Great Elm Capital Corp. (“GECC”) Extends Revolving Credit Facility, Lowers Cost of Capital

WALTHAM, Mass., Nov. 27, 2023 (GLOBE NEWSWIRE) -- Great Elm Capital Corp. (the “Company” or “GECC”), (NASDAQ: GECC), a business development company, today announced it has amended its existing $25 million revolving line of credit (the “Revolver”).

The amendment provides for a three-year extension of the Revolver’s maturity to May 2027, subject to a springing maturity. In addition, the rate in effect for any future Company borrowings was reduced by 50 basis points to SOFR plus 300 bps, subject to a minimum deposit condition.

“We are pleased to extend our Revolver by three years, while also lowering our cost of capital,” said Matt Kaplan, GECC’s Chief Executive Officer. “This provides us with additional flexibility in our capital structure and is a testament to our lenders’ continued confidence in our business as we further position the Company for future growth opportunities.”

About Great Elm Capital Corp.
GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses.

Cautionary Statement Regarding Forward-Looking Statements
Statements in this communication that are not historical facts are “forward-looking” statements within the meaning of the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “expect,” “anticipate,” “should,” “will,” “estimate,” “designed,” “seek,” “continue,” “upside,” “potential” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are: conditions in the credit markets, rising interest rates, inflationary pressure, the price of GECC common stock and the performance of GECC’s portfolio and investment manager. Information concerning these and other factors can be found in GECC’s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. GECC assumes no obligation to, and expressly disclaims any duty to, update any forward-looking statements contained in this communication or to conform prior statements to actual results or revised expectations except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

This press release does not constitute an offer of any securities for sale.

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