Hercules Capital Proudly Announces Its $6.0 Billion Milestone in Total Debt Commitments Since Inception
June 29 2016 - 5:00AM
Business Wire
Hercules is grateful to its venture capital
partners and the amazing innovative entrepreneurs for recognizing
and selecting the Company as their strategic growth capital
partner
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the
“Company”), the leading specialty financing provider to innovative
venture growth stage companies backed by leading venture capital
firms, today announced that it has achieved a major milestone of
originating $6.0 billion in total debt commitments since the
Company’s inception in December, 2003.
“This very important milestone is indicative of Hercules’
leadership position as the largest venture lending business
development company (''BDC'') of choice, as over 350 innovative
venture growth stage companies have selected us as their partner,”
said Manuel A. Henriquez, chairman and chief executive officer of
Hercules Capital. “Our strong brand, reputation and track record
continue to differentiate our leadership position in the market, as
evidenced by our growing investment portfolio.”
Henriquez added, “Reaching this critical milestone is the result
of our world-class team of investment origination professionals,
that are uniquely capable of identifying some of the most
potentially promising innovative and disruptive companies, backed
by very select visionary venture capital (''VC'') firms that
support them. We are thankful for the continued trust and
confidence these VC firms have placed in Hercules.”
Henriquez concluded, “This achievement also reflects our
unrelenting focus on credit quality, which has always driven our
stringent underwriting discipline, and our refusal to be distracted
by passing trends and fads. This discipline is exemplified by our
outstanding cumulative performance. Since our first investment
commencing in October 2004, Hercules’ cumulative net realized
losses from investments through March 31, 2016, represented
approximately $11.3 million, or an annualized loss rate of 2 basis
points (or 0.02%), when compared to total debt commitments of $6.0
billion, over the same period.”
Hercules Select Achievements to Date
- Largest venture capital-focused venture
lending BDC, originating $6.0 billion in total debt commitments
since inception
- Hercules has consistently traded at a
multiple or premium to Net Asset Value (“NAV”) compared to a
majority of its BDC peers
- $1.3 billion in total assets under
management (“AUM”) (as of March 31, 2016)
- Over 90 active portfolio companies,
representing a highly diversified investment loan portfolio (as of
March 31, 2016)
- Commitments to more than 350 portfolio
companies since December, 2003
- More than 500 different financial
sponsors have invested in and supported our more than 350
investment portfolio companies since December, 2003
- More than 130 active warrant positions
for potential future capital gains and dividends to
shareholders
- Approximately 115 portfolio companies
have completed liquidity events such as an IPO or M&A exit
since December, 2003 inception
- Offices in key venture capital markets:
- California (Silicon Valley/Palo Alto,
Los Angeles and San Diego)
- New York
- Massachusetts
- Connecticut
- Washington, D.C.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) 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 broadly diversified variety of
technology, life sciences and sustainable and renewable technology
industries. Since inception (December 2003), Hercules has committed
more than $6.0 billion to over 350 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’ common stock trades on the New York Stock Exchange
under the ticker symbol “HTGC.”
In addition, Hercules has three outstanding bond issuances of
7.00% Notes due April 2019, 7.00% Notes due September 2019, and
6.25% Notes due July 2024, which trade on the NYSE under the
symbols “HTGZ,” HTGY,” and “HTGX,” respectively.
Forward-Looking Statements
The information disclosed in this press release is made as of
the date hereof and reflects Hercules most current assessment of
its historical financial performance. Actual financial results
filed with the SEC may differ from those contained herein due to
timing delays between the date of this release and confirmation of
final audit results. These forward-looking statements are not
guarantees of future performance and are subject to uncertainties
and other factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
including, without limitation, the risks, uncertainties, including
the uncertainties surrounding the current market volatility, and
other factors the Company identifies from time to time in its
filings with the SEC. Although Hercules believes that the
assumptions on which these forward-looking statements are based are
reasonable, any of those assumptions could prove to be inaccurate
and, as a result, the forward-looking statements based on those
assumptions also could be incorrect. You should not place undue
reliance on these forward-looking statements. The forward-looking
statements contained in this release are made as of the date
hereof, and Hercules assumes no obligation to update the
forward-looking statements for subsequent events.
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Hercules Capital, Inc.Michael Hara, 650-433-5578 HT-HNInvestor
Relations and Corporate Communicationsmhara@htgc.com
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