Hercules Capital, Inc. 8-K

What Happened

• Hercules Capital, Inc. (HTGC) filed an 8-K on February 10, 2026 announcing the closing of a registered offering of $300,000,000 aggregate principal amount of 5.350% Notes due 2029. The Company and U.S. Bank Trust Company, National Association entered into a Tenth Supplemental Indenture for the Notes, which mature February 10, 2029 and pay interest at 5.350% per year, semiannually on February 10 and August 10 (first payment August 10, 2026). The offering was underwritten by representatives including Goldman Sachs & Co. LLC and SMBC Nikko Securities America, Inc., and closed on February 10, 2026.

Key Details

• Amount: $300,000,000 aggregate principal; Coupon: 5.350% annually; Maturity: February 10, 2029.
• Interest paid semiannually (Feb 10 / Aug 10), first payment Aug 10, 2026.
• Trustee/Indenture: Tenth Supplemental Indenture with U.S. Bank Trust Company, N.A.; underwriting agreement dated Feb 5, 2026.
• Credit/structural terms: Notes are unsecured, not guaranteed by subsidiaries, rank pari passu with the Company’s unsubordinated indebtedness, are senior to indebtedness expressly subordinated, but effectively subordinate to secured debt to the extent of the collateral’s value and structurally subordinated to subsidiaries’ debt. Notes may be redeemed at the Company’s option at par plus any applicable make-whole premium.
• Use of proceeds: fund investments, repay outstanding secured financing, and general corporate purposes. Offering registered on Form N-2 (Reg. No. 333-283735) with prospectus supplements dated Feb 5, 2026.

Why It Matters

• The transaction adds $300M of unsecured, medium‑term debt to Hercules’ capital structure, increasing interest obligations (5.350% coupon) and liquidity for investments and debt repayment.
• Ranking details matter for creditors and investors: the Notes are unsecured and will be paid ahead of any subordinated debt but behind secured lenders (to the extent of collateral) and behind any debts of subsidiaries, which affects recovery priority in distress scenarios.
• Investors should note the fixed coupon and maturity profile for cash‑flow planning and that the proceeds are earmarked in part to repay secured indebtedness, which could change Hercules’ secured vs. unsecured leverage mix.