Welcome to our dedicated page for Great Elm Capital news (Ticker: GECC), a resource for investors and traders seeking the latest updates and insights on Great Elm Capital stock.
Great Elm Capital Corp. (NASDAQ: GECC) is a specialty finance company focused on investing in the debt instruments of middle market companies. The company has elected to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940, as amended. GECC is externally managed by Great Elm Capital Management (GECM), whose investment team boasts over 100 years of combined experience in financing and investing in leveraged middle market companies.
GECC's investment objective is to generate both current income and capital appreciation, while seeking to protect against the risk of permanent capital loss. To achieve this, the company invests predominantly in the debt securities of middle market companies, including senior secured and unsecured debt, junior loans, and mezzanine debt. In addition, GECC invests in specialty finance businesses and other income-generating equity securities.
Under the leadership of CEO Peter A. Reed, GECC has an extensive history dating back to its team's experience under Mast Capital Management, LLC, where they deployed over $17 billion in investments across more than 550 issuers in 20+ jurisdictions. This extensive track record showcases the team's deep expertise and strategic acumen in the financial sector.
GECC's revenue generation primarily comes from the interest on its debt investments. The company continuously evaluates new investment opportunities to enhance its portfolio, aiming to achieve a balanced mix of income and growth while managing risks effectively.
Recent achievements include scheduled conference calls and webcasts to discuss quarterly financial results and strategic initiatives. GECC has also declared its first quarter 2024 distribution of $0.35 per share, reflecting its commitment to returning value to shareholders.
For further details and the latest updates, investors and stakeholders are encouraged to visit GECC's Investor Relations section or contact their Investor Relations department at investorrelations@greatelmcap.com.
Great Elm Capital Corp. (GECC) has announced the redemption of its 6.50% Notes due 2022, with a total redemption date set for July 23, 2021. All outstanding Notes will be redeemed at 100% of their principal amount, plus accrued interest from April 30, 2021, until the redemption date. This decision follows the provisions outlined in the Indenture and its First Supplemental Indenture dated September 18, 2017. The company, managed externally, focuses on generating income and capital appreciation by investing in debt and equity securities within specialty finance.
Great Elm Capital Corp. (GECC) has priced its public offering of $50 million in 5.875% notes due 2026. The Company expects to net approximately $47.9 million after expenses. The notes can be redeemed starting June 30, 2023, and the underwriters have a 30-day option for an additional $7.5 million. Proceeds will be utilized to redeem outstanding 6.50% notes due 2022 and for general corporate purposes. The transaction is subject to customary closing conditions, with expected delivery on June 23, 2021.
Great Elm Capital Corp. (GECC) has initiated an underwritten public offering of unsecured notes due 2026, aiming to list them under the symbol 'GECCO' on Nasdaq. Proceeds will be utilized to redeem existing 6.50% notes maturing in 2022, cover related expenses, and for general corporate purposes. The interest rates and terms will be established through negotiations with underwriters, which include Oppenheimer & Co., B. Riley Securities, and others. A registration statement has been filed but is pending effectiveness.
Great Elm Capital Corp. (GECC) has announced a cash distribution of $0.10 per share for Q2 2021, payable on June 30, 2021, to shareholders of record by June 15, 2021. As a business development company, GECC focuses on generating current income and capital appreciation through investments in debt and equity securities, particularly in specialty finance. The company is regulated under the Investment Company Act of 1940. Forward-looking statements indicate potential risks related to credit market conditions and the economic impact of the COVID-19 pandemic on its portfolio.
Great Elm Capital Corp. (GECC) reported its Q1 2021 financial results, highlighting a net investment income (NII) of $1.5 million, slightly down from $1.6 million in Q4 2020. NII per share was $0.06, compared to $0.07 in the previous quarter. Net assets grew to approximately $91.5 million, up from $79.6 million at the end of 2020. GECC secured a new $25 million credit facility to enhance financial flexibility. The asset coverage ratio improved to 177.1%. The company announced a cash distribution of $0.10 per share for Q2 2021. A quarterly conference call is scheduled to discuss these results.
Great Elm Capital Corp. (GECC) announced a new Loan Agreement with City National Bank, establishing a senior secured revolving line of credit of up to $25 million.
This facility enhances GECC's financial flexibility, allowing for greater investment in yield-generating assets. The credit line's maturity is set for May 5, 2024, contingent on refinancing conditions. Interest rates are pegged to the London Inter-bank Offered Rate plus 3.50%, or a base rate plus 2.00%. CEO Peter A. Reed expressed optimism about the agreement, citing it as beneficial for the company's growth strategy.
Great Elm Capital Corp (GECC) will release its financial results for the first quarter ending March 31, 2021, before the market opens on May 7, 2021. A conference call is scheduled for the same day at 11:00 a.m. ET, where GECC will discuss its performance and metrics from the quarter. Investors can access the call via dial-in or through a webcast available on the company's website. GECC is a specialty finance company focused on generating income and capital appreciation through investments.
Great Elm Capital Corp. (NASDAQ: GECC) has announced the appointment of Erik A. Falk to its Board of Directors, replacing John Stuart. Falk, currently Head of Strategy at Magnetar Capital, brings extensive asset management and credit expertise, having previously led KKR's Private Credit division. His addition aims to enhance shareholder value at GECC. The Board remains at five members following this change. GECC focuses on investing in debt instruments of middle market companies under the Investment Company Act of 1940, seeking attractive, risk-adjusted returns.
Great Elm Capital Corp. (GECC) reported Q4 2020 financial results, highlighting a net investment income (NII) of $1.6 million, down from $1.9 million in Q3 2020. NII per share fell to $0.07, compared to $0.18 in the previous quarter, affected by slower capital deployment and unexpected legal expenses. Total assets increased to approximately $79.6 million, with an asset coverage ratio of 167.1%. The company repurchased $5.3 million in senior notes and declared a cash distribution of $0.10 per share for Q2 2021, reflecting ongoing efforts to strengthen its financial position.
Great Elm Capital Corp. (GECC) announced it will release its financial results for Q4 and the year ending December 31, 2020, before market opening on March 16, 2021. A conference call will take place the same day at 11:00 a.m. ET to discuss the results. Interested participants can dial in using U.S. number 844-820-8297 or international number 661-378-9758. The presentation will also be available online post-release, providing insights into GECC's investment strategy focused on debt instruments of middle market companies.
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