Great Elm Capital Corp. Prices Public Offering of $43.0 Million of 6.75% Notes Due 2025

1/11/18

WALTHAM, Mass., Jan. 11, 2018 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (NASDAQ:GECC) announced today the pricing of its public offering of $43.0 million aggregate principal amount of its 6.75% notes due 2025 (the “Notes”), which will result in net proceeds to the Company of approximately $41.2 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company.

The Notes will mature on January 31, 2025, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after January 31, 2021. The Notes will bear interest at a rate of 6.75% per year payable quarterly on March 31, June 30, September 30 and December 31 of each year, beginning on March 31, 2018. The Company has also granted the underwriters a 30-day option to purchase up to an additional approximately $6.5 million aggregate principal amount of Notes to cover over-allotments, if any.

The closing of the transaction is subject to customary closing conditions, and the Notes are expected to be delivered on or about January 19, 2018. The Company intends to apply to list the Notes on the NASDAQ Stock Market under the trading symbol “GECCM,” and if the application is approved, expects trading in the Notes to begin within 30 days from the original issue date.

The Company intends to use the net proceeds from this offering to make investments consistent with its investment objectives and for general corporate purposes. The Company may also invest the net proceeds of this offering in cash, cash equivalents, U.S. Government securities and other high-quality debt instruments that mature in one year or less, or "temporary investments", as appropriate.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSEMKT:LTS), Janney Montgomery Scott LLC and Oppenheimer & Co. Inc. are acting as book-running managers for the offering. Incapital LLC and Wedbush Securities Inc. are acting as co-managers for the offering.

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