14/09/2017 02:50:56

Great Elm Capital Corp. Prices Public Offering of Approximately $28.4 Million of 6.50% Notes Due 2022

WALTHAM, Mass., Sept. 13, 2017 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (NASDAQ:GECC) (the “Company”) announced today the pricing of its public offering of approximately $28.4 million aggregate principal amount of its 6.50% notes due 2022 (the “Notes”), which will result in net proceeds to the Company of approximately $27.0 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company.

The Notes will mature on September 18, 2022, 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 18, 2019. The Notes will bear interest at a rate of 6.50% per year payable quarterly on January 31, April 30, July 31 and October 31 of each year, beginning October 31, 2017. The Company has also granted the underwriters a 30-day option to purchase up to an additional approximately $4.3 million 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 September 18, 2017. The Company intends to apply to list the Notes on the NASDAQ Stock Market under the trading symbol “GECCD,” and if the application is approved, expects trading in the Notes to begin within 30 days from the original issue date.

The Company intends to use the net proceeds from this offering and cash on hand to redeem all of its outstanding 8.25% notes due 2020 (the “Full Circle Notes”), which currently amount to approximately $33.6 million plus accrued and unpaid interest. Pending the use of the net proceeds to redeem the Full Circle Notes, the Company may invest the net proceeds of this offering in cash, cash equivalents, U.S. Government securities and other high-quality debt instruments that mature in one year or less, or "temporary investments", as appropriate.

Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSEMKT:LTS), and Oppenheimer & Co. Inc. are acting as book-running managers for the offering.  William Blair & Company, L.L.C. is acting as a co-manager 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 offering may be made only by means of a prospectus, copies of which may be obtained, when available, from:

Janney Montgomery Scott LLC

1717 Arch Street

Philadelphia, PA 19103

Attention: Taxable Fixed Income Department

or:

prospectus@janney.com

Investors are advised to carefully consider the investment objectives, risks and charges and expenses of the Company before investing. The preliminary prospectus, dated September 12, 2017, which has been filed with the Securities and Exchange Commission, contains a description of these matters and other important information about the Company and should be read carefully before investing.

About Great Elm Capital Corp.

Great Elm Capital Corp. is an externally managed, specialty finance company focused on investing in debt instruments of middle market companies. GECC elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. GECC’s investment objective is to generate both current income and capital appreciation, while seeking to protect against risk of permanent capital loss. GECC focuses on special situations and catalyst-driven investments as it seeks to generate attractive risk-adjusted returns.

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 “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” “aim,” “target,” “opportunity,” “tentative,” “positioning,” “designed,” “create,” “seek,” “would,” “could”, “potential,” “continue,” “ongoing,” “upside,” “increases,” and “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 the following: conditions in the credit markets, the price of GECC common stock, performance of GECC’s portfolio and investment manager. Additional information concerning these and other factors can be found in GECC’s registration statement. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this document 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:

Meaghan K. Mahoney

Senior Vice President

+1 (617) 375-3006

investorrelations@greatelmcap.com 

Primary Logo

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
18 Sep
FING-B
Goodwrench, sikke en omgang vrøvl.   Det er ikke kun hyklerisk, men også dybt patetisk, når du komme..
36
21 Sep
BAVA
Nogle gange...bare nogle gange ville jeg godt nok vaere glad og taknemmelig hvis vi ikke evig og alt..
25
19 Sep
PNDORA
Her er min model ;)      
23
21 Sep
I:SP500
Hej   Der er lige nu kommet nye tal fra Conference Board omkring de ledende indikatorer. Vores konju..
21
24 Sep
 
De fleste danskere, svenskere og tyskere er ikke racister. Men at se sit land blive invaderet af mus..
17
20 Sep
SAS-DKK
Norwegian har gjort det flot, og konkurrence kan være godt det "kan" højne kvaliteten i nogen tilfæl..
17
18 Sep
FING-B
Goodwrench, har du da hørt en loppe gø. Det er dybt imponerende, hvordan du igen og igen udstiller d..
16
20 Sep
PNDORA
Donlupo - Fik du skrevet fra den forkerte profil?
15
23 Sep
OMXC25
Kun 3,4 på Richerskalaen. Det er nok bare Fedekim, der har vendt sig i sengen.
14
23 Sep
 
Jeg har nedskrevet min strategi efter, at jeg er blevet træt af dumme indkøb med for magt EI skramme..
13

Alliance Trust PLC : Net Asset Value(s)

25/09/2017 13:10:52
ALLIANCE TRUST PLC                                    At the close of business on Friday 22 September 2017: The Company's NAV per ordinary share, valued on a bid price basis with Debt at Par, was -       excluding income, 748.1p -       including income, 756.0p  The Company's NAV per ordinary share, valued on a bid price basis with Debt at Fair Value, was -       excluding in..

Form 8.5 (EPT/RI) - Booker Group plc

25/09/2017 08:07:28
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY 1.         KEY INFORMATION (a) Name of exempt principal trader:   Investec Bank plc   (b) Name of offeror/offeree in relation to whose relevant se..

Alliance Trust PLC : Transaction in Own Shares

25/09/2017 07:39:49
25 September 2017  Alliance Trust PLC TRANSACTION IN OWN SHARES  The Board of Alliance Trust PLC ("the Company") announces that on 22 September 2017 the Company purchased for cancellation 54,330 ordinary shares of 2.5p each at a price of 704.6964p per share.  Therefore, the total number of voting rights in the Company is now 349,635,321.    The above figure (349,635,321) may be used by sh..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Gigya, the Market Leader in Customer Identity and Access Management, to be Acquired by SAP
2
iLOOKABOUT Launches New Mobile Appraiser Product at IAAO Conference
3
Aerojet Rocketdyne Supports ULA Launch of Classified Satellite for the U.S. Government
4
OCEANTEAM ASA - Dutch Jos van Dijk appointed Group Chief Financial Officer (CFO)
5
Thinfilm Launches NFC Scanner App for iPhones as Apple Extends NFC Functionality Beyond Payments with Release of iOS 11

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2017   Disclaimer and Terms of Use
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
25 September 2017 14:17:48
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20170921.1 - EUROWEB3 - 2017-09-25 15:17:48 - 2017-09-25 14:17:48 - 1000 - Website: OKAY