Hercules Capital, Inc. Closes Public Offering of Common Stock Including Option to Purchase Additional Shares

PALO ALTO, Calif.–(BUSINESS WIRE)–Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”) today
announced that it has closed its underwritten public offering of
5,000,000 shares of its common stock at a public offering price of
$12.64 per share. In addition, the underwriters fully exercised their
over-allotment option to purchase 750,000 additional shares of Hercules’
common stock. Today’s closing included the sale of the over-allotment
shares, bringing the total number of shares sold in this offering to
5,750,000. The underwriters purchased the shares of common stock from
Hercules for a price of $12.2608 per share, and net proceeds from the
offering after deducting estimated offering expenses payable by the
Company are expected to be approximately $70.3 million. Morgan Stanley,
Wells Fargo Securities, and Keefe, Bruyette & Woods, A Stifel
Company
, acted as joint book-running managers in this offering, and
Compass Point and Wedbush Securities acted as co-managers in this
offering.

Hercules expects to use the net proceeds from this offering (i) to fund
investments in debt and equity securities in accordance with its
investment objective, (ii) to make acquisitions, and (iii) for other
general corporate purposes.

The securities described above were offered by Hercules pursuant to an
effective shelf registration statement previously filed with and deemed
immediately effective upon filing by the Securities and Exchange
Commission (the “SEC”) on April 29, 2019.

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 $8.9 billion to over
460 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 six
outstanding bond issuances of:

Institutional Notes PAR $1000.00

  • 4.625% Notes due 2022

Retail Notes (“Baby Bonds”) PAR $25.00

  • 5.25% Notes due 2025 (NYSE: HCXZ)
  • 6.25% Notes due 2033 (NYSE: HCXY)

Convertible Notes

  • 4.375% Convertible Notes due 2022

Securitization Notes

  • 4.605% Asset-backed Notes due 2027
  • 4.703% Asset-backed Notes due 2028

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.

Contacts

Michael Hara
Investor Relations and Corporate Communications
Hercules
Capital, Inc.
(650) 433-5578
mhara@htgc.com

Hercules Capital, Inc. Closes Public Offering of Common Stock Including Option to Purchase Additional Shares

PALO ALTO, Calif.–(BUSINESS WIRE)–Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”) today
announced that it has closed its underwritten public offering of
5,000,000 shares of its common stock at a public offering price of
$12.64 per share. In addition, the underwriters fully exercised their
over-allotment option to purchase 750,000 additional shares of Hercules’
common stock. Today’s closing included the sale of the over-allotment
shares, bringing the total number of shares sold in this offering to
5,750,000. The underwriters purchased the shares of common stock from
Hercules for a price of $12.2608 per share, and net proceeds from the
offering after deducting estimated offering expenses payable by the
Company are expected to be approximately $70.3 million. Morgan Stanley,
Wells Fargo Securities, and Keefe, Bruyette & Woods, A Stifel
Company
, acted as joint book-running managers in this offering, and
Compass Point and Wedbush Securities acted as co-managers in this
offering.

Hercules expects to use the net proceeds from this offering (i) to fund
investments in debt and equity securities in accordance with its
investment objective, (ii) to make acquisitions, and (iii) for other
general corporate purposes.

The securities described above were offered by Hercules pursuant to an
effective shelf registration statement previously filed with and deemed
immediately effective upon filing by the Securities and Exchange
Commission (the “SEC”) on April 29, 2019.

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 $8.9 billion to over
460 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 six
outstanding bond issuances of:

Institutional Notes PAR $1000.00

  • 4.625% Notes due 2022

Retail Notes (“Baby Bonds”) PAR $25.00

  • 5.25% Notes due 2025 (NYSE: HCXZ)
  • 6.25% Notes due 2033 (NYSE: HCXY)

Convertible Notes

  • 4.375% Convertible Notes due 2022

Securitization Notes

  • 4.605% Asset-backed Notes due 2027
  • 4.703% Asset-backed Notes due 2028

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.

Contacts

Michael Hara
Investor Relations and Corporate Communications
Hercules
Capital, Inc.
(650) 433-5578
mhara@htgc.com

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