Hercules Technology renews $300 million accordion loan via Wells, RBC

By Jennifer Chiou

New York, March 30 - Hercules Technology Growth Capital, Inc. said it has received a commitment to renew its $300 million accordion credit facility, adding that it received initial commitments of $100 million through Wells Fargo Capital Finance and RBC Capital Markets.

Under the new three-year senior secured facility, the lenders' commitments come in at $75 million for Wells Fargo and $25 million for RBC.

Borrowings will accrue interest at Libor plus 350 basis points with a floor of 500 bps and an advance rate of 50% against eligible loans.

The new facility replaces the company's previous $300 million accordion, under which Wells had initially committed $50 million.

"This credit facility provides Hercules with increased liquidity to manage our existing portfolio companies as well as additional capital for new investments as we continue to expand our portfolio," Manuel A. Henriquez, co-founder, chairman and chief executive officer, said in a news release.

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

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