KBRA Publishes Rating for a Subscription Facility to Main Capital VIII Coöperatief U.A.
24 Feb 2025 | London
KBRA UK (KBRA) publishes the rating assigned to a €150 million revolving credit facility to Main Capital VIII Coöperatief U.A. The rating was requested by Main Capital. On 30 October 2024, KBRA assigned an A- rating to the Facility on an unpublished basis. The Outlook is Stable.
The Facility is a €150 million bilateral, revolving subscription facility provided by ABN AMRO Bank N.V. The purpose of the Facility is for financing investments, for the payment of fees, costs and expenses and can also be used for the payment of Facility interest. The Facility is due to mature in May 2026, with two one-year extension options at Lender discretion. The Lenders benefit from a market standard security package consisting of security over: (i) the investors’ uncalled capital commitments, the rights to issue capital calls and receive proceeds of the capital contributions and (ii) the collateral accounts into which such capital contributions are required to be made. Following an enforcement event, the Agent has enforcement rights including the right to accelerate the Facility, prevent withdrawals from the collateral accounts and to issue a capital call directly to the investors for the purpose of repaying all amounts due under the Facility.
Main Capital VIII is managed by Main Capital Partners. Founded in 2003, Main Capital Partners invests in firms operating in the software, information technology and related sectors. Based in the Hague, the Netherlands, the Firm invests across cities in Germany and the Netherlands. Main Capital had approximately €6 billion of assets under management as of Q4 2024. Main Capital’s primary focus is on small- to medium-sized enterprise (B2B) software and SaaS-companies in Northwestern Europe, specifically, Benelux, DACH and the Nordics. The Fund focuses on buyout, later-stage growth capital investments in the software and IT sectors across Benelux, DACH, the Nordics and the US. The Fund held its final close in March 2024, at its hard cap of €1,933 million.
To access ratings and relevant documents, click here.
Click here to view the report.