Business development company Hercules Capital (NASDAQ:HTGC) has announced the issuance of new baby bonds. The issue has not yet been priced.
The new issue will have the normal terms, but the maturity is a bit further out than we prefer as it is in 2033.
The new issue will trade with a permanent ticker of HCXY when it begins trading in the next couple of weeks.
The company had last issued baby bonds on 4/23/2018 at a coupon of 5.25%–those bonds are now trading at $24.85.
The company has announced that they may use the proceeds to redeem the 6.25% 2024 issue which had partially been redeemed on 2 previous dates.