Hercules Announces That an Additional $23.1 Million of Its 6.00% Convertible Senior Notes Due 2016 Have Converted
04 November 2014 - 8:05AM
Business Wire
Approximately $17.8 million of the notes
remain outstanding
Hercules 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 info@htgc.com, or call
650.289.3060.
Hercules Technology Growth Capital, Inc.Main, 650-289-3060
HT-HNinfo@htgc.comorMarket Street PartnersEd Keaney,
415-445-3238ekeaney@marketstreetpartners.com
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