GEC issues senior notes
By HME News Staff
Updated Thu February 27, 2020
WALTHAM, Mass. - Great Elm Capital has issued $30 million in 5% convertible senior notes due 2030.
Interest on the notes will be payable semiannually, in kind or in cash at the company's option. The notes may initially be converted at the investors' option at $3.4722 per share. Investors on the notes include the company's largest existing shareholders, funds managed by Imperial Capital Asset Management and Northern Right Capital Management.
“We are pleased to have completed the notes offering, which we expect will allow the company to pursue additional acquisition opportunities,” said Peter Reed, Great Elm's CEO. “We are thrilled to further our business affiliation with Imperial and its affiliated businesses.”
Great Elm also announced that Jason Reese, chairman and CEO of Imperial, and Eric Scheyer, partner at Magnetar Capital, will join its board of directors. H. Steven Wilson has resigned from the board.
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