MCG Capital Provides $20 Million in Financing to Midwest Technical Institute
MCG Capital Corporation (NASDAQ: MCGC) 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.
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