- Coupon Rate
- 8.75%
- Liquidation Preference
- $25.00
- Call Price
- $25.00
- Call / Redemption Date
- 9/30/2025
- Maturity Date
- 9/30/2028
- Distribution Period
- Q
- Rate Type
- Fixed
- Annual Distribution
- 2.1875
- Distribution Dates
- 3/31, 6/30, 9/30 & 12/31
- Credit Ratings
- Moody's NR · S&P NR (8/10/2023)
- Tax-Advantaged Dividends
- No
Security has been called for September 30, 2025.
Business: Great Elm Capital Corp., 8.75% Notes Due 2028 redeemable at the issuer's option on or after 09/30/2025 at $25 per note plus accrued and unpaid interest, and maturing 09/30/2028. <p> Interest distributions of 8.75% per annum ($2.1875 per annum or $0.546875 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date that will be (NOTE: the ex-dividend date is one business day prior to the record date). <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. <p> This security was not rated by Moody’s or S&P at the time of its IPO. This security was rated as BBB- by Egan Jones Ratings Co. at the date of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.
Notes: September 2, 2025 -- The undersigned hereby notifies the Securities and Exchange Commission (the “Commission”) that it intends to redeem securities of which it is the issuer, as set forth below in accordance with the requirements of Rule 23c-2 under the Investment Company Act of 1940, as amended.
(1) Title of the class of securities of Great Elm Capital Corp. (the “Company”) to be redeemed: 8.75% Notes due 2028 (CUSIP: 390320 802) (the “Notes”).
(2) Date on which the securities are to be redeemed:
The Notes will be redeemed on September 30, 2025 (the “First Redemption Date”). Additional Notes may be redeemed on September 30, 2025 (the “Second Redemption Date”), subject to the condition precedent that the Company completes one or more financing transactions that generate net proceeds of at least $10 million (the “Financing Transactions”) prior to the Second Redemption Date. At the Company’s discretion, the Second Redemption Date may be delayed until such time (including more than 60 days after the date of the conditional notices to the holder of the Notes) as the Financing Transactions have been completed, or the redemption of the Notes to be redeemed pursuant to this Second Redemption Day notice may not occur and the notices to the holders of such Notes may be rescinded if the Financing Transactions are not completed by the Second Redemption Date or by the date to which the Second Redemption Date is delayed.
(3) Applicable provisions of the governing instrument pursuant to which the securities are to be redeemed: The Notes are to be redeemed pursuant to:
• Section 1104 of the Indenture, dated as of September 18, 2017 (the “Base Indenture”), by and between the Company and Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC), as trustee (the “Trustee”)
• Section 1.01(h) of the Fifth Supplemental Indenture, dated as of August 16, 2023, by and between the Company and the Trustee (the “Fifth Supplemental Indenture”)
(4) The principal amount or number of shares and the basis upon which the securities to be redeemed are to be selected:
On the First Redemption Date, the Company will redeem $30 million aggregate principal amount of the issued and outstanding Notes pursuant to the terms of the Base Indenture and the Fifth Supplemental Indenture. On the Second Redemption Date, the Company may redeem an additional $10 million aggregate principal amount of the issued and outstanding Notes pursuant to the terms of the Base Indenture and the Fifth Supplemental Indenture, subject to the completion of the Financing Transactions.
April 28, 2025 -- The Board of Trustees of the Gabelli Global Utility & Income Trust (NYSE American: GLU) (the “Fund”) has approved additional put dates for the Series B Cumulative Puttable and Callable Preferred Shareholders (the “Series B Preferred”). The annual dividend rate of the Series B Preferred is 5.20%. Each Series B Preferred shareholder now has the right to put their shares to the Fund in each of the 60-day periods ending June 26, 2025, December 26, 2025, June 26, 2026, December 26, 2026 and June 26, 2027 after which the Series B preferred becomes perpetual. The Series B preferred shares are callable, after proper notification is given, at the liquidation value of $50.00 per share plus accrued dividends.<p>
Nov. 18, 2024 -- The Board of Trustees of the Gabelli Global Utility & Income Trust (NYSE American: GLU) (the “Fund”) has approved June 26, 2025 as an additional put date for the Series B Cumulative Puttable and Callable Preferred Shareholders (the “Series B Preferred”). The annual dividend rate of the Series B Preferred is 5.20%. Each Series B Preferred shareholder now has the right to put their shares to the Fund in each of the 60-day periods ending December 26, 2024 and June 26, 2025, after which the Series B preferred becomes perpetual. The Series B preferred shares are callable, after proper notification is given, at the liquidation value of $50.00 per share plus accrued dividends. <p> August 25, 2023 -- The Board of Trustees (the “Board”) of The Gabelli Global Utility & Income Trust (NYSE American: GLU) (the “Fund”) is pleased to announce an increase in the annual dividend rate on the Fund’s Series B Cumulative Puttable and Callable Preferred Shares (the “Series B Preferred”), to 5.20%, effective September 26, 2023 for the quarterly dividend payable on December 26, 2023.The Board also approved an additional put date on December 26, 2024. The Series B Preferred may be put back to the Fund at the liquidation preference of $50.00 per share, plus any accumulated and unpaid dividends, during the 60-day period prior to December 26, 2023, and now it has a second put date on December 26, 2024. Currently the Series B Preferred becomes perpetual after December 26, 2023, and is callable any time thereafter. Now, the Series B Preferred will become PERPETUAL after the additional put date of December 26, 2024.