Hercules Capital, Inc. (HTGC) priced a $300 million offering of unsecured 5.350 % notes due February 10 2029 on February 5 2026. The notes carry a semi‑annual coupon of 5.350 % and will mature on February 10 2029, providing the company with a new source of long‑term debt financing.
The proceeds will be used to fund new investments in line with the company’s venture‑debt strategy, repay outstanding secured debt, and support general corporate purposes. By raising capital at a competitive rate in a low‑interest‑rate environment, Hercules Capital can maintain its conservative leverage profile while keeping liquidity available to originate new deals for technology and life‑science companies.
The offering is being managed by Goldman Sachs & Co. LLC, SMBC Nikko Securities America, Inc., and MUFG Securities Americas Inc. as joint book‑running managers, with co‑management by Citizens JMP Securities, LLC, DZ Financial Markets LLC, RBC Capital Markets, LLC, Synovus Securities, Inc., and Zions Direct, Inc. The structure reflects the company’s established relationships with a broad group of institutional investors.
Hercules Capital is the largest specialty‑finance provider of venture debt, having committed more than $25 billion to over 700 companies since 2003. Preliminary Q4 2025 results show an increase in net asset value per share and a decline in non‑accrual investments, indicating a healthy portfolio and supporting the company’s ability to deploy capital efficiently.
The 5.350 % coupon is competitive for unsecured notes of this maturity, and the February 2029 maturity aligns with the company’s long‑term funding strategy. The notes are unsecured and rank equally with other unsecured debt, adding liquidity without increasing senior debt exposure. This financing demonstrates continued investor confidence and positions Hercules Capital to pursue growth opportunities while preserving a conservative balance‑sheet profile.
Overall, the pricing of the $300 million notes underscores Hercules Capital’s robust access to capital markets, reinforces its liquidity position, and supports its strategy of originating new venture‑debt deals in a low‑rate environment. The transaction is a clear signal of the company’s confidence in its business model and its ability to manage leverage while pursuing growth.
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