Radnor, Pa.-based venture capital firm Safeguard Scientifics, Inc. (NYSE: SFE) entered into a new $75m secured, revolving credit facility.
HPS Investment Partners, LLC, a global investment firm, provided the financing. At closing, the coompany drew $50m under the credit facility, which has a three-year term with a scheduled maturity of May 11, 2020 and bears interest at a floating rate.
The company will use the proceeds to repurchase/repay a portion of its 5.25% convertible senior debentures due May 2018 and for general business purposes including new and follow-on capital deployments in growth-stage technology-driven enterprises.
Led by Stephen T. Zarrilli, President and CEO, Safeguard provides capital to accelerate the growth of technology-driven businesses in healthcare, financial services and digital media.
The firm targets companies that are capitalizing on the next wave of enabling technologies with a particular focus on the Internet of Everything, enhanced security and predictive analytics, typically deploying between $5 million and $25 million over the course of its partnership with a company, initially investing in a Series A or B Round and opportunistically in a seed round.