Hercules Capital Receives Reaffirmed Baa3 Investment Grade Credit and Corporate Rating from Moody’s Investors Service
October 04 2023 - 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 Moody’s Investors
Service, Inc. (“Moody’s”) has reaffirmed Hercules an investment
grade credit and corporate rating of Baa3 with a stable outlook, as
well as its underlying analysis.
“We are very pleased that Moody’s has reaffirmed our Baa3
investment grade credit and corporate rating,” stated Seth Meyer,
chief financial officer of Hercules. “This rating reflects our
differentiated and diversified venture and growth stage lending and
commitment to disciplined underwriting, as well as the scale of our
institutionalized lending platform.”
The affirmed Baa3 rating reflects the Company’s strong earnings
profile with a longer operating history than most rated business
development company (“BDC”) peers, solid underwriting and risk
management as evidenced by low loan loss history, ample liquidity
profile, and low leverage with stronger-than-peer median cushion
against the minimum regulatory 150% asset coverage ratio. The
rating also reflects Hercules’ high proportion of first lien senior
secured debt investments.
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 $17.0
billion to over 630 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/20231004880045/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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