Chicago, June 7 – Great Elm Group, Inc. priced a downsized public offering for $25 million of 7.25% notes due 2027, according to a press release.
The notes will be redeemable in whole or in part at par plus accrued interest beginning in 2024.
There is also a downsized $3.75 million over-allotment option.
The offer was announced at $30 million with a $4.5 million greenshoe.
Oppenheimer & Co. Inc., B. Riley Securities, Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co., Inc. are the bookrunners for the offering.
Great Elm intends to use the $24.2 million of proceeds to invest in Monomoy REIT or for general corporate purposes, including making opportunistic investments, refinancing subsidiary preferred stock or other debt.
The company intends to list the notes on the Nasdaq Global Market under the symbol “GEGGL.”
Great Elm is a Waltham, Mass.-based middle market investment company.
| Issuer: | Great Elm Group, Inc.
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| Amount: | $25 million
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| Greenshoe: | $3.75 million
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| Issue: | Notes
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| Maturity: | 2027
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| Bookrunners: | Oppenheimer & Co. Inc., B. Riley Securities, Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co., Inc.
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| Co-managers:
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| Trustee: | American Stock Transfer & Trust Co., LLC
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| Counsel to issuer: | Jones Day
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| Counsel to underwriters: | Kirkland & Ellis LLP
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| Coupon: | 7.25%
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| Call features: | In whole or in part at any time starting June 30, 2024
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| Trade date: | June 7
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| Settlement date: | June 9
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| Listing: | Nasdaq: GEGGL
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| Distribution: | SEC registered
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