Hercules is the First Business Development Company Primarily
Focused on Venture Lending to Receive an Investment Grade Corporate
Credit Rating from Standard and Poor's
S&P Cites Hercules' Diversified Funding Profile and Liquidity
Rating also States that it Expects Hercules to Continue to Grow
its Investment Portfolio
PALO ALTO, Calif.--(BUSINESS WIRE)--
Technology Growth Capital, Inc. (NYSE:HTGC), the largest 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, today announced
that Standard & Poor's Ratings Services ("S&P") has assigned Hercules an
investment grade corporate rating of BBB-. S&P issued a statement
announcing the issuance of the rating and stable outlook, as well as it
"We are very pleased to be the first business development company
primarily focused on venture lending to receive an investment grade
corporate credit rating from Standard and Poor's," said Manuel A.
Henriquez, chairman and chief executive officer of Hercules. "The
investment grade rating is a testament to our conservative and
methodical underwriting strategy, investment performance of our
portfolio and experienced management team."
The BBB- rating reflects Hercules' low financial leverage, concentration
in first-lien senior secured debt investments, diversified funding
profile, and track record of low loan losses since inception. S&P also
noted that Hercules has one of the most diversified funding profiles
among its rated peers, as well as adequate liquidity, and has a track
record of covering both its interest cost and dividend distribution with
non-deal-dependent income. S&P stated that the stable outlook reflects
its expectation that Hercules will continue to grow its investment
portfolio and stay focused on originating senior secured investments
within its area of expertise in the technology and life science
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 email@example.com, or call
Statements in this press release may constitute forward-looking
statements for purposes of the safe harbor protection under applicable
securities laws. Forward-looking statements can be identified by
terminology such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "is planned," "may," "should," "will," "will
enable," "would be expected," "look forward," "may provide," "would" or
similar terms, variations of such terms or the negative of those terms.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors including, without limitation, those
risks, uncertainties and factors referred to in the "Risk Factors"
section of the Hercules Annual Report on Form 10-K for the year ended
December 31, 2013, as well as the other documents and reports filed by
Hercules with the Securities Exchange Commission. As a result of such
risks, uncertainties and factors, actual results may differ materially
from any future results, performance or achievements discussed in or
implied by the forward-looking statements contained herein. Hercules is
providing the information in this press release as of this date and
assumes no obligations to update the information included in this press
release or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Hercules Technology Growth Capital, Inc.
Main, 650-289-3060 HT-HN
Ed Keaney, 415-445-3238
Source: Hercules Technology Growth Capital, Inc.
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