Great Elm Capital (GECC) has priced the previously announced new baby bond issue with a coupon of 8.5%. The issue is rated BBB by Egan Jones.
Being debt this issue will not trade on the grey market–and likely won’t begin to trade for a week or 10 days. While one might be able to buy from their broker ‘bond desk’ this is little (if any) advantage to by before exchange trading.
The pricing term sheet can be read here.
Users who liked this:
Buy ATLCL (Atlanticus Holdings 6.125 Senior Notes due 2026)
Price $22.60
YTM 11.2%
Peppino—I am going to look at this one again–being that it is debt, but I studied them before and their write offs are ‘out of this world’.
Not sure I’m comfortable holding bonds with a company whose sole mission is consumer debt which is at all time highs and increasing percentage of default
legend.vs—I mostly have the same feeling–my real question is what is the correct level of ‘reward’ (interest payments) for the risk taken.
“Funny”, mere minutes before I saw this post I picked up its 8.75% sibling, GECCZ, at $25.10, a hair under par when taking the accrued into account.
I may take a nibble on this one once it starts trading.