Great Elm names underwriters for $25-par fixed-rate notes due 2028

By Wendy Van Sickle

Columbus, Ohio, Aug. 7 – Great Elm Capital Corp. is planning a public offering of notes due 2028 and named three underwriters, according to a news release.

The underwriters will have an over-allotment option for the $25-par notes, according to a previous form N-2 filed with the Securities and Exchange Commission.

The notes will be redeemable in whole or in part at par plus accrued interest beginning in 2025.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and Oppenheimer & Co. Inc. are acting as underwriters.

American Stock Transfer & Trust Co., LLC will be the trustee.

Jones Day and Venable LLP are counsel to Great Elm. Kirkland & Ellis LLP will be counsel to the underwriters.

Great Elm intends to use the proceeds to redeem all $42.8 million aggregate principal amount of its outstanding 6.5% notes due June 30, 2024, to pay related fees and expenses and for general corporate purposes.

Additionally, Great Elm may also elect to redeem a portion of its outstanding $45.6 million aggregate principal amount of 6.75% notes due Jan. 31, 2025, redeem a portion of its outstanding $57.5 million aggregate principal amount of 5.875% notes due June 30, 2026 or repay all or part of the $5 million of borrowings outstanding under its loan agreement.

The company intends to list the notes on the Nasdaq Global Market under the symbol “GECCZ.”

Great Elm is a Waltham, Mass.-based middle market investment company.

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