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NEW YORK - Great Elm Capital Corp. (NASDAQ:GECC), a $130.2 million market cap business development company trading near its 52-week high of $11.39, announced Thursday the commencement of an underwritten public offering of unsecured notes due 2030.
The notes are expected to be listed on The Nasdaq Global Market under the trading symbol "GECCG" and to trade within 30 days from issuance. The interest rate and other terms will be determined through negotiations between the company and the underwriters. The company, which maintains a P/E ratio of 7.1 and has shown strong revenue growth of 29% in the last twelve months, will add this offering to its existing debt obligations.
GECC plans to use the proceeds primarily to redeem all of its outstanding 8.75% notes due 2028. Any remaining funds may be allocated to redeem or repurchase other outstanding notes, repay borrowings under its revolving credit facility, or for general corporate purposes including investments.
Lucid Capital Markets, LLC and Piper Sandler & Co. are serving as joint book-running managers for the offering, with Clear Street LLC, InspereX LLC, and Janney Montgomery Scott LLC acting as co-managers.
The business development company, which focuses on generating income through debt and equity securities investments, including specialty finance businesses and CLOs, has filed a registration statement with the Securities and Exchange Commission. Notable for its significant 13.6% dividend yield and 10-year track record of consistent dividend payments, GECC has filed a preliminary prospectus supplement and accompanying prospectus that will be available on the SEC’s website. According to InvestingPro, the company has 7 additional key insights and metrics available for subscribers, helping investors make more informed decisions about this high-yield investment opportunity.
The announcement, based on a company press release, notes that the offering is subject to market conditions, and the information provided may be subject to change.
In other recent news, Great Elm Capital Corp reported a strong performance for the second quarter of 2025, with earnings per share reaching $0.51, significantly surpassing analysts’ estimates of $0.40. The company achieved record total investment income of $14.3 million, contributing to this earnings surprise. In addition, Great Elm Capital has amended its revolving credit facility with City National Bank, doubling its borrowing capacity from $25 million to $50 million. This amendment also includes a provision that could allow the company to increase its borrowing capacity to a maximum of $90 million under certain conditions. Furthermore, the interest rate on this facility has been reduced, now set at the Secured Overnight Financing Rate plus 2.50%, compared to the previous rate of SOFR plus 3.00%. These recent developments highlight the company’s strategic financial maneuvers and robust financial performance.
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