A Medical Device Daily
Hercules Technology Growth Capital (Palo Alto, California), the specialty finance company providing venture debt and equity to venture capital and private equity-backed technology and life science companies at all stages of development, reported that it has committed more than $52 million in structured debt financing to new and existing portfolio companies. This s in addition to the company's commitment last week to provide $25 million to Velocity Technology Solutions (New York).
Hercules has committed to provide $8 million in debt financing to Intelligent Beauty (Manhattan Beach, California). Intelligent Beauty was created to take advantage of new digital marketing and distribution channels and is the first beauty brand incubator with a full in-house interactive advertising agency, bringing together comprehensive knowledge of both branding and Internet advertising.
Hercules also committed to provide nearly $15.7 million growth capital financing to an undisclosed California based healthcare provider focusing on children's health.
In addition, nearly $28.3 million has been committed to seven existing Hercules portfolio companies to support their continued growth and business expansion as markets continue to improve.
In other financing news; GE Capital Healthcare Financial Services (Bethesda, Maryland) has provided $31.5 million as part of a $145 million senior secured credit facility for Harden Healthcare (Austin, Texas). Harden will use the proceeds of the financing to provide additional growth capital and to refinance its existing debt facilities. GE Capital is the administrative agent for the credit facility. GE Capital Markets served as co-lead arranger and joint book runner.
“We are excited about the flexibility provided by our new credit facility and our expanded ability to invest in both de novo and acquisition opportunities,“ said Lew Little, CEO, Harden Healthcare. “We have enjoyed strong growth throughout our history and we look forward to continuing to add value for our patients, associates, and shareholders.“