Great Elm Capital, a business development company, amended its existing $25 million revolving line of credit. City National Bank is the lender according to an 8K filed with the Securities and Exchange Commission.

The amendment provides for a three-year extension of the Revolver’s maturity to May 2027, subject to a springing maturity. In addition, the rate in effect for any future Company borrowings was reduced by 50 basis points to SOFR plus 300 bps, subject to a minimum deposit condition.

“We are pleased to extend our Revolver by three years, while also lowering our cost of capital,” said Matt Kaplan, GECC’s Chief Executive Officer. “This provides us with additional flexibility in our capital structure and is a testament to our lenders’ continued confidence in our business as we further position the Company for future growth opportunities.”

GECC is an externally managed business development company that seeks to generate current income and capital appreciation by investing in debt and income generating equity securities, including investments in specialty finance businesses.