Hercules Technology to repay some bank debt with share offering proceeds

By Sara Rosenberg

New York, Dec. 11 - Hercules Technology Growth Capital, Inc. will reduce borrowings under its credit facilities using proceeds from a public offering of 5.7 million shares, according to a company news release.

The offering raised $77.5 million of gross proceeds.

In addition to paying down bank debt, proceeds will be used to originate new as well as fund existing investments and for general corporate purposes.

Hercules Technology is a Palo Alto, Calif.-based specialty finance company providing debt and equity growth capital to venture capital and private equity backed technology and life science companies.

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