Hercules Receives a BBB+ Reaffirmed Investment Grade Corporate Rating from Kroll Bond Rating Agency, Inc.
September 13 2022 - 6:00AM
Business Wire
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or
the “Company”), the largest and leading specialty financing
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 Kroll
Bond Rating Agency, Inc. (“KBRA”) has reaffirmed Hercules’
investment grade corporate and credit rating of BBB+. KBRA issued a
statement announcing the reaffirmation of the rating and stable
outlook, as well as its underlying analysis.
“We are very pleased that KBRA has reaffirmed our BBB+
investment grade corporate and credit rating,” stated Seth Meyer,
chief financial officer of Hercules. “This rating is further
validation of our differentiated venture and growth stage lending
strategy and commitment to our stringent underwriting standards, as
well as the depth and capabilities of our management team and
ability to continue with our managed growth strategy.”
The affirmed BBB+ rating reflects the Company’s focus on senior
secured debt investments in the technology and life sciences
sectors, minimal historical non-accruals, including during the
global financial crisis, as well as appropriate leverage metrics.
The ratings are also supported by Hercules’ proven access to the
capital markets, solid earnings record over its 17-year operating
history, robust risk management and adequate unsecured debt
outstanding to total debt ratio.
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 $15
billion to over 590 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. We may use words such as “anticipates,” “believes,”
“expects,” “intends,” “will,” “should,” “may” and similar
expressions to identify forward-looking statements. Forward-looking
statements are not guarantees of future performance and should not
be relied upon in making any investment decision. Such statements
are based on currently available operating, financial and
competitive information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations. While
we cannot identify all such risks and uncertainties, we urge you to
read the risks discussed in our Annual Report on Form 10-K and
other materials that we publicly file with the Securities and
Exchange Commission. Any forward-looking statements made in this
press release are made only as of the date hereof. Hercules assumes
no obligation to update any such statements in the future.
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version on businesswire.com: https://www.businesswire.com/news/home/20220913005425/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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