We advised Great Elm Capital on the offering

Davis Polk advised Great Elm Capital Corp. in connection with an SEC-registered offering of $50 million aggregate principal amount of its 7.75% notes due 2030. Great Elm Capital Corp. intends to use a portion of the net proceeds from the offering to redeem all of its 8.875% notes due 2028. The remainder of the proceeds may be used to redeem or repurchase other outstanding notes or for general corporate purposes, including making investments consistent with Great Elm Capital Corp.’s investment objectives.

Great Elm Capital Corp., based in Palm Beach Gardens, Florida, is a publicly traded business development company that seeks to generate both current income and capital appreciation through debt and income-generating equity investments, including investments in specialty finance businesses and CLOs.

The Davis Polk capital markets team included partner Hillary A. Coleman and associates Xi (Brooke) Zheng, Matthew A. Bultman and Patrick B. Fontana. The investment management team included partner Christopher P. Healey, counsel Matthew R. Silver and associate Saloni Pant. Partners Lucy W. Farr and Kara L. Mungovan provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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