Approximately $17.8 million of the notes remain outstanding
PALO ALTO, Calif.--(BUSINESS WIRE)--
Technology Growth Capital, Inc. (NYSE:HTGC), 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, announced today
that holders of an additional $23.1 million of its 6.00% Convertible
Senior Notes due 2016 have exercised their conversion rights.
The trustee for the 6.00% Convertible Senior Notes due 2016 has informed
Hercules that the additional $23.1 million brings the total principal
amount of the notes that holders have exercised their conversion rights
on to approximately $57.2 million. Conversion will be settled pursuant
to the terms of the indenture. Hercules has elected to settle the
outstanding principal amount of the tendered notes in cash, and Hercules
will issue shares of its common stock for the remainder of the
settlement amount. As a result of these additional conversions in the
fourth quarter, Hercules expects to incur a negative impact to earnings.
Upon meeting the stock trading price conversion requirement during the
three months ended September 30, 2014, the Convertible Senior Notes
continue to be convertible through December 31, 2014.
Remaining holders of outstanding Convertible Senior Notes interested in
converting should follow the conversion procedures set forth in the
indenture, which include, as applicable, providing notices and following
the procedures required by the depository and the trustee.
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
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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