Hercules Capital Receives Reaffirmed Baa3 Investment Grade Rating with Revised Outlook to Positive from Moody’s Investors Service
09 Octobre 2024 - 12:00PM
Business Wire
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the
“Company”), the largest and leading specialty financing provider to
innovative venture, growth and established stage companies backed
by some of the leading and top-tier venture capital and select
private equity firms, today announced that Moody’s Investors
Service, Inc. (“Moody’s”) has reaffirmed Hercules an investment
grade credit and corporate rating of Baa3 with a revised outlook to
positive, as well as its underlying analysis.
“We are very pleased that Moody’s has reaffirmed our Baa3
investment grade credit rating and revised our outlook to positive
from stable,” stated Seth Meyer, chief financial officer of
Hercules. “This rating and the change in outlook reflect our strong
long-term operating history and internally managed structure, our
differentiated and diversified venture and growth stage lending
model and commitment to disciplined underwriting, as well as the
scale of our institutionalized lending platform.”
The affirmed Baa3 rating reflects the Company’s sector-leading
profitability, its 21-year operating history as a business
development company, and its solid capitalization and funding. The
revision to positive from stable reflects the expectation that the
Company’s performance will be resilient despite elevated risks in
the Company’s sector, supported by its orientation toward senior
secured investments, sound underwriting and effective asset
allocation. The positive outlook incorporates the expectation that
Hercules will continue to generate profitability that is superior
to peers, manage leverage below its ceiling of 1.25x debt-to-equity
with a solid cushion to its 150% asset coverage ratio minimum, and
improve its funding and liquidity profile.
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 and life
sciences industries. Since inception (December 2003), Hercules has
committed more than $20 billion to over 660 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, through its wholly owned subsidiary business, Hercules
Adviser LLC (the “Adviser Subsidiary”), also maintains an asset
management business through which it manages investments for
external parties (“Adviser Funds”). The Adviser Subsidiary is
registered as an investment adviser under the Investment Advisers
Act of 1940.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol “HTGC.” In addition, Hercules has
one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. We may use words such as “anticipates,” “believes,”
“expects,” “intends,” “will,” “should,” “may” and similar
expressions to identify forward-looking statements. Forward-looking
statements are not guarantees of future performance and should not
be relied upon in making any investment decision. Such statements
are based on currently available operating, financial and
competitive information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations. While
we cannot identify all such risks and uncertainties, we urge you to
read the risks discussed in our Annual Report on Form 10-K and
other materials that we publicly file with the Securities and
Exchange Commission. Any forward-looking statements made in this
press release are made only as of the date hereof. Hercules assumes
no obligation to update any such statements in the future.
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version on businesswire.com: https://www.businesswire.com/news/home/20241009943506/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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