Hercules Capital Closes Institutional Notes Offering of $300.0 Million 5.350% Unsecured Notes due 2029

Notes due 2029 Initially Assigned Ratings of Baa2 by Moody’s Investors Service and a BBB- by Fitch Ratings, Inc.

SAN MATEO, Calif.–(BUSINESS WIRE)–Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”), today announced that it has closed an underwritten public offering of $300.0 million in aggregate principal amount of 5.350% notes due February 2029 (the “Notes”).

The Notes are unsecured and bear interest at a rate of 5.350% per year, payable semiannually, will mature on February 10, 2029 and may be redeemed in whole or in part at any time or from time to time at the Company’s option at par, plus a “make whole” premium, if applicable.

The Company expects to use the net proceeds from this offering (i) to fund investments in accordance with its investment objectives, (ii) to repay outstanding secured indebtedness under its existing financing arrangements, and (iii) for other general corporate purposes.

Goldman Sachs & Co. LLC, SMBC Nikko Securities America, Inc. and MUFG Securities Americas Inc. acted as joint book-running managers of this offering. Citizens JMP Securities, LLC, DZ Financial Markets LLC, RBC Capital Markets, LLC, Synovus Securities, Inc. and Zions Direct, Inc. acted as co-managers.

This offering was made solely by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus supplement may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, New York 10282, or email: [email protected], or telephone: 1-866-471-2526, or SMBC Nikko Securities America, Inc., 277 Park Avenue, New York, New York 10172, Attention: Debt Capital Markets – Transaction Management, or email: [email protected], or telephone: 1-212-224-5135.

About Hercules Capital, Inc.

Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than $25 billion to over 700 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact [email protected], or call (650) 289-3060.

Hercules, through its wholly owned subsidiary business, Hercules Adviser LLC (the “Adviser Subsidiary”), also maintains an asset management business through which it manages investments for external parties (“Adviser Funds”). The Adviser Subsidiary is registered as an investment adviser under the Investment Advisers Act of 1940.

Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has one retail bond issuance of 6.25% Notes due 2033 (NYSE: HCXY).

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and should not be relied upon in making any investment decision. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. While we cannot identify all such risks and uncertainties, we urge you to read the risks discussed in our Annual Report on Form 10-K and other materials that we publicly file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. Hercules assumes no obligation to update any such statements in the future.

Contacts

Michael Hara
Investor Relations and Corporate Communications
Hercules Capital, Inc.
(650) 433-5578
[email protected]