A mainsail reefing system comprises: a drum assembly including first and second coaxial drums for collecting luff-end and leech-end reefing lines, respectively; a drive mechanism for rotating the drum assembly; and a levelwind mechanism including a cam shaft configured to convert rotational motion to reciprocating motion, and first and second line guides mechanically coupled to the cam shaft, where the line guides are configured to move in a reciprocating motion across the width of the first and second drums, respectively, for guiding the reefing lines onto their respective drums. The levelwind mechanism is mechanically coupled to the reefing mechanism for coordination of movement of the line guides with rotation of the drum assembly. A preferred drive assembly comprises a third drum attached coaxially to the first and second drums, and a larger diameter threaded disc coaxially attached to an end of the third drum. During the reefing process a cockpit line is pulled off the third drum and then transitions to the larger diameter threaded disc, providing extra leverage during the outhaul tensioning of the mainsail.