Great Elm Capital Extends Revolving Credit Facility Maturity to 2029
GECC sits 31% above its 52-week low of $4.63.
Summary
Great Elm Capital Corp. amended its loan agreement with City National Bank, extending the maturity date of its revolving credit facility to June 8, 2029, with a conditional earlier date if certain notes are not refinanced.
Key Events · Financing and Capital Events · GECC
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Revolving Facility Maturity Extended
The maturity date for borrowings under the revolving facility has been extended to the earlier of June 8, 2029, or March 31, 2029, if the company's 8.50% notes due 2029 are not refinanced by that date.
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Extension Fee Paid
The company paid an extension fee of $350,000 to City National Bank for the amendment.
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Sixth Amendment to Loan Agreement
This marks the sixth amendment to the original Loan, Guarantee and Security Agreement, initially dated May 5, 2021.
Analysis · GECC · Unknown
Great Elm Capital Corp. secured an amendment to its Loan, Guarantee and Security Agreement, extending the maturity date of its revolving credit facility. This extension provides the company with greater financial flexibility and reduces near-term refinancing risk, which is particularly important given the company's market capitalization and the significant amount of its 8.50% notes due 2029 (GECCI Notes) that are tied to this facility.
At the time of this filing, GECC was trading at $6.09 on NASDAQ in the Unknown sector, with a market capitalization of approximately $84.5M. The 52-week trading range was $4.63 to $11.46. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.