Great Elm Capital Corp. Announces Public Offering
Great Elm Capital Corp. (referred to as “the Company” or “GECC”) (NASDAQ: GECC) has announced a public offering of unsecured notes that will mature in 2029. These notes, known as the "Notes," are set to be listed on The Nasdaq Global Market under the symbol “GECCH.” Trading is expected to commence within the next 30 days following the initial issuance date. The Company, along with its underwriters, will negotiate the interest rate along with other key details regarding this offering.
How Proceeds Will Be Used
The proceeds generated from this offering will be combined with the Company’s existing cash reserves, with a main goal of redeeming all previously issued 6.75% unsecured notes that are due in 2025. This approach demonstrates Great Elm’s dedication to managing its debt efficiently and enhancing its capital structure.
Management Team of the Offering
This offering is led by Lucid Capital Markets, LLC, Janney Montgomery Scott LLC, and Piper Sandler & Co., who serve as joint book-running managers. Additionally, Clear Street LLC, InspereX LLC, and Ladenburg Thalmann & Co. Inc. are participating as co-managers, all working together to ensure the success of this market entry.
Regulatory Notes
It’s important to point out that this announcement does not constitute an offer to sell nor a solicitation of bids to purchase these Notes or any other securities. Sales of these securities will not take place in jurisdictions where such activities would be illegal before meeting registration or qualification requirements under state or federal securities laws.
Registration Statement Information
A formal registration statement for these securities has been filed with the Securities and Exchange Commission (the “SEC”). However, it is still pending effectiveness, meaning that the securities can neither be sold nor can offers to purchase be accepted until the registration statement is activated. All transactions will adhere to established protocols, and relevant information will be provided in a prospectus once it becomes available.
Investing Insights
Investors should conduct thorough due diligence regarding their investment goals, the risks involved, and potential costs when considering an investment in Great Elm Capital Corp. The preliminary prospectus filed with the SEC contains valuable insights into these investment considerations along with comprehensive information about the Company. Interested parties should carefully read this document before making any investment choices.
About Great Elm Capital Corp.
Great Elm Capital Corp. is a notable player in the business development sector, focusing on providing both immediate income as well as long-term capital growth. The Company strategically invests in income-generating debt and equity instruments, particularly in specialty finance areas, showcasing its commitment to a diversified investment strategy.
Looking Ahead
As Great Elm Capital Corp. continues to implement its financial strategies and refine its investment approach, stakeholders are encouraged to stay updated on the Company’s developments. The upcoming offering of unsecured notes represents a strategic opportunity that could significantly boost the Company’s operational capabilities and enhance its positioning in the market.
Contact for Media Inquiries
If you have any questions regarding this offering or the Company’s financial strategies, please reach out to the investor relations team at:
Investor Relations
investorrelations@greatelmcap.com
Frequently Asked Questions
What’s the purpose of the unsecured notes offering by Great Elm Capital Corp.?
The offering's goal is to raise capital for redeeming existing unsecured notes while improving the Company's capital structure.
Who is overseeing the public offering?
Lucid Capital Markets, LLC, Janney Montgomery Scott LLC, and Piper Sandler & Co. take the lead as primary managers, with several other firms acting as co-managers.
What can investors anticipate from the Notes?
Investors will soon receive information about the interest rate and other terms, which will be determined through negotiations between Great Elm and its underwriters.
How will the funds from this offering be allocated?
The funds raised will primarily be used to redeem all outstanding 6.75% unsecured notes due in 2025.
Where can I get more information about the offering?
Detailed information about the offering will be provided in the prospectus, which potential investors should review carefully to understand the associated risks and benefits.
