Brief: Great Elm Capital Group Announces Financing In The Form Of A Preferred Equity Investment From Affiliate Of Jpmorgan Chase & Co.

Great Elm

21/12/2020 23:11

Dec 21 (Reuters) - Great Elm Capital Group Inc  GEC.O :
    * GREAT ELM CAPITAL GROUP, INC. ANNOUNCES FINANCING IN THE
FORM OF
A PREFERRED EQUITY INVESTMENT FROM AFFILIATE OF JPMORGAN CHASE &
CO.
    * GREAT ELM CAPITAL GROUP INC - JPM WILL PROVIDE $37.7
MILLION OF
FINANCING
    * GREAT ELM CAPITAL - AS A PART OF TRANSACTION, CO WILL
CREATE NEW
PARENT COMPANY, GREAT ELM GROUP (NASDAQ: GEG),, FORMALLY CHANGE
NAME & TICKER SYMBOL
    * GREAT ELM CAPITAL GROUP - EXISTING GEC STOCKHOLDERS WILL
HAVE
THEIR SHARES OF GEC EXCHANGED IN A 1:1 RATIO FOR SHARES OF GEG
    * GREAT ELM CAPITAL GROUP - AS A RESULT OF TRANSACTION, GEG
WILL
OWN 100% OF CAPITAL STOCK OF GEC, WHICH WILL BE RENAMED FOREST
INVESTMENTS, INC
    * GREAT ELM CAPITAL GROUP - ON COMPLETION OF TRANSACTION,
FOREST
WILL ISSUE TO JPM $35.0 MILLION OF 9.0% PREFERRED STOCK WITH
MATURITY DATE OF DEC 29, 2027
    * GREAT ELM CAPITAL GROUP INC - ULTIMATELY, FOREST WILL BE
OWNED
80% BY GEG AND 20% BY JPM

Source text for Eikon:  ID:nGNX2bnQnQ 
Further company coverage:  GEC.O 

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