Hercules Capital Expands Its Credit Facilities to $720 Million to Support Strong Investment Portfolio Growth
June 15 2022 - 6:00AM
Business Wire
The Company has increased its $400.0 million
MUFG credit facility to $545.0 million and its $100.0 million SMBC
credit facility to $175.0 million.
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the
“Company”), the largest and leading specialty finance provider to
innovative, venture, growth and established stage companies backed
by some of the leading and top-tier venture capital and select
private equity firms, today announced that it has increased its
existing credit facilities with MUFG Bank, Ltd. (“MUFG”) and
Sumitomo Mitsui Banking Corporation (“SMBC”) from a combined $500.0
million to $720.0 million subject to borrowing base, leverage and
other restrictions, respectively. The maturity dates for each
credit facility remain the same.
Hercules has increased its existing $400.0 million credit
facility with MUFG to $545.0 million, under which City National
Bank, a National Banking Association, Goldman Sachs Bank USA and
MUFG, have each increased their credit commitment. The uncommitted
accordion feature of $55.0 million, or a total of $600.0 million,
remains the same.
Hercules has also increased its existing $100.0 million credit
facility with SMBC to $175.0 million in credit capacity with
Synovus Financial Corporation providing a new $75.0 million
commitment. The uncommitted accordion feature of $325.0 million, or
a total of $500.0 million, was expanded from the previous capacity
of $150.0 million.
“The expansion of our credit facilities will further support the
growth of our business and allow us to take advantage of our
current and future market opportunities,” said Seth Meyer, chief
financial officer of Hercules. “We welcome Synovus and thank our
existing bank partners, MUFG, SMBC, City National Bank and Goldman
Sachs Bank USA for their support of our industry-leading franchise
and look forward to continuing our long-term relationship.”
For additional information, please review the Company’s current
report on Form 8-K, to be filed with the Securities and Exchange
Commission (“SEC”).
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 $14.0
billion to over 570 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, through its wholly owned subsidiary, Hercules Adviser
LLC (“Hercules Adviser”), also maintains an asset management
business through which it manages investments for external parties
(“Adviser Funds”). Hercules Adviser is registered as an investment
adviser under the Investment Advisers Act of 1940.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol “HTGC.” In addition, Hercules has
one retail bond issuance of 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220613005715/en/
Michael Hara Investor Relations and Corporate Communications
Hercules Capital, Inc. (650) 433-5578 mhara@htgc.com
Hercules Capital (NYSE:HTGC)
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