Great Elm Capital (GECC) entered into an amendment to its revolving credit facility with City National Bank to, among other things, increase the borrowing capacity under the Revolving Credit Facility from $25.0 million to $50.0 million. The amendment allows the Company, under certain circumstances, to increase the overall borrowing capacity to a maximum of $90.0 million. In addition, the amendment reduces the interest rate on the Revolving Credit Facility to the applicable Secured Overnight Financing Rate plus 2.50% from SOFR plus 3.00%.
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