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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 | |
---|---|---|---|---|---|---|---|---|
0.12 | 0.56% | 21.50 | 1,105 | 13:00:03 |
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”), the leading and largest specialty finance company specifically focused on providing growth capital to some of the most innovative and disruptive venture capital backed growth companies in the U.S., many of which are pre-IPO and M&A stage companies backed by some of the leading top tier venture capital firms, today provided an intra-quarter business update for the second quarter and year-to-date outlook for 2018.
“We are off to a tremendous start for 2018 and well positioned to achieve another record year with nearly $580 million in closed new debt and equity commitments to date,” stated Manuel A. Henriquez, founder, chairman and chief executive officer of Hercules. “Our momentum and pace of new loan originations from the first quarter has both continued and accelerated, as evidenced by our strong new commitment activities already realized during second quarter-to-date, and further exemplifies our industry leadership as well as strong brand, reputation and scale of the Hercules platform within the venture capital and private equity community. Although we remain guardedly optimistic, we are nonetheless witnessing unprecedented loan demand, as evidenced with our closed and pending commitments of nearly $725 million in just the first five months of the year, putting us on pace to originate and close over $1.0 billion in new commitments for the full year. To meet this demand, we are continuing to actively manage our liquidity by opportunistically accessing both the debt and equity capital markets to fund this demand and growth. We will also, of course, be actively monitoring for critical changes in macro-economic conditions or geopolitical developments, including the administration’s new fiscal and trade policies and the impact of the mid-term elections.”
New Debt and Equity Commitments for Q2 2018:
As of June 8, 2018, quarter-to-date, Hercules has originated approximately $313.8 million of new debt and equity commitments to 17 new and existing portfolio companies.
17 new commitments to innovative venture growth-stage companies:
Technology PortfolioEight (8) New Commitments - $196.6 Million
Life Sciences PortfolioTwo (2) New Commitments - $58.0 Million
Sustainable and Renewable Technologies PortfolioOne (1) New Commitment - $15.0 Million
Existing Portfolio CompaniesSix (6) New Commitments - $44.2 Million
Unscheduled Early Principal Repayments “Early Pay-Offs”:
As of June 8, 2018, quarter-to-date, Hercules has received $59.1 million in early pay-offs, of which approximately $39.6 million was received from portfolio companies that previously had credit ratings of 3-5.
Quarter-to-Date Potential Unrealized/Realized Gains:
As of June 8, 2018, Hercules has the following potential unrealized/realized gains from certain portfolio companies:
Portfolio Company IPO, M&A and Other Activity in Q2 2018:
IPO Activities
As of June 8, 2018, Hercules held warrant and equity positions in three (3) portfolio companies that had filed registration statements with the Securities and Exchange Commission 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
Accompanying Footnotes:
(1) Signed non-binding term sheets are subject to satisfactory completion of Hercules’ due diligence and final investment committee approval process as well as negotiations of definitive documentation with the prospective portfolio companies. These non-binding term sheets generally convert to contractual commitments in approximately 90 days from signing. It is important to note that not all signed non-binding term sheets are expected to close and do not necessarily represent future cash requirements or investments.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 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 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).
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: https://www.businesswire.com/news/home/20180611005368/en/
Hercules Capital, Inc.Michael Hara, 650-433-5578Investor Relations and Corporate Communicationsmhara@htgc.com
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