Great Elm Group Announces Public Offering of Unsecured Notes
Great Elm Group, Inc. (NASDAQ: GEG) has launched an underwritten public offering of unsecured notes due 2027, expected to trade under the symbol “GEGGL.” The interest rate and additional terms will be determined through negotiations with underwriters. Proceeds from the offering will be utilized for investments in Monomoy Properties REIT, LLC and for general corporate purposes, including refinancing subsidiary debts. The joint book-running managers for this offering include Oppenheimer & Co. Inc. and B. Riley Securities, among others.
- Proceeds from the offering will support investments in Monomoy Properties REIT and general corporate purposes.
- The offering enables refinancing of subsidiary preferred stock, potentially enhancing financial stability.
- Potential dilution of existing shares may occur with the issuance of new notes.
- Dependent on market conditions, the interest rate could impact future debt servicing costs.
WALTHAM, Mass., June 06, 2022 (GLOBE NEWSWIRE) -- Great Elm Group, Inc. (“GEG”) (NASDAQ: GEG) announced today the commencement of an underwritten public offering of unsecured notes due 2027 (the “Notes”). The Notes are expected to be listed on the Nasdaq Global Market under the trading symbol “GEGGL,” and to trade thereon within 30 days from the original issue date. The interest rate and other terms of the Notes will be determined by negotiations between GEG and the underwriters.
GEG expects to use the net proceeds from the offering to make investments in Monomoy Properties REIT, LLC and/or for general corporate purposes, including making opportunistic investments or refinancing subsidiary preferred stock or other indebtedness.
Oppenheimer & Co. Inc., B. Riley Securities, Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are acting as joint book-running managers for the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities nor will there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”), but has not yet been declared effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The offering will be made only by means of a prospectus, copies of which may be obtained, when available, from Oppenheimer & Co. Inc., 85 Broad Street, New York, New York 10004, FixedIncomeProspectus@opco.com.
About Great Elm Group, Inc.
Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded holding company that is building a business across two operating verticals: Investment Management and Operating Companies.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release that are “forward-looking” statements, including statements regarding expected growth, profitability and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent GEG’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and GEG’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from GEG’s expectations, please see GEG’s filings with the SEC, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to GEG’s financial position and results of operations is also contained in GEG’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.
Media & Investor Contact:
Investor Relations
Michael Kim
investorrelations@greatelmcap.com
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