Great Elm Capital doubles credit facility to $50 million

Great Elm Capital Corp. (NASDAQ: GECC) amended its revolving credit facility with City National Bank, doubling the borrowing capacity from $25 million to $50 million. The business development company announced the amendment allows for potential expansion to $90 million under certain circumstances.

The amended facility reduces the interest rate from SOFR plus 3.00% to SOFR plus 2.50%. The original $25 million commitment was established in 2021.

"The increased borrowing capacity is a testament to our growing capital base and strong operational performance since partnering with CNB on the initial $25.0 million commitment in 2021," said Matt Kaplan, GECC's Chief Executive Officer.

Great Elm Capital Corp. is an externally managed business development company that invests in debt and income generating equity securities, including specialty finance businesses and collateralized loan obligations.

The information is based on a company press release statement.

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