Hercules Capital, Inc. - HTGC STOCK NEWS

Hercules Capital (NYSE: HTGC) has renewed and expanded its credit facility with Sumitomo Mitsui Banking (SMBC) from $225.0 million to $300.0 million. The renewed facility includes participation from Synovus Bank, Customers Bank, and Apple Bank, with an uncommitted accordion feature expandable up to $500.0 million. The facility matures in November 2029, including a 12-month amortization period. This renewal aims to strengthen capital resources and enhance operational flexibility while maintaining optimal cost of capital.

Behavox, a provider of AI-driven compliance solutions, has secured a $70 million credit facility from Hercules Capital (NYSE: HTGC). The company plans to use the funds for strategic acquisitions and new product development. Behavox aims to expand its product portfolio in 2025, adding solutions for Trade Surveillance, Control Room, and Sanction Screening. The company's Intelligent Archive, launched in January, has achieved over 100% QoQ pipeline growth. The platform, powered by Behavox's proprietary large language model, consolidates compliance tech stacks across 100+ communication channels.

Hercules Capital (NYSE: HTGC) reported strong financial results for Q3 2024, achieving record total investment income of $125.2 million, up 7.3% year-over-year. The company's net investment income (NII) reached $83.2 million, or $0.51 per share, representing an 8.3% increase year-over-year and providing 128% coverage of base cash distribution. Total gross debt and equity commitments were $430.7 million, with gross fundings of $272.0 million. The company maintained conservative balance sheet management with net GAAP leverage of 92.5% and net regulatory leverage of 83.0%. Assets under management grew 10.9% year-over-year to approximately $4.6 billion.

Hercules Capital (HTGC) has declared a total cash distribution of $0.48 per share for Q3 2024, consisting of a $0.40 base distribution and an $0.08 supplemental distribution. The distribution will be paid on November 20, 2024, to stockholders of record as of November 13, 2024. The company maintains a variable distribution policy targeting 90-100% of quarterly taxable income. For Q3 2024, 100% of distributions were derived from current earnings and profits, with 80.08% qualifying as Qualified Interest Income for foreign accounts.

Hercules Capital (NYSE: HTGC), the largest specialty financing provider for innovative venture, growth, and established stage companies, has announced the date for its third quarter 2024 financial results release and conference call. The company will release its financial results after market close on Wednesday, October 30, 2024, followed by a conference call at 2:00 p.m. PT (5:00 p.m. ET) on the same day.

To participate in the call, interested parties must register to receive the dial-in number and a unique PIN. A live webcast of the conference call will be available on the investor relations section of Hercules Capital's website. An archived webcast replay will remain accessible on the company's website for at least 30 days following the call.

Hercules Capital, Inc. (NYSE: HTGC) has received a reaffirmed Baa3 investment grade credit and corporate rating from Moody's Investors Service, with a revised outlook to positive from stable. This rating reflects Hercules' strong long-term operating history, internally managed structure, and differentiated venture and growth stage lending model.

The positive outlook is based on expectations of resilient performance despite elevated sector risks, supported by Hercules' focus on senior secured investments, sound underwriting, and effective asset allocation. Moody's anticipates Hercules will maintain superior profitability compared to peers, manage leverage below 1.25x debt-to-equity, and improve its funding and liquidity profile.

Hercules Capital (NYSE: HTGC), the largest specialty financing provider to innovative venture, growth, and established stage companies, has announced its participation in an upcoming financial community event. The company's executive management team will be attending the KBW 2024 BDC Midtown March in New York, NY on Wednesday, October 2, 2024.

Hercules Capital, backed by leading venture capital and select private equity firms, offers financing solutions to companies at various stages of development. Interested parties can arrange meetings with Hercules management through KBW.

Arcus Biosciences (NYSE:RCUS) has secured a $250 million term loan facility from Hercules Capital, enhancing its financial position and operational flexibility. The facility includes $150 million committed, with $50 million drawn at closing and $100 million available at Arcus's discretion. This non-dilutive funding will support the recently announced Phase 3 PEAK-1 study for casdatifan, Arcus's HIF-2a inhibitor for clear cell renal cell carcinoma (ccRCC). The loan matures in five years, extendable to six, with an interest-only period of four years, extendable to five based on regulatory milestones. This financial boost allows Arcus to accelerate its development program for casdatifan across multiple ccRCC settings.

Hercules Capital (NYSE: HTGC) has received a BBB+ investment grade corporate rating reaffirmation from Kroll Bond Rating Agency (KBRA). This rating underscores Hercules' strong 20-year operating record and validates its differentiated business model in specialty financing for innovative venture, growth, and established stage companies.

The BBB+ rating reflects Hercules' diversified investment portfolio, focusing on senior secured first lien venture debt investments in technology and life sciences sectors. It also highlights the company's solid credit quality, robust risk management, and experienced investment team. KBRA's affirmation is supported by Hercules' proven access to capital markets, diversified funding mix, and high proportion of unsecured debt, providing solid protection for noteholders.