Hercules Capital, a specialty finance provider, increased its existing credit facilities with MUFG Bank and Sumitomo Mitsui Banking Corporation (SMBC) from a combined $500 million to $720 million subject to a borrowing base, leverage and other restrictions. The maturity dates for each credit facility remain the same.
Hercules has increased its existing $400 million credit facility with MUFG to $545 million, under which City National Bank, Goldman Sachs and MUFG, have each increased their credit commitment. The uncommitted accordion feature of $55 million, or a total of $600 million, remains the same.
Hercules has also increased its existing $100 million credit facility with SMBC to $175 million in credit capacity with Synovus Financial Corporation providing a new $75 million commitment. The uncommitted accordion feature of $325 million, or a total of $500 million, was expanded from the previous capacity of $150 million.
“The expansion of our credit facilities will further support the growth of our business and allow us to take advantage of our current and future market opportunities,” Seth Meyer, CFO of Hercules, said. “We welcome Synovus and thank our existing bank partners, MUFG, SMBC, City National Bank and Goldman Sachs Bank USA for their support of our industry-leading franchise and look forward to continuing our long-term relationship.”