Hercules Capital Highlights 2019 Achievements, Setting a New Investment Record with $1.47 Billion in Total New Debt & Equity ...
January 08 2020 - 6:00AM
Business Wire
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the
“Company”), the largest specialty financing provider to innovative
venture, growth and established stage companies backed by top-tier
venture capital and select private equity firms, today announced
select investment milestones and operating highlights for 2019.
“Following a strong fourth quarter, we recently completed a
second consecutive record-breaking year with new investment
commitments totaling $1.47 billion,” stated Scott Bluestein, chief
executive officer and chief investment officer of Hercules. “We
also established new records for total new investment fundings,
total shareholder distributions and total investment portfolio
dollar growth in 2019. These 2019 accomplishments, among others,
are a result of the outstanding efforts of our team and the
strength of our venture debt and growth capital platform. It has
been a truly remarkable year for the Company and all
stakeholders.”
Bluestein continued, “This year would not have been possible
without the unwavering dedication, commitment and expertise of our
world-class employees and the ongoing support of the numerous
partners, management teams, entrepreneurs and venture capital and
financial sponsors that we partner with on a daily basis. We
approach the new year with optimism and an unrelenting focus on
continuing to deliver best-in-class results. We are truly grateful
and thank you for your continued trust.”
Full-Year 2019 Select Major
Achievements and Highlights
Delivered Record New Debt and Equity Commitments
- Record total new debt and equity commitments of $1.47 billion,
as of December 31, 2019
- Surpassed $9.7 billion in cumulative debt commitments since
inception
Enhanced the Balance Sheet with Several Strategic Capital
Market Raising Activities
- Issued $105.0 million of 4.77% 5-year Institutional Notes due
2024
- Issued $250.0 million of 4.703% Asset-backed Notes due
2028
- Completed $70.5 million Common Stock Offering, accretive to
NAV
- Completed $62.7 million ATM net proceeds, accretive to NAV, as
of December 30, 2019
- Completed new $200.0 million credit facility with MUFG Union
Bank
Corporate Events Led by Key Management Appointments &
Promotions
- Scott Bluestein appointed Chief Executive Officer in July
- Seth Meyer appointed Chief Financial Officer in February
- R. Bryan Jadot promoted to Head of Life Sciences Venture
Lending in May
- Steve Kuo promoted to Head of Technology Venture Lending in
May
- Received BBB Investment Grade Credit and Corporate Rating from
DBRS
- Received BBB+ Investment Grade Credit and Corporate Rating from
KBRA
- Increased the Company’s base cash distribution to $0.32 per
share – the first increase since 2013
Numerous Achievements from Hercules’ Innovative Portfolio
Companies
- Record 12 IPO events
- 10 completed M&A events
- Raised in excess of $5.0 billion of new equity capital
- Continued strong execution across the Hercules Life Sciences
portfolio
- 5 new drugs and devices launched into the market
- 5 NDAs and BLAs filed
- 7 positive pivotal trials across the Life Sciences
portfolio
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest
specialty finance company focused on providing senior secured
venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules has committed more than $9.7
billion to over 480 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under ticker symbol HTGC. In addition, Hercules has two
retail bond issuances of 5.25% Notes due 2025 (NYSE: HCXZ) and
6.25% Notes due 2033 (NYSE: HCXY).
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. You should understand that under Section 27A(b)(2)(B) of
the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of
the Securities Exchange Act of 1934, as amended, or the Exchange
Act, the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995 do not apply to forward-looking
statements made in periodic reports we file under the Exchange
Act.
The information disclosed in this press release is made as of
the date hereof and reflects Hercules’ most current assessment of
its historical financial performance. Actual financial results
filed with the SEC may differ from those contained herein due to
timing delays between the date of this release and confirmation of
final audit results. These forward-looking statements are not
guarantees of future performance and are subject to uncertainties
and other factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
including, without limitation, the risks, uncertainties, including
the uncertainties surrounding the current market volatility, and
other factors the Company identifies from time to time in its
filings with the SEC. Although Hercules believes that the
assumptions on which these forward-looking statements are based are
reasonable, any of those assumptions could prove to be inaccurate
and, as a result, the forward-looking statements based on those
assumptions also could be incorrect. You should not place undue
reliance on these forward-looking statements. The forward-looking
statements contained in this release are made as of the date
hereof, and Hercules assumes no obligation to update the
forward-looking statements for subsequent events.
Contact:
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version on businesswire.com: https://www.businesswire.com/news/home/20200108005130/en/
Michael Hara Investor Relations and Corporate Communications
Hercules Capital, Inc. (650) 433-5578 mhara@htgc.com
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