A Medical Device Daily
Hercules Technology Growth Capital (Palo Alto, California), a 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 successfully completed the full repayment of its $130 million credit facility with Citigroup and Deutsche Bank.
"I am ... pleased to report to our shareholders our continued commitment and progress in successfully deleveraging our balance sheet by fully repaying our $130 million credit facility with Citigroup and Deutsche Bank prior to its maturity date of April 30," said Manuel Henriquez, co-founder/chairman/CEO of Hercules.
"Hercules' ability to amortize and repay approximately $130 million within five months during these most challenging times, provides further evidence of the asset class and of the continued focus and dedication of Hercules' investment professionals to work diligently identifying and investing in the right companies while at the same time also remaining focused on managing our credit performance and balance sheet liquidity," he said.
"It is because of the hard work and dedication of our team, that Hercules has successfully reached this achievement in an extremely challenging credit and capital market environment through a combination of early and regularly scheduled loan repayments as well as borrowing approximately $25.7 million under our credit facility with Wells Fargo Foothill," Henriquez said.
"Our continued relationship with Wells Fargo Foothill, coupled with our long-term and strategic funding relationship with the SBA's SBIC program, provides Hercules with a long term source of capital while continuing to support and grow our investment portfolio," he said. "I am ... delighted the slow and steady' strategy we adopted back in mid-2008 has proven to be an effective strategy during these challenging times and has afforded us the flexibility to manage our liquidity and credit portfolio."
Founded in December 2003, the company primarily finances privately held companies backed by leading venture capital and private equity firms.