Hercules Expands Wells Fargo Credit Facility With an Additional $20 Million From AloStar Bank of Commerce
March 08 2016 - 6:00AM
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 March 8, 2016, it has expanded its
credit facility with Wells Fargo Capital Finance (“WFCF”), part of
Wells Fargo & Company (NYSE:WFC), under which AloStar Bank of
Commerce has committed $20.0 million, for a total of $95.0 million
in credit capacity under a $300.0 million accordion credit
facility, subject to borrowing base, leverage and other
restrictions. Borrowings under the enhancement maintain the current
interest rate of LIBOR plus 3.25% with no floor and a maturity date
to August 2018, plus a 12-month amortization period. The advance
rate of 50% against eligible loans remains the same.
“We continue to position our capital stack to optimize the
efficiency of our capital and work to lower our cost of debt,”
stated Mark R. Harris, chief financial officer of Hercules. “We are
very proud to have AloStar join this facility and look forward to
working with them. We see AloStar’s commitment as a critical step
in moving to the next level of growth.”
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 broadly diversified variety of
technology, life sciences and sustainable and renewable technology
industries. Since inception (December 2003), Hercules has committed
more than $5.7 billion to over 335 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 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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version on businesswire.com: http://www.businesswire.com/news/home/20160308005622/en/
Hercules Capital, Inc.Michael Hara, 650-433-5578 HT-HNInvestor
Relations and Corporate Communicationsmhara@htgc.com
Hercules Capital (NYSE:HTGC)
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