Hercules Capital Inc has increased its credit facility with MUFG Union Bank N.A. to $100 million. The capital will be used to support portfolio growth.
PALO ALTO, Calif.–(BUSINESS WIRE)–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 effective May 25, 2018, it has increased its credit facility with MUFG Union Bank, N.A. (“the Union Bank Credit Facility”), under which MUFG Union Bank has committed an additional $25.0 million pursuant to a $125.0 million accordion feature, for a total of $100.0 million in credit capacity (subject to borrowing base, leverage and other restrictions). Borrowings under the facility maintain the current interest rate of LIBOR (with a floor of 0%) plus 3.25% and a maturity date of May 2020, with a 12-month amortization period. The advance rate of 50% against eligible loans remains the same.
For additional information, please review the Company’s current report on Form 8-K, to be filed with the Securities and Exchange Commission, which will include the completed transaction documents.
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 $7.6 billion to over 420 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).