September 25, 2017
We want to buy a small position in the new issue GECCD. But the darn thing is still not trading. We suggest you continue watching and buy as soon as it becomes available: try to get under 25.00.
WALTHAM, Mass., Sept. 13, 2017 (GLOBE NEWSWIRE) — Great Elm Capital Corp. (NASDAQ:GECC) (the “Company”) announced today the pricing of its public offering of approximately $28.4 million aggregate principal amount of its 6.50% notes due 2022 (the “Notes”), which will result in net proceeds to the Company of approximately $27.0 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Company.
The Notes will mature on September 18, 2022, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after September 18, 2019. The Notes will bear interest at a rate of 6.50% per year payable quarterly on January 31, April 30, July 31 and October 31 of each year, beginning October 31, 2017. The Company has also granted the underwriters a 30-day option to purchase up to an additional approximately $4.3 million aggregate principal amount of Notes to cover over-allotments, if any.
The closing of the transaction is subject to customary closing conditions, and the Notes are expected to be delivered on or about September 18, 2017. The Company intends to apply to list the Notes on the NASDAQ Stock Market under the trading symbol “GECCD,” and if the application is approved, expects trading in the Notes to begin within 30 days from the original issue date.
Last week we “trekked” out to the West Coast and one of the highlights was visiting the Star Trek exhibit in Seattle. You see the original ‘real’ Captains chair, costumes, and a huge assortment of other memorabilia. If you ever get to Seattle, visit the Museum of Pop Culture (www.mopop.org) located on the World’s Fair site.
A disaster waiting to happen.
The website Pension Tsunami posts scores of articles, written all across America, about pension problems. We find out today that in places like New York and Chicago and Cook County, pension funds have more retirees collecting than workers paying into the fund. There are more retired cops in New York and Chicago than there are working cops. And the numbers of retirees just keep growing. On an individual basis, it is smart for the Chicago police officer to retire as early possible, locking in benefits, go on to another job that offers more retirement benefits, and round out a career by working at least three years at a private job that qualifies the officer for Social Security. Many police and fire pensions are based on the last three years of income; so in the last three years before they retire, these diligent public servants work enormous amounts of overtime, increasing their annual pay and thus their final pension payouts.