- Investment grade credit rating (BBB low) reaffirmed with stable outlook by Morningstar DBRS.
- Expected return to profitability in 2024.
- Secured $300 million revolving credit facility renewal and $50 million private notes offering in 2025.
TriplePoint Venture Growth BDC Corp. (TPVG, Financial), a prominent venture growth stage financing entity, has had its investment grade BBB (low) Long-Term Issuer Rating and Long-Term Senior Debt Rating reaffirmed by Morningstar DBRS. This confirmation comes with a stable outlook, highlighting the company's robust standing within the venture lending space via TriplePoint Capital.
The reaffirmed ratings highlight TPVG's improved leverage profile and signal the company's expected return to profitability by 2024. Critical financial strengths noted include the renewal of a $300 million revolving credit facility in 2024, along with a $50 million private notes offering projected for 2025.
Factors leading to Morningstar DBRS’s stable outlook for TPVG include anticipated portfolio growth through strategic sector rotation. This is expected to bolster earnings and enhance credit performance, reflecting confidence in TPVG's strategic financial maneuvers.
Chief Financial Officer Mike L. Wilhelms expressed satisfaction over the ratings confirmation, citing financial flexibility and liquidity as cornerstones for capitalizing on future lending opportunities. This strategy aims to diversify and expand the investment portfolio over the long term.
As TPVG gears up to re-enter profitability, it continues to leverage its position through strong ties to the global venture lending platform of TriplePoint Capital, offering debt financing solutions across tech and high-growth industries.
