Hercules Capital Announces $325M 6.30% Notes Offering Due 2031

What Happened
Hercules Capital, Inc. announced the issuance and sale of $325,000,000 aggregate principal amount of 6.300% notes due July 24, 2031 under an Eleventh Supplemental Indenture with U.S. Bank Trust Company, N.A. The offering closed on July 24, 2026; interest on the Notes is 6.300% per year, paid semiannually beginning January 24, 2027. An underwriting agreement for the offering was entered into on July 21, 2026 with Goldman Sachs & Co. LLC and SMBC Nikko Securities America, Inc. as representatives.

Key Details

• Principal: $325,000,000 of 6.300% Notes due July 24, 2031; closed July 24, 2026.
• Interest/payments: 6.300% annually, paid semiannually on Jan 24 and Jul 24, starting Jan 24, 2027.
• Security & ranking: unsecured, not guaranteed by subsidiaries; pari passu with non-subordinated debt; effectively junior to secured debt to the extent of collateral and structurally subordinated to subsidiary indebtedness.
• Use of proceeds: expected to repay outstanding unsecured and/or secured indebtedness, fund investments per its objectives, and for general corporate purposes.

Why It Matters
This raises $325M of unsecured corporate debt for Hercules Capital, which affects the company’s capital structure and liquidity. Investors should note the coupon (6.300%) and that the Notes are unsecured and not guaranteed by subsidiaries—meaning recovery in a default would be behind secured creditors and subsidiary creditors. Proceeds aimed at debt repayment and new investments could change leverage and interest expense, but the filing provides no forward-looking performance projections.