Hercules to redeem $75 million of 6.25% notes due 2024 on Nov. 23

By Sarah Lizee

Olympia, Wash., Oct. 24 – Hercules Capital, Inc. intends to redeem about $75 million of its 6.25% notes due 2024, according to a press release.

The notes will be redeemed on Nov. 23 at par of $25.00 plus accrued interest up to but excluding the redemption date.

The company said it intends to make additional redemptions on the notes throughout 2018, depending on its anticipated cash needs.

The redemption, along with the company’s closed 4.625% investment grade notes due 2022 on Monday, is expected to save the company about $1.3 million in annual interest and fee expense, excluding the one-time non-cash acceleration and 30-day interest overlap expense of $2.4 million associated with the redemption.

Hercules is a Palo Alto, Calif.-based specialty finance company.

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