Hercules Receives BBB Investment Grade Credit and Corporate Rating From DBRS
PALO ALTO, Calif.--(BUSINESS WIRE)--Sep 10, 2018--Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”), the leading specialty finance company to innovative, venture growth, pre-IPO and M&A stage companies backed by leading venture capital firms, today announced that DBRS, Inc. (“DBRS”) has assigned Hercules an investment grade credit and corporate rating of BBB.
“We are very pleased that DBRS has initiated coverage with a BBB investment grade credit and corporate rating,” stated Manuel A. Henriquez, chairman and chief executive officer of Hercules. “This rating reflects our differentiated venture lending strategy and commitment to disciplined underwriting, as well as the depth and experience of our management and credit teams. We believe this achievement supports our Board’s decision to seek shareholder approval to reduce the Company’s asset coverage requirements to 150% in order to access a broader range of financing strategies available to us under the Small Business Credit Availability Act that was passed earlier this year. If approved, we intend to maintain our investment-grade rating by continuing to implement our disciplined investment process and rigorous risk management policies.”
The BBB rating reflects the Company’s moderate financial leverage, well-designed risk management framework and sound portfolio monitoring. DBRS also noted Hercules’ concentration in first-lien senior secured debt investments, diversified funding with strong access to the capital markets, track record of minimal net realized losses on investments since inception in 2003, and its internal management structure.
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 broad variety of technology, life sciences and sustainable and renewable technology industries. Since inception (December 2003), Hercules has committed more than $8.0 billion to over 430 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 email@example.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 four outstanding bond issuances of 6.25% Notes due 2024 (NYSE: HTGX), 4.375% Convertible Notes due 2022, 4.625% Notes due October 2022 and 5.25% Notes due 2025 (NYSE: HCXZ).
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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CONTACT: Hercules Capital, Inc.
Michael Hara, 650-433-5578
Investor Relations and Corporate Communications
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Hercules Capital, Inc.
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PUB: 09/10/2018 06:00 AM/DISC: 09/10/2018 06:00 AM