MCG Capital Provides $20 Million in Financing to Midwest Technical Institute as part of Summer Street Capital's Recapitalization
ARLINGTON, Va.--(BUSINESS WIRE)-- MCG Capital Corporation (NAS: MCGC) ("MCG") today announced the closing of a $20 million investment in Midwest Technical Institute ("MTI"). MCG's investment consists of a senior secured unitranche credit facility and revolving line of credit.
MTI is a private, post-secondary school providing career education in the fields of welding, HVACR, allied health and cosmetology with five campuses across Illinois and Mississippi. MCG's investment is made in conjunction with the recapitalization of MTI by Summer Street Capital, a private equity firm with more than $550 million of capital to make equity investments that typically range from $15 to $30 million.
About MCG Capital Corporation
MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle-market companies throughout the United States. Our investment objective is to achieve current income and capital gains. Our capital is generally used by our portfolio companies to finance acquisitions, recapitalizations, buyouts, organic growth and working capital. For more information, please visit www.mcgcapital.com.
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws.Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms.Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in MCG's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by MCG from time to time with the Securities and Exchange Commission.As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein.MCG is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
MCG Capital Corporation
Keith Kennedy, 703-247-7513
KEYWORDS: United States North America Virginia
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