BUZZ-Hercules Capital falls on planned $250 mln convertible debt offering

Reuters
03-05
BUZZ-Hercules Capital falls on planned $250 mln convertible debt offering

** Hercules Capital's HTGC.N shares fall 2.9% premarket to $19.39 after convertible offering news

** San Mateo, California-based specialty finance co says it's offering $250 mln 3-1/2-year convertible bonds

** It plans to use net offering proceeds to invest in debt and equity securities of venture capital-backed firms in technology and life sciences industries

** Last month, co reported 2024 net investment income of $326 mln, up 7% y/y, while gross fundings grew 13% to $1.81 bln

** Co has ~$3.5 bln market cap, per LSEG

** Through Tues close, stock down marginally YTD following 20.5% gain in 2024

** Avg rating among 9 analysts is "buy" with median PT of $21.75 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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