Hercules Technology Growth Capital Announces $50 Million Share Repurchase Program
05 March 2015 - 8:10AM
Business Wire
Hercules Technology Growth Capital, Inc. (NYSE:HTGC) (“Hercules”
or the “Company”), the leading specialty finance company focused on
providing senior secured loans to venture capital-backed companies
in technology-related industries, including technology,
biotechnology, life science, and energy & renewable technology,
at all stages of development, today announced that its Board of
Directors has approved a $50 million share repurchase program.
“Creating sustainable, long-term shareholder returns has long
been a hallmark of Hercules. Given the underlying strength of our
business, our balance sheet and continued confidence in the
long-term outlook of our Company, we are pleased to have a share
repurchase program in place which enables us to allocate capital to
repurchase shares when we believe the repurchases will increase
value for long-term shareholders,” said Manuel Henriquez, chairman
and chief executive officer of Hercules Technology Growth
Capital.
Under the program authorized by its Board of Directors, Hercules
may repurchase shares of its common stock in the open market,
including block purchases, at prices that may be above or below the
net asset value as reported in its then most recently published
financial statements. Hercules anticipates that the manner, timing,
and amount of any share purchases will be determined by Hercules
management based upon the evaluation of market conditions, stock
price, and additional factors in accordance with regulatory
requirements.
Hercules expects that the share repurchase program will be in
effect until August 24, 2015, or until the approved dollar amount
has been used to repurchase shares. Pursuant to the Investment
Company Act of 1940, as amended, Hercules is required to notify
shareholders when such a program is initiated or implemented. The
repurchase program does not require Hercules to acquire any
specific number of shares and may be extended, modified, or
discontinued at any time.
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 industries, including technology,
biotechnology, life science, and energy & renewable technology,
at all stages of development. Since inception (December 2003),
Hercules has committed more than $4.9 billion to over 310 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 three outstanding bond issuances of
7.00% Notes due April 2019, 7.00% Notes due September 2019, and
6.25% Notes due July 2024, which trade on the NYSE under the
symbols “HTGZ,” “HTGY,” and “HTGX,” respectively.
Forward-Looking Statements:
The information disclosed in this 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 Securities and Exchange Commission 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 we identify from time
to time in our filings with the Securities and Exchange Commission.
Although we believe 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.
Hercules Technology Growth Capital, Inc.Michael Hara,
650-289-3060 HT-HNInvestor Relations and Corporate
Communicationsmhara@htgc.com
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