Great Elm Capital, a business development company, amended its existing $25 million revolving line of credit. According to an 8K filed with the SEC, City National Bank is the lender for the facility.
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 bps 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,” Matt Kaplan, CEO of Great Elm Capital, said. “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.”
