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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hercules Capital Inc | NYSE:HTGC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.05 | 0.23% | 21.43 | 21.53 | 21.38 | 21.40 | 143,231 | 15:22:33 |
Year-to-Date Momentum Continues with New Originations and Closed Commitments on Pace to Exceed 2016
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 its interim portfolio update for the third quarter 2017.
“Our team’s strong origination activities, which resulted in approximately $154.0 million in new commitments, continues to show the strength of the Hercules Capital platform and helped offset higher than anticipated early loan repayments in what is also typically our slowest quarter seasonally,” stated Manuel A. Henriquez, founder, chairman and chief executive officer of Hercules. “Further, we remain steadfast in continuing our disciplined ‘slow and steady’ portfolio and earnings growth strategy. During the third quarter, we converted a healthy amount of our unfunded commitments, as a subset of our portfolio companies achieved important financial and operating milestones, into new loan growth and allowing us to modestly grow our debt investment portfolio. Unscheduled early loan repayments continue at elevated levels, driven by a combination of M&A activity, increased portfolio company milestone and development achievements, and an abundance of liquidity in the broader capital markets looking for assets and more attractive pricing.”
New Debt and Equity Commitments for Q3 2017:
In the three months ended September 30, 2017, Hercules has originated ~$154.0 million of new debt and equity commitments to seven (7) new and existing portfolio companies.
Five (5) new commitments to innovative venture growth stage companies
Technology Portfolio – $101.0 Million
Life Sciences Portfolio – $30.0 Million
Two (2) New Commitments to Existing Portfolio Companies – $23.0 Million
Unscheduled Early Principal Repayments “Early Pay-Offs:”
For the three months ended September 30, 2017, Hercules received ~$115.0 million in unscheduled early principal repayments “early pay-offs.”
Portfolio Company IPO, M&A and Other Activity in Q3 2017:
IPO Activities
As of September 30, 2017, Hercules held warrant and equity positions in seven (7) portfolio companies that had filed Registration Statements confidentially under the JOBS Act in contemplation of a potential IPO.
There can be no assurances that companies that have yet to complete their IPOs will do so.
M&A Activities
Portfolio Company Activities
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 $6.9 billion to over 380 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 under the ticker symbol "HTGC."
In addition, Hercules has one outstanding bond issuance of 6.25% Unsecured Notes due July 2024 (NYSE: HTGX).
Forward-Looking Statements
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171003005555/en/
Hercules Capital, Inc.Michael Hara, 650-433-5578 HT-HNInvestor Relations and Corporate Communicationsmhara@htgc.com
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