Great Elm Capital Corp. (GECC): debt financing — Great Elm Capital Corp. issues $40M of 8.75% notes due 2028 to refinance existing debt

Great Elm Capital Corp.

Issued $40M aggregate principal of 8.75% notes due 2028 (up to $46M with over-allotment).
Net proceeds ~$38.4M ($44.7M if over-allotment exercised).
Proceeds to redeem all outstanding 6.50% notes due 2024 and for general corporate purposes.
Notes mature Sept 30, 2028; interest 8.75% payable quarterly starting Sept 30, 2023.
Notes are unsecured obligations, redeemable at par on/after Sept 30, 2025.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Great Elm Capital Corp. incurred senior notes of $40.0 million aggregate principal amount with Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC), as trustee at 8.75% per year maturing September 30, 2028.

Instrument: senior notes
Principal: $40.0 million aggregate principal amount
Counterparty: Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC), as trustee
Rate: 8.75% per year
Maturity: September 30, 2028
Event: incurrence

Exact text from the filing

The Fifth Supplemental Indenture relates to the Company’s issuance of $40.0 million aggregate principal amount of 8.75% notes due 2028

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

Great Elm Capital Corp. entered into Fifth Supplemental Indenture with Equiniti Trust Company, LLC valued at $40.0 million aggregate principal amount of 8.75% notes due 2028 (effective 2023-08-16).

Action: entry
Agreement: notes offering
Counterparty: Equiniti Trust Company, LLC
Value: $40.0 million aggregate principal amount of 8.75% notes due 2028
Effective: 2023-08-16

Exact text from the filing

On August 16, 2023, Great Elm Capital Corp. (the "Company") and Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC), as trustee (the "Trustee"), entered into a fifth supplemental indenture (the "Fifth Supplemental Indenture") to the indenture, dated September 18, 2017, between the Company and the Trustee (as supplemented by the Fifth Supplemental Indenture, the "Indenture"). The Fifth Supplemental Indenture relates to the Company's issuance of $40.0 million aggregate principal amount of 8.75% notes due 2028 (the "Notes") on the date hereof

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Great Elm Capital Corp. filing history →

Source: SEC EDGAR

accession 0001140361-23-040060

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