GEG - Great Elm Capital prices $40M notes offering

2023-08-09 05:41:36 ET

Great Elm Capital ( NASDAQ: GEG ) priced an underwritten public offering of $40M aggregate principal amount of its 8.75% notes due 2028.

Net proceeds will be ~$38.2M.

The notes will mature on September 30, 2028, 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 September 30, 2025.

Underwriters have a 30-day option to purchase up to an additional $6M aggregate principal amount of notes.

The notes are expected to be delivered on or about August 16, 2023.

Net proceeds along with cash on hand will be used to redeem all of its outstanding 6.50% notes due 2024 and to pay related fees and expenses and for general corporate purposes.

The company may also elect to (i) redeem a portion of its outstanding 6.75% notes due 2025, (ii) redeem a portion of its outstanding 5.875% notes due 2026 or (iii) repay all or a portion of its borrowings outstanding under the loan.

For further details see: