Great Elm Capital Corp. extends revolver to 2027, cuts rate by 50 bps

Great Elm Capital Corp.

Amended $25M revolving credit facility; maturity extended from May 2024 to May 2027 with springing maturity tied to note refinancings.
Interest rate reduced by 50 bps to SOFR + 3.00% (or base rate + 2.00%) subject to minimum deposit condition.
If minimum deposit test not met: SOFR + 4.00% or base rate + 3.00%.
CEO says extension provides capital structure flexibility and reflects lender confidence.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Great Elm Capital Corp. amended Loan Agreement with City National Bank (effective 2023-11-22).

Action: amendment
Agreement: credit facility
Counterparty: City National Bank
Effective: 2023-11-22

Exact text from the filing

On November 22, 2023, Great Elm Capital Corp. (the “Company”) entered into an amendment (the “Amendment”) to the Company’s Loan, Guarantee and Security Agreement, dated as of May 5, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified, the “Loan Agreement”), with City National Bank, as lender.

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Great Elm Capital Corp. filing history →

Source: SEC EDGAR

accession 0000950170-23-066042

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