TriplePoint Venture Growth BDC Corp. Receives Investment Grade Issuer and Long-Term Senior Debt Ratings of BBB From DBRS
September 05 2019 - 4:45PM
Business Wire
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the
“Company,” "TPVG," “we,” “us,” or “our”), the leading financing
provider to venture growth stage companies backed by a select group
of venture capital firms in the technology, life sciences and other
high growth industries, today announced that DBRS, Inc. (“DBRS”)
has assigned a Long-Term Issuer Rating of BBB and a Long-Term
Senior Debt rating of BBB to TPVG. The trend on the ratings is
Stable.
“We are very pleased that DBRS has initiated coverage with a BBB
investment grade credit rating,” said Jim Labe, chairman and chief
executive officer of TPVG. “This rating acknowledges the strength
of the TriplePoint franchise and our leadership in the venture
lending industry.”
“We believe the investment grade rating further enhances our
access to the capital markets and our funding flexibility, both of
which will benefit our shareholders,” said Sajal Srivastava,
President and Chief Investment Officer of TPVG. “Obtaining an
investment grade rating is another significant milestone in the
growth and evolution of the Company.”
The BBB rating from DBRS reflects, among other things, TPVG’s
sound franchise strength, which benefits from access to TriplePoint
Capital LLC’s (TPC) global venture lending platform, TPC’s strong
reputation and market presence and the scale of the TPC platform,
which provides certain advantages, including a greater capacity to
source and finance deals through a borrower’s life cycle. The DBRS
rating also reflects TPVG’s credit performance, asset coverage
ratio, ability to cover dividends regularly through net investment
earnings, portfolio composition and exposure to
venture-capital-backed, venture growth stage companies, and
constraints associated with TPVG’s election to be treated as a
business development company.
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
The Company was formed to expand the venture growth stage
business segment of TriplePoint Capital LLC, the leading global
provider of financing across all stages of development to
technology, life sciences and other high growth companies backed by
a select group of venture capital firms. The Company’s investment
objective is to maximize its total return to stockholders primarily
in the form of current income and, to a lesser extent, capital
appreciation by lending primarily with warrants to venture growth
stage companies. The Company is an externally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended. More information is available at
http://www.tpvg.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute
forward-looking statements. Forward-looking statements are not
guarantees of future performance, condition or results and involve
a number of substantial risks and uncertainties, many of which are
difficult to predict and are generally beyond the Company's
control. Words such as "anticipates," "expects," "intends,"
"plans," "will," "may," "continue," "believes," "seeks,"
"estimates," "would," "could," "should," "targets," "projects," and
variations of these words and similar expressions are intended to
identify forward-looking statements. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described from time to time
in the Company’s filings with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
these forward-looking statements, which reflect management’s
opinions only as of the date hereof. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by law.
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INVESTOR RELATIONS AND MEDIA CONTACT Abernathy MacGregor
Group Alan Oshiki / Sheila Ennis 212-371-5999 / 415-745-3294
aho@abmac.com / sbe@abmac.com
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