Hercules Receives Investment Grade Corporate Rating of BBB- from Standard & Poor’s
October 02 2014 - 3:45PM
Business Wire
- Hercules is the First Business
Development Company Primarily Focused on Venture Lending to Receive
an Investment Grade Corporate Credit Rating from Standard and
Poor’s
- S&P Cites Hercules’ Diversified
Funding Profile and Liquidity Position
- Rating also States that it Expects
Hercules to Continue to Grow its Investment Portfolio
Hercules Technology Growth Capital, Inc. (NYSE:HTGC), the
largest specialty finance company focused on providing senior
secured loans to venture capital-backed companies in
technology-related markets, including technology, biotechnology,
life science, and energy & renewable technology industries, at
all stages of development, today announced that Standard &
Poor’s Ratings Services (“S&P”) has assigned Hercules an
investment grade corporate rating of BBB-. S&P issued a
statement announcing the issuance of the rating and stable outlook,
as well as it underlying analysis.
“We are very pleased to be the first business development
company primarily focused on venture lending to receive an
investment grade corporate credit rating from Standard and Poor’s,”
said Manuel A. Henriquez, chairman and chief executive officer of
Hercules. “The investment grade rating is a testament to our
conservative and methodical underwriting strategy, investment
performance of our portfolio and experienced management team.”
The BBB- rating reflects Hercules’ low financial leverage,
concentration in first-lien senior secured debt investments,
diversified funding profile, and track record of low loan losses
since inception. S&P also noted that Hercules has one of the
most diversified funding profiles among its rated peers, as well as
adequate liquidity, and has a track record of covering both its
interest cost and dividend distribution with non-deal-dependent
income. S&P stated that the stable outlook reflects its
expectation that Hercules will continue to grow its investment
portfolio and stay focused on originating senior secured
investments within its area of expertise in the technology and life
science industries.
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. (NYSE:HTGC)
(“Hercules”) is the leading specialty finance company focused on
providing senior secured loans to venture capital-backed companies
in technology-related markets, including technology, biotechnology,
life science, and energy & renewable technology industries, at
all stages of development. Since inception (December 2003),
Hercules has committed more than $4.4 billion to over 290 companies
and is the lender of choice for entrepreneurs and venture capital
firms seeking growth capital financing.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol “HTGC.”
In addition, Hercules has three outstanding bond issuances of
7.00% Senior Notes due April 2019, 7.00% Senior Notes due September
2019, and 6.25% Notes due July 2024, which trade on the NYSE under
the symbols “HTGZ,” “HTGY,” and “HTGX,” respectively.
Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Forward-Looking Statements:
Statements in this press release may constitute forward-looking
statements for purposes of the safe harbor protection under
applicable securities laws. Forward-looking statements can be
identified by terminology such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “is planned,” “may,” “should,”
“will,” “will enable,” “would be expected,” “look forward,” “may
provide,” “would” or similar terms, variations of such terms or the
negative of those terms. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors including,
without limitation, those risks, uncertainties and factors referred
to in the “Risk Factors” section of the Hercules Annual Report on
Form 10-K for the year ended December 31, 2013, as well as the
other documents and reports filed by Hercules with the Securities
Exchange Commission. As a result of such risks, uncertainties and
factors, actual results may differ materially from any future
results, performance or achievements discussed in or implied by the
forward-looking statements contained herein. Hercules is providing
the information in this press release as of this date and assumes
no obligations to update the information included in this press
release or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Hercules Technology Growth Capital, Inc.Main, 650-289-3060
HT-HNinfo@htgc.comorMarket Street PartnersEd Keaney,
415-445-3238ekeaney@marketstreetpartners.com
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