Business development company Great Elm Capital (GECC) has announced they are selling a new issue of baby bonds.
The company has several baby bonds outstanding already–they are here. 2 of the 3 are currently redeemable.
Below is the use of proceeds from the company press release.
The Company expects to use the net proceeds from the offering for general corporate purposes, including making investments consistent with its investment objectives, and may also elect to (i) redeem a portion of its outstanding $45.6 million aggregate principal amount of 6.75% unsecured notes due 2025, (ii) redeem a portion of its outstanding $57.5 million aggregate principal amount of 5.875% unsecured notes due 2026, (iii) redeem a portion of its outstanding $40.0 million aggregate principal amount of 8.75% unsecured notes due 2028 or (iv) repay all or a portion of any borrowings that may be outstanding under the Loan, Guarantee and Security Agreement, as amended, with City National Bank.
The issue has not yet been priced.
Thanks to Fabrib for posting this earlier today.