Hercules Capital sees ample liquidity to support near-term requirements

The company said, "Hercules ended 2022 with over $3.6 billion of assets under management1 – an increase of 29.3% year-over-year – and strong liquidity of over $606 million. Inclusive of the Adviser Funds managed by Hercules Adviser LLC, our wholly-owned subsidiary, Hercules had approximately $1.0 billion of available liquidity to fund new investments and support existing portfolio companies as of year-end. Earlier this year, we signed a new letter of credit agreement with SMBC, which provides for a letter of credit facility of up to $100 million, and amended and extended our MUFG-led credit facility. Year-to-date through March 3, 2023, the Company sold approximately 4.2 million shares of common stock under the equity ATM program for total net proceeds of approximately $59.8 million which is highly accretive to NAV. We believe we have ample liquidity to support our near-term capital requirements. As the venture capital industry continues to assess the impact of the SVB receivership, we will continue to evaluate our overall liquidity position and take proactive steps to maintain the appropriate liquidity position based upon the then current circumstances."