The company announced today the commencement of an underwritten public offering of unsecured notes due 2029 (the “Notes”). The Notes are expected to be listed on The Nasdaq Global Market under the trading symbol “GECCI,” 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 the Company and the underwriters.
The Company expects to use the net proceeds from the offering for general corporate purposes, including making investments consistent with its investment objectives, and may also elect to (i) redeem a portion of its outstanding $45.6 million aggregate principal amount of 6.75% unsecured notes due 2025, (ii) redeem a portion of its outstanding $57.5 million aggregate principal amount of 5.875% unsecured notes due 2026, (iii) redeem a portion of its outstanding $40.0 million aggregate principal amount of 8.75% unsecured notes due 2028 or (iv) repay all or a portion of any borrowings that may be outstanding under the Loan, Guarantee and Security Agreement, as amended, with City National Bank As of 2024-04-08, the Fund’s leverage was 56.8% and Debt Focused BDC Group leverage was 51.3%.