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Hercules Capital to fully redeem 2019 notes

Hercules Capital Inc. will redeem all of the $110.4 million of remaining issued and outstanding principal amount of its 7.00% notes due 2019.

The redemption price will be par $25.00 per note in addition to accrued and unpaid interest through, but excluding, the redemption date of Feb. 24.

Hercules Capital said the full retirement of the notes, along with the closed 4.375% convertible senior notes due 2022 on Jan. 25, will save the company about $2.8 million in annual interest expense, excluding the on-time acceleration expense of $1.5 million associated with the redemption of the 2019 notes. The additional net of approximately $115.0 million will be used to fund debt investments and equity securities and for working capital and other general corporate purposes.