Great Elm Capital prices $50 million notes offering at 7.75%

Great Elm Capital Corp. (NASDAQ: GECC) announced the pricing of a $50 million public offering of 7.75% notes due 2030, according to a company statement. The business development company expects net proceeds of approximately $48.1 million after underwriting discounts and estimated offering expenses.

The notes will mature on December 31, 2030, and may be redeemed in whole or part at the company's option on or after December 31, 2027. Underwriters received a 30-day option to purchase up to an additional $7.5 million in notes to cover over-allotments.

The transaction is expected to close on or about September 11, 2025, subject to customary closing conditions. The notes are expected to be listed on The Nasdaq Global Market under the symbol "GECCG" and begin trading within 30 days of the original issue date.

Great Elm Capital plans to use the net proceeds to redeem all outstanding 8.75% notes due 2028. Remaining proceeds may be used to redeem or repurchase portions of its outstanding 5.875% notes due 2026, 8.50% notes due 2029, or 8.125% notes due 2029. The company may also repay borrowings under its revolving credit facility or use funds for general corporate purposes, including investments consistent with its objectives.

Lucid Capital Markets and Piper Sandler serve as joint book-running managers for the offering. Clear Street, InspereX and Janney Montgomery Scott act as co-managers.

Great Elm Capital is an externally managed business development company that invests in debt and income-generating equity securities, including specialty finance businesses and collateralized loan obligations.

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