Hercules Capital Prices $400M 6.70% Notes Due 2029
HTGC sits 22% above its 52-week low of $13.7.
Summary
Hercules Capital priced a $400 million underwritten offering of 6.70% senior unsecured notes due October 2029, upsized from an undisclosed initial amount. The notes were priced at 99.379% of principal with a yield to maturity of 6.933%, a spread of +195 basis points over the 4.375% Treasury due September 15, 2029, and settlement on October 8, 2026. Proceeds will repay existing debt and fund new investments. This follows the $325 million 6.30% notes due 2031 issued in July, indicating continued reliance on debt capital to support its venture lending portfolio. The offering is modest relative to the company's $3.1 billion market cap and $2.74 billion investment portfolio, but the higher coupon reflects current market conditions. Closing is expected October 8, 2026.
Updated with an SEC FWP filing · What changed
Updates
· SEC FWP — The notes were priced at 99.379% of principal with a yield to maturity of 6.933%, a spread of +195 basis points over the 4.375% Treasury due September 15, 2029, and settlement on October 8, 2026.
At the time of this announcement, HTGC was trading at $16.69 on NYSE in the Finance sector, with a market capitalization of approximately $3.1B. The 52-week trading range was $13.70 to $19.13. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: BusinessWire.