Great Elm partial greenshoe lifts $25-par notes to $42.5 million

By Sarah Lizee

Olympia, Wash., June 19 – Underwriter’s for Great Elm Capital Corp.’s new $25-par notes (Egan-Jones: BBB) due June 30, 2024 exercised $2.5 million of their greenshoe, bringing the total deal size to $42.5 million, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the company initially sold a $40 million offering of the $25-par notes at par with a coupon of 6.5% on June 11.

The greenshoe was for $6 million in total.

Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC were joint bookrunners. Incapital LLC was a lead manager.

The notes are redeemable on or after June 30, 2021.

Great Elm plans to use the proceeds to make investments consistent with its investment objectives and for general corporate purposes.

The company plans to list the notes on the Nasdaq under the symbol “GECCN.”

Great Elm is a Waltham, Mass.-based middle market investment company.

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