction Overview
On May 7, 2021, NW N Corporation (NWN) closed a $247.0 million senior secured credit
facility consisting of:
ā
CAPITAL CORPORATION
$30.0 million cash flow Revolver (pari with the First Lien Term Loan, undrawn at
close)
$217.0 million First Lien Term Loan (the Term Loan)
Main Street served as the sole lead arranger in the financing process
At close, Main Street held $20.2 million of the Revolver and $124.3 million of the Term
Loan and funds managed by Main Street held $3.5 million of the Revolver and $46.5
million of the Term Loan while syndicating $6.0 million of the Revolver and $44.0 million
of the Term Loan to three other parties
Shortly after close, Main Street sold $11.4 million of the Revolver and $94.5 million of
the Term Loan to group of direct lenders via assignment
Main Street generated $1.1 million in syndication fees through this transaction
Main Street allocated $2.2 million of the Term Loan and $0.3 million of the cash flow
Revolver to Private Loan Fund I (Fund I) on the May 7th close
After closing, (i) Main Street held $41.2 million of Term Loan and ~$8.8 million of the
Revolver, (ii) Fund I held $2.2 million of the Term Loan and ~$0.3 million of the
Revolver and (iii) other funds managed by Main Street held $3.5 million of the Revolver
and $46.5 million of the Term Loan
Company Overview
NW N is a leader within the business and managed services space providing secure cloud communications, security, unified communications
and collaboration, data center, networking, managed services and cloud solutions
NW N has an attractive 40% managed services / 60% product revenue mix which drives margin expansion and has exposure to attractive
end markets including commercial, education, financial, government, healthcare, and industrial; NW N is headquartered in Waltham, MA
NYSE: MAIN
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