Great Elm Capital Corp. Declares Quarterly Cash Distribution of $0.10 per Share
November 09 2020 - 7:00AM
Great Elm Capital Corp. (“we,” “us,” “our,” “GECC,” or “Great Elm
BDC”), (NASDAQ: GECC), a business development company (BDC), today
announced that Great Elm BDC’s Board set the distribution for the
quarter ending March 31, 2021 at $0.10 per quarter.
The distributions will be paid in cash and
covered by net investment income. The record and payment dates
for the distribution are expected to be set by GECC in December
pursuant to authority granted by the Board.
Peter A. Reed, GECC’s Chief Executive Officer,
stated, “We were pleased to increase the cash portion of our
distribution while maintaining a favorable overall return to
shareholders following the completion of our rights offering. On an
annualized basis, this currently represents a 9.6% yield on NAV
(based on Net Asset Value of $90.8 million, or $4.18 per share,
after giving effect to the rights offering) and a 15.4% yield on
the November 6, 2020 closing price of $2.60.”
About Great Elm Capital Corp.
Great Elm Capital Corp. is an externally managed, specialty finance
company focused on investing in debt instruments of middle market
companies. GECC elected to be regulated as a business development
company under the Investment Company Act of 1940, as amended. GECC
seeks to generate attractive, risk-adjusted returns through both
current income and capital appreciation.
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, the price of GECC common
stock, the performance of GECC’s portfolio and investment manager
and risks associated with the economic impact of the COVID-19
pandemic on GECC and its portfolio companies. Information
concerning these and other factors can be found in GECC’s Annual
Report on Form 10-K and other reports filed with the SEC. 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.
Media & Investor Contact:
Investor Relations +1 (617)
375-3006investorrelations@greatelmcap.com
Adam PriorThe Equity Group Inc.+1 (212)
836-9606aprior@equityny.com
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