Hercules Amends and Restates Credit Facility with MUFG Union Bank
August 19 2014 - 4:01PM
Business Wire
- Size of Facility More Than Doubles
to $75 Million
- Interest Rate on LIBOR Borrowings
Lowered to LIBOR plus 2.25% with No Floor
- Maturity Date Extended to August
2017
Hercules Technology Growth Capital, Inc. (NYSE: HTGC) (the
“Company), 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,
today announced that it has amended and restated its credit
facility with MUFG Union Bank, N.A. (“Union Bank”), effective
August 14, 2014.
Under the amended and restated agreement, Union Bank has, among
other things, agreed to:
- Increase the size of the credit
facility to $75 million in aggregate principal amount from $30
million and include an accordion feature, pursuant to which the
Company may increase the size of the credit facility to an
aggregate principal amount of $95 million by bringing in additional
lenders, subject to the approval of Union Bank and other customary
conditions. There can be no assurances that additional lenders will
join the credit facility to increase available borrowings.
- Reduce the per annum interest rate on
LIBOR borrowings from LIBOR plus 2.5% with a floor of 4% to LIBOR
plus 2.25% with no floor
- Extend the maturity date of the credit
facility to August 1, 2017
“We are very appreciative of Union Bank’s continued support and
look forward to continuing a long and mutually beneficial
relationship with them,” said Hercules Co-founder, Chairman and
Chief Executive Officer, Manuel Henriquez. “With these improved
terms we have increased the flexibility of our financing options as
we work to grow our investment portfolio and our company over the
next several quarters.”
For additional information, please review the company’s current
report on Form 8-k, filed with the Security and Exchange
Commission.
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
The statements contained in this release that are not purely
historical are forward-looking statements. 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
turbulence, and other factors we identify from time to time in our
filings with the Securities and Exchange Commission. Although we
believe 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.
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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