Hercules Receives a BBB+ Reaffirmed Investment Grade Corporate Rating from Kroll Bond Rating Agency, Inc.
September 18 2019 - 5:00AM
Business Wire
Hercules Capital, Inc. (NYSE: HTGC)
(“Hercules” or the “Company”), the largest and leading specialty
financing provider to innovative venture growth stage companies
backed by some of the leading and top-tier venture capital and
select private equity firms, today announced that Kroll Bond Rating
Agency, Inc. (“KBRA”) has reaffirmed Hercules’ investment grade
corporate and credit rating of BBB+. KBRA issued a statement
announcing the reaffirmation of the rating and stable outlook, as
well as its underlying analysis.
“We are very pleased that KBRA has reaffirmed our BBB+
investment grade corporate and credit rating,” stated Seth Meyer,
chief financial officer of Hercules. “This rating reflects our
differentiated venture lending strategy and commitment to
disciplined underwriting, as well as our prudent approach to using
increased leverage allowed under the SBCAA.”
The affirmed BBB+ rating reflects the Company’s focus on first
lien senior secured debt, minimal historical non-accruals including
during the financial crisis, and appropriate current and proposed
leverage metrics under the new regulatory guidelines. The ratings
are also supported by Hercules’ proven access to the capital
markets, solid earnings record and its focus on investing in
venture-backed companies with strong growth potential as well as
robust risk management and monitoring practices.
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 $9.4
billion to over 480 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
(NYSE) under the ticker symbol “HTGC.” In addition, Hercules has
six outstanding bond issuances of:
Institutional Notes PAR $1000.00
Retail Notes (“Baby Bonds”) PAR $25.00
- 5.25% Notes due 2025 (NYSE: HCXZ)
- 6.25% Notes due 2033 (NYSE: HCXY)
Convertible Notes
- 4.375% Convertible Notes due 2022
Securitization Notes
- 4.605% Asset-backed Notes due 2027
- 4.703% Asset-backed Notes due 2028
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. You should understand that under Section 27A(b)(2)(B) of
the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of
the Securities Exchange Act of 1934, as amended, or the Exchange
Act, the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995 do not apply to forward-looking
statements made in periodic reports we file under the Exchange
Act.
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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version on businesswire.com: https://www.businesswire.com/news/home/20190918005102/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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