Great Elm Capital Corp. Prices Public Offering of $40,000,000 of 8.75% Notes Due 2028
2023年8月9日 - 8:30AM
Great Elm Capital Corp. (the “Company” or “GECC”) (NASDAQ: GECC)
announced today the pricing of its underwritten public offering of
$40,000,000 aggregate principal amount of its 8.75% notes due 2028
(the “Notes”), which will result in net proceeds to the Company of
approximately $38.2 million after payment of underwriting
discounts and commissions and estimated offering expenses payable
by the Company.
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. The Company
has also granted the underwriters a 30-day option to purchase up to
an additional $6,000,000 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
August 16, 2023. The Notes are expected to be listed on The Nasdaq
Global Market under the trading symbol “GECCZ,” and to trade
thereon within 30 days from the original issue date.
The Company intends to use the net proceeds from the offering,
along with cash on hand, 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,
Guarantee and Security Agreement, as amended, with City National
Bank with proceeds of this offering.
Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC
and Oppenheimer & Co. Inc. are acting as joint book-running
managers for the offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities in this offering or
any other securities nor will there be any sale of these securities
or any other securities referred to in this press release in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of such state or jurisdiction.
A registration statement relating to these securities is
on file with and has been declared effective by the Securities and
Exchange Commission (the “SEC”). The offering will be made only by
means of a prospectus, copies of which may be obtained, when
available, from:
Ladenburg Thalmann & Co.
Inc.640 5th Avenue, 4th
FloorNew York, New York
10019prospectus@ladenburg.com
Investors are advised to carefully consider the
investment objectives, risks and charges and expenses of the
Company before investing. The preliminary prospectus, dated August
7, 2023, which has been filed with the SEC, contains a description
of these matters and other important information about the Company
and should be read carefully before investing.
The information in this press release and the
preliminary prospectus is not complete and may be
changed.
About Great Elm Capital Corp.
GECC is an externally managed business development 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.
Cautionary Statement Regarding Forward-Looking
Statements
Statements in this communication that are not historical facts
are “forward-looking” statements within the meaning of the federal
securities laws. These statements are often, but not always, made
through the use of words or phrases such as “expect,” “anticipate,”
“should,” “will,” “estimate,” “designed,” “seek,” “continue,”
“upside,” “potential” and similar expressions. All such
forward-looking statements involve estimates and assumptions that
are subject to risks, uncertainties and other factors that could
cause actual results to differ materially from the results
expressed in the statements. Among the key factors that could cause
actual results to differ materially from those projected in the
forward-looking statements are: conditions in the credit markets,
rising interest rates, inflationary pressure, the price of GECC
common stock and the performance of GECC’s portfolio and investment
manager. Information concerning these and other factors can be
found in GECC’s registration statement, its Annual Report on Form
10-K and other reports filed with the Securities and Exchange
Commission. GECC assumes no obligation to, and expressly disclaims
any duty to, update any forward-looking statements contained in
this communication or to conform prior statements to actual results
or revised expectations except as required by law. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date hereof.Media
& Investor Contact:
Investor Relationsinvestorrelations@greatelmcap.com
Great Elm Capital (NASDAQ:GECC)
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Great Elm Capital (NASDAQ:GECC)
過去 株価チャート
から 5 2023 まで 5 2024