GECC - Great Elm Capital Corp. Prices Public Offering of $30000000 of 8.50% Notes Due 2029 | Benzinga
PALM BEACH GARDENS, Fla., April 09, 2024 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the "Company" or "GECC") (NASDAQ:GECC) announced today the pricing of its underwritten public offering of $30,000,000 aggregate principal amount of its 8.50% notes due 2029 (the "Notes"), which will result in net proceeds to the Company of approximately $28.6 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company.
The Notes will mature on April 30, 2029, 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 April 30, 2026. The Company has also granted the underwriters a 30-day option to purchase up to an additional $4,500,000 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 April 17, 2024. The Notes are expected to be listed on The Nasdaq Global Market under the trading symbol "GECCI," and to trade thereon within 30 days from the original issue date.
The Company intends to use the net proceeds from the offering for general corporate purposes, including making investments consistent with its investment objectives, and may also elect to (i) redeem or repurchase a portion of its outstanding $45.6 million aggregate principal amount of 6.75% unsecured notes due 2025, (ii) redeem ...