Great Elm Capital issues $22M additional 8.50% notes due 2029 in registered direct offering

Great Elm Capital Corp.

GECC issued $22M additional aggregate principal of 8.50% Notes due 2029 (GECCI) to an institutional investor.
Notes mature April 30, 2029, bear 8.50% interest payable quarterly, and are unsecured obligations.
Net proceeds ~$21.4M; proceeds for general corporate purposes, may redeem/repurchase other notes or repay bank borrowings.
CEO Matt Kaplan: tack-on debt financing follows $12M equity raise at NAV, optimizes weighted average cost of capital.
Prior $34.5M of same notes outstanding; total now $56.5M in 8.50% Notes due 2029.

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