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Great Elm Capital Corp. Prices Public Offering of $36,000,000 of 8.125% Notes Due 2029
GlobeNewswire News Room· 2024-09-12 21:00
Core Points - Great Elm Capital Corp. announced a public offering of $36 million aggregate principal amount of 8.125% notes due 2029, with net proceeds expected to be approximately $34.4 million after expenses [1][3] - The notes will mature on December 31, 2029, and can be redeemed by the company starting December 31, 2026 [2] - The company plans to use the proceeds to redeem all outstanding 6.75% unsecured notes due 2025 [3] - The offering is managed by Lucid Capital Markets, Janney Montgomery Scott, and Piper Sandler, with additional co-managers [4] Financial Details - The offering size is $36 million, with net proceeds of approximately $34.4 million [1] - The company has granted underwriters a 30-day option to purchase an additional $5.4 million of notes for over-allotments [2] - The notes are expected to be listed on The Nasdaq Global Market under the symbol "GECCH" [3] Company Overview - Great Elm Capital Corp. is an externally managed business development company focused on generating current income and capital appreciation through debt and equity investments, including in specialty finance businesses [8]
Great Elm Capital (GECC) - 2024 Q2 - Earnings Call Presentation
2024-08-02 12:41
Financial Performance (Q2 2024) - Net Investment Income (NII) was $3.1 million, or $0.32 per share, compared to $3.2 million, or $0.37 per share in Q1 2024[6, 12] - Net assets were $126.0 million, or $12.06 per share, compared to $118.8 million, or $12.57 per share in Q1 2024[6] - NAV per share was adversely impacted by ~$0.39 due to write-downs of illiquid investments on non-accrual in two companies[6] - Asset coverage ratio was 171.0% compared to 180.2% in Q1 2024[6] - Debt-to-equity ratio was 1.41x compared to 1.25x in Q1 2024[6] Distribution - A distribution for the quarter ending September 30, 2024, was approved at a rate of $0.35 per share[6, 7] - This equates to a 13.0% annualized yield on the Company's closing market price of $10.73 on July 31, 2024[6, 7] - It also represents an 11.6% annualized yield on the Company's June 30, 2024 NAV of $12.06 per share[6, 7] Portfolio Composition (as of June 30, 2024) - Total portfolio fair value was $297.7 million[11] - Debt investments comprised 70.7% of the portfolio, with a fair value of $210.4 million and a weighted average current yield of 13.1%[21] - Equity investments included $28.1 million in CLO Formation JV (9.4%), $15.6 million in dividend-paying equity investments (5.2%), $15.0 million in Great Elm Specialty Finance (5.0%), and $19.2 million in other equity investments (6.4%)[21]
Great Elm Capital (GECC) Lags Q2 Earnings and Revenue Estimates
ZACKS· 2024-08-01 23:11
Great Elm Capital (GECC) came out with quarterly earnings of $0.32 per share, missing the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -3.03%. A quarter ago, it was expected that this company would post earnings of $0.42 per share when it actually produced earnings of $0.37, delivering a surprise of -11.90%. Over the last four quarters, the com ...
Great Elm Capital Corp. (“GECC”) Schedules Second Quarter 2024 Earnings Release and Conference Call
GlobeNewswire News Room· 2024-07-30 18:00
PALM BEACH GARDENS, Fla., July 30, 2024 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the "Company" or "GECC"), (NASDAQ: GECC), a business development company, today announced it will release its financial results for the second quarter ended June 30, 2024 after the close of market trading on Thursday, August 1, 2024, and discuss these results in a conference call at 5:00 p.m. ET. Date/Time: Thursday, August 1, 2024 – 5:00 p.m. ET Webcast The call and presentation will also be simultaneously webcast over the ...
Great Elm Capital Corp. ("GECC") Schedules Second Quarter 2024 Earnings Release and Conference Call
Newsfilter· 2024-07-30 18:00
To access the call, please dial-in approximately five minutes before the start time and, when asked, provide the operator with passcode "GECC". An accompanying slide presentation will be available in pdf format via the "Events and Presentations" section of Great Elm Capital Corp.'s website here after the issuance of the earnings release. Source: Great Elm Capital Corp. Thursday, August 1, 2024 – 5:00 p.m. ET Webcast The call and presentation will also be simultaneously webcast over the internet via the "Eve ...
Great Elm Capital Corp. (“GECC”) Issues $22 Million of Additional GECCI Notes
GlobeNewswire News Room· 2024-07-09 20:05
Group 1 - Great Elm Capital Corp. (GECC) announced the issuance of $22 million of additional 8.50% notes due 2029 in a registered direct offering to an institutional investor [3] - The company recently completed a $12 million equity raise, which is aimed at optimizing its weighted average cost of capital [1] - GECC's CEO, Matt Kaplan, highlighted the company's ability to attract capital from institutional partners as a sign of the strength of its platform [1] Group 2 - GECC is classified as an externally managed business development company that focuses on generating current income and capital appreciation through investments in debt and income-generating equity securities, including specialty finance businesses [1]
Great Elm Capital Corp. ("GECC") Issues $22 Million of Additional GECCI Notes
Newsfilter· 2024-07-09 20:05
PALM BEACH GARDENS, Fla., July 09, 2024 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the "Company" or "GECC"), (NASDAQ:GECC), a business development company, today announced it issued $22 million of additional 8.50% notes due 2029 (the "GECCI Notes") in a registered direct offering to an institutional investor. "We are pleased to announce this tack-on debt financing on the heels of our $12 million equity raise at NAV last month, further optimizing our weighted average cost of capital," said Matt Kaplan, GEC ...
Great Elm Capital Corp. (“GECC”) Raises $12 Million of Equity at Net Asset Value
GlobeNewswire News Room· 2024-06-24 11:30
Core Viewpoint - Great Elm Capital Corp. (GECC) has successfully issued approximately 1.0 million shares at a net asset value of $12.03 per share, raising a total of $12 million to support its growth initiatives [1][2]. Group 1: Financial Performance - GECC has raised $38 million of non-dilutive equity year-to-date, enhancing its platform expansion efforts [2]. - The gross net asset value of GECC has increased by nearly 80% since the management and board refresh in March 2022, benefiting shareholders [2]. Group 2: Strategic Initiatives - The investment in Prosper Peak Holdings, LLC (PPH) is part of GECC's strategy to expand its capital base and support its credit platform [2][6]. - Great Elm Group, Inc. (GEG), the parent company of GECC's investment manager, has made a $3 million investment in PPH, further aligning its interests with shareholders [6]. Group 3: Company Overview - GECC is an externally managed business development company focused on generating current income and capital appreciation through investments in debt and income-generating equity securities, including specialty finance businesses [3].
Great Elm Capital Corp. ("GECC") Raises $12 Million of Equity at Net Asset Value
Newsfilter· 2024-06-24 11:30
PALM BEACH GARDENS, Fla., June 24, 2024 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the "Company" or "GECC"), (NASDAQ:GECC), a business development company, today announced it issued approximately 1.0 million shares of the Company's common stock at a current net asset value of $12.03 per share, for an aggregate gross purchase price of $12 million, to Prosper Peak Holdings, LLC ("PPH"). "We have raised $38 million of non-dilutive equity year-to-date, bolstering our efforts to expand the platform," said Matt ...
Great Elm Capital (GECC) - 2024 Q1 - Earnings Call Presentation
2024-05-03 18:38
Yielding Equity 3 $21.2 8% May 2, 2024 @2024 Great Elm Capital Corp. Net assets were $118.8mm ($12.57 per share¹) on March 31, 2024, as compared to $98.7mm ($12.99 per share¹) on December 31, 2023. 1 Based on shares outstanding of 9.5 million as of March 31, 2024 and 7.6 million as of December 31, 2023. 2 Illiquid, level 3 investments in two portfolio companies originated by prior management. ©2024 Great Elm Capital Corp. Q1 2024 Portfolio Review May 2, 2024 ©2024 Great Elm Capital Corp. 11 Debt Investments ...