WALTHAM, Mass., June 17, 2021 (GLOBE NEWSWIRE) — Great Elm Capital Corp. (NASDAQ: GECC) announced today the pricing of its underwritten public offering of $50,000,000 aggregate principal amount of its 5.875% notes due 2026, which will result in net proceeds to the Company of approximately $47,894,500 after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company.
The Notes will mature on June 30, 2026, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after June 30, 2023. The Company has also granted the underwriters a 30-day option to purchase up to an additional $7,500,000 aggregate principal amount of Notes to cover over-allotments, if any.
The closing of the transaction is subject to customary closing conditions, and the Notes are expected to be delivered on or about June 23, 2021. The Notes are expected to be listed on The Nasdaq Global Market under the trading symbol “GECCO,” and to trade thereon within 30 days from the original issue date.
The Company intends to use the net proceeds from the offering to redeem all of its outstanding 6.50% notes due 2022 and for general corporate purposes, which may include repayment of other indebtedness.
Oppenheimer & Co. Inc., B. Riley Securities, Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are acting as joint book-running managers for the offering.
About Great Elm Capital Corp.
Great Elm Capital Corp. is an externally managed, specialty finance company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses. GECC elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.
