TriplePoint Venture Growth BDC Corp. Investment Grade Rating and Stable Outlook Confirmed by Morningstar DBRS
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG), a venture growth stage financing provider, has received confirmation of its investment grade BBB (low) Long-Term Issuer Rating and Long-Term Senior Debt Rating from Morningstar DBRS, maintaining a stable outlook.
The rating affirmation reflects TPVG's established position through its TriplePoint Capital venture lending platform, improved leverage profile, and expected return to profitability in 2024. Key financial strengths include the renewal of a $300 million revolving credit facility in 2024 and a $50 million private notes offering in 2025.
Morningstar DBRS's stable outlook is supported by expectations of portfolio growth through sector rotation, which is anticipated to enhance earnings and credit performance.
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG), un fornitore di finanziamenti per la crescita delle imprese in fase di avvio, ha ricevuto conferma del suo rating di investimento BBB (basso) per il rating a lungo termine dell'emittente e il rating a lungo termine del debito senior da Morningstar DBRS, mantenendo un outlook stabile.
La conferma del rating riflette la posizione consolidata di TPVG attraverso la sua piattaforma di prestiti per venture capital, un profilo di leva migliorato e il previsto ritorno alla redditività nel 2024. I principali punti di forza finanziari includono il rinnovo di una linea di credito revolving da 300 milioni di dollari nel 2024 e un emissione di note private da 50 milioni di dollari nel 2025.
Il outlook stabile di Morningstar DBRS è supportato dalle aspettative di crescita del portafoglio attraverso la rotazione settoriale, che si prevede migliorerà gli utili e le performance creditizie.
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG), un proveedor de financiamiento para el crecimiento de empresas en etapa de riesgo, ha recibido la confirmación de su calificación de inversión BBB (bajo) para la calificación de emisor a largo plazo y la calificación de deuda senior a largo plazo de Morningstar DBRS, manteniendo una perspectiva estable.
La afirmación de la calificación refleja la posición establecida de TPVG a través de su plataforma de préstamos de capital de riesgo TriplePoint, un perfil de apalancamiento mejorado y un esperado retorno a la rentabilidad en 2024. Las principales fortalezas financieras incluyen la renovación de una línea de crédito revolvente de 300 millones de dólares en 2024 y una emisión de notas privadas de 50 millones de dólares en 2025.
La perspectiva estable de Morningstar DBRS está respaldada por las expectativas de crecimiento de la cartera a través de la rotación sectorial, que se anticipa mejorará las ganancias y el rendimiento crediticio.
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG), 벤처 성장 단계 자금 제공업체가 Morningstar DBRS로부터 투자 등급 BBB (하위) 장기 발행자 등급 및 장기 선순위 채무 등급 확인을 받으며 안정적인 전망을 유지하고 있습니다.
등급 확인은 TPVG의 TriplePoint Capital 벤처 대출 플랫폼을 통한 확립된 위치, 개선된 레버리지 프로필, 2024년 수익성 회복 예상 등을 반영합니다. 주요 재무 강점으로는 2024년에 3억 달러의 회전 신용 시설 갱신과 2025년에 5천만 달러의 사모 노트 발행이 포함됩니다.
Morningstar DBRS의 안정적인 전망은 섹터 회전을 통한 포트폴리오 성장 기대에 의해 뒷받침되며, 이는 수익 및 신용 성과 향상을 예상합니다.
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG), un fournisseur de financement pour la croissance des entreprises en phase de démarrage, a reçu la confirmation de sa note d'investissement BBB (bas) pour la note d'émetteur à long terme et la note de dette senior à long terme de Morningstar DBRS, maintenant une perspective stable.
La confirmation de la note reflète la position établie de TPVG à travers sa plateforme de prêts en capital-risque TriplePoint, un profil de levier amélioré et un retour prévu à la rentabilité en 2024. Les principales forces financières incluent le renouvellement d'une ligne de crédit renouvelable de 300 millions de dollars en 2024 et une émission de billets privés de 50 millions de dollars en 2025.
La perspective stable de Morningstar DBRS est soutenue par des attentes de croissance du portefeuille grâce à la rotation sectorielle, ce qui devrait améliorer les bénéfices et la performance crédit.
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG), ein Anbieter von Finanzierungen für das Wachstum von Unternehmen in der Risikokapitalphase, hat die Bestätigung seiner Investment-Grade-Bewertung BBB (niedrig) für die langfristige Emittentenbewertung und die langfristige Senior-Debetbewertung von Morningstar DBRS erhalten, mit einer stabilen Ausblick.
Die Bestätigung der Bewertung spiegelt die etablierte Position von TPVG durch seine TriplePoint Capital-Venture-Lending-Plattform, ein verbessertes Hebelprofil und die erwartete Rückkehr zur Rentabilität im Jahr 2024 wider. Zu den wichtigsten finanziellen Stärken gehören die Erneuerung einer 300 Millionen Dollar revolving Kreditfazilität im Jahr 2024 und ein 50 Millionen Dollar private Notes-Angebot im Jahr 2025.
Der stabile Ausblick von Morningstar DBRS wird durch die Erwartungen an das Portfolio-Wachstum durch Sektorrotation unterstützt, das voraussichtlich die Erträge und die Kreditperformance verbessern wird.
- Investment grade credit rating (BBB low) reaffirmed with stable outlook
- Expected return to profitability in 2024
- Secured $300 million revolving credit facility renewal
- Additional $50 million private notes offering in 2025
- Improved leverage profile
- Currently not profitable (return to profitability expected in 2024)
- Portfolio growth needs restoration through sector rotation
“We are pleased that Morningstar DBRS has reaffirmed our investment grade rating and stable outlook,” said Mike L. Wilhelms, chief financial officer of TPVG. “We remain focused on drawing on our strong liquidity position and financial flexibility to capitalize on attractive lending opportunities aimed at further diversifying and growing the portfolio over the long-term.”
The investment grade credit rating from Morningstar DBRS reflects, among other things, TPVG’s solid and established franchise via its relationship with the TriplePoint Capital global venture lending platform, an improved leverage profile, TPVG’s return to profitability in 2024, and its resilient funding related to the renewal of its
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
TriplePoint Venture Growth BDC Corp. is an externally-managed business development company focused on providing customized debt financing with warrants and direct equity investments primarily to venture growth stage companies in technology and other high growth industries backed by a select group of venture capital firms. The Company’s sponsor, TriplePoint Capital, is a Sand Hill Road-based global investment platform which provides customized debt financing, leasing, direct equity investments and other complementary solutions to venture capital-backed companies in technology and other high growth industries at every stage of their development with unparalleled levels of creativity, flexibility and service. For more information about TriplePoint Venture Growth BDC Corp., visit https://www.tpvg.com. For more information about TriplePoint Capital, visit https://www.triplepointcapital.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements. Forward-looking statements are not guarantees of future performance, investment activity, financial condition or results of operations and involve a number of substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Actual events, investment activity, performance, condition or results may differ materially from those in the forward-looking statements as a result of a number of factors, including as a result of changes in economic, market or other conditions, and the impact of such changes on the Company’s and its portfolio companies’ results of operations and financial condition, and those factors described from time to time in the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
In addition, any rating from Morningstar DBRS, or any other rating agency, is subject to revision, suspension or withdrawal at any time, and is not a recommendation to buy sell or hold the Company’s securities.
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INVESTOR RELATIONS AND MEDIA CONTACT
The IGB Group
Leon Berman
212-477-8438
lberman@igbir.com
Source: TriplePoint Venture Growth BDC Corp.
FAQ
What credit rating did Morningstar DBRS confirm for TPVG in the latest assessment?
What financial facilities does TPVG have available as of the announcement?
When is TPVG expected to return to profitability according to the announcement?
What factors contributed to TPVG's stable rating outlook from Morningstar DBRS?
