Hercules Capital Receives Confirmed BBB Investment Grade Rating with Revised Outlook to Positive from Morningstar DBRS
March 21 2024 - 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 Morningstar DBRS
(“DBRS”) has confirmed Hercules’ investment grade credit and
corporate rating of BBB with a trend revision from Stable to
Positive, as well as its underlying analysis.
“We are very pleased that DBRS has confirmed our BBB investment
grade credit and corporate rating and revised the outlook to
positive,” stated Seth Meyer, chief financial officer of Hercules.
“This rating reflects the scale of our differentiated and
diversified venture and growth stage lending business model and our
commitment to disciplined underwriting which is exemplified in our
financial and operational excellence.”
The confirmed BBB rating with a trend revision to Positive
reflects the Company’s continued solid franchise as a marquee
lender in the VC financing ecosystem with a scaled on balance sheet
investment portfolio. Historical credit performance has been
strong, underpinned by a well-designed risk management framework,
and demonstrated solid underwriting and portfolio monitoring
performance across multiple economic cycles. The Company also has a
broad, diversified funding profile and conservative regulatory
leverage.
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 approximately $19
billion to over 640 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 business, 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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Michael Hara Investor Relations and Corporate Communications
Hercules Capital, Inc. (650) 433-5578 mhara@htgc.com
Hercules Capital (NYSE:HTGC)
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