A Medical Device Daily
Hercules Technology Growth Capital (Palo Alto, California) reported that it has secured a new credit facility for up to $300 million. Wells Fargo Foothill Lender Finance (Santa Monica, California) will provide $50 million in capital under the credit facility, and other lenders are able to join the facility and build to the total credit commitment.
The new credit facility will be used to provide growth capital to privately-held, venture capital and private equity-sponsored technology and life science companies. Since its inception and through June 30, Hercules has made debt and equity commitments of nearly $1.3 billion to 120 life science and technology companies.
The new credit facility, which was arranged by Wells Fargo Foothill Lender Finance, contains an accordion feature, in which the company can increase the credit line up to $300 million, funded by additional lenders and with the agreement of Wells Fargo Foothill and subject to other customary conditions. The company said it intends to add additional lenders to expand the facility over the next 12 months.
"We are pleased to be associated with such a highly regarded finance company serving the technology and life sciences sector," said Andrea Petro, division manager of Wells Fargo Foothill Lender Finance. "As Hercules continues to strengthen its portfolio, this senior secured credit facility will provide support for the company's continued growth and successful development."
"Our track record of growth and credit performance during the past four years enables Hercules to attract a top-tier financial partner like Wells Fargo Foothill despite today's difficult credit environment," said Manuel Henriquez, CEO of Hercules Technology. "We believe that Wells Fargo Foothill views the robust activity in today's venture investing in the same opportunistic way our team at Hercules does."