Trinity Capital Inc. reports developments as an alternative asset manager and specialty lender focused on private credit for growth-oriented companies. Its recurring news includes quarterly financial results, net investment income, NAV movement, new commitments, funded investments, repayments, exits, and portfolio activity across Sponsor Finance, Equipment Finance, Tech Lending, Asset Based Lending, and Life Sciences.
Company updates also cover secured loans, equipment financings, warrant and equity investments, sponsored investment funds, SBIC-related activity, and growth-capital facilities for portfolio companies in technology, life sciences, medical technology, energy infrastructure, and other innovation-driven markets.
Trinity Capital Inc. (NASDAQ: TRIN) has committed $15 million in growth capital to Velentium, a Houston-based professional engineering firm specializing in medical device design and manufacture. Velentium focuses on active implantable and wearable devices, offering expertise in systems engineering, software, cybersecurity, mobile/cloud solutions, and automated test systems.
Velentium recently moved into a new 50,000 square foot corporate headquarters in Houston, featuring class 7 cleanrooms and increased manufacturing capacity. The debt facility from Trinity will support Velentium's continued growth and expansion in the medical device industry.
Trinity Capital announced an adjustment to the conversion rate of its 6.00% Convertible Notes due 2025, following a cash dividend of $0.51 per share, payable on July 15, 2024. The conversion rate is now set at 79.2226 shares per $1,000 principal amount, up from 78.0543 shares. The conversion price has been adjusted to $12.62 from $12.81 per share of common stock. This adjustment follows the second supplemental indenture, affected by the Company's quarterly cash dividend exceeding the $0.30 per share threshold. The announcement ensures the company maintains its tax treatment as a regulated investment company, distributing 90% to 100% of its taxable income annually.
Trinity Capital Inc. (NASDAQ: TRIN) has announced a $40 million debt facility to Gravie, a rapidly growing provider of health benefits. Gravie offers the Comfort® health plan for small and mid-size employers, featuring comprehensive coverage with no deductibles or copays for common healthcare services, including virtual care. This partnership aims to support Gravie's national expansion and simplify healthcare with innovative, interest-free payment options. Ryan Thompson, Managing Director of Tech Lending at Trinity, expressed enthusiasm about aiding Gravie's growth and providing quality, affordable health coverage to businesses.
Trinity Capital (Nasdaq: TRIN) announced a cash dividend of $0.51 per share for Q2 2024. This marks the 18th consecutive quarter of consistent or increased dividends since its IPO in January 2021. The dividend will be paid on July 15, 2024, to shareholders on record as of June 28, 2024. The company aims to distribute 90%-100% of its taxable income annually to qualify as a regulated investment company under the IRS code. Dividends are paid from taxable earnings and may include returns of capital or capital gains. Specific tax details will be provided via Form 1099-DIV and SEC filings.
Trinity Capital (Nasdaq: TRIN) announced the completion of its liquidation of Core Scientific (CORZ) shares. These shares were received to satisfy a $28.3 million claim from Core's Chapter 11 bankruptcy, following a $30 million equipment financing provided in 2021. The liquidation of 5,640,373 shares at an average price of $5.13 per share generated $29 million in total proceeds. Including loan interest payments, Trinity achieved an internal rate of return of 17.7% on its initial investment.
Trinity Capital (NASDAQ: TRIN) has committed $15 million in growth capital to restor3d, a company specializing in 3D-printed, patient-specific medical devices. This investment aims to support restor3d's innovation in orthopedic implants and facilitate its expansion into new markets. restor3d utilizes advanced 3D printing, AI-based planning, and digital health solutions to optimize patient outcomes. Trinity's Managing Director, Life Sciences, Lauren Cosentino, emphasized the company's leading role in customized orthopedic implants. restor3d's CEO, Kurt Jacobus, highlighted the partnership's potential to scale the business and enhance surgical outcomes.
Silicon Valley Bank (SVB), a division of First Citizens Bank, and Trinity Capital announced a $63 million warehouse facility for Denim, a fintech company supporting freight brokers. SVB's national fintech practice and Trinity Capital aim to enhance Denim's cash flow and operational capabilities, especially in a volatile market. The facility will help Denim's innovative payment platform simplify freight brokers' back-office operations, enabling them to focus on business growth. Leaders from both SVB and Trinity praised Denim's software suite for advancing the digitization of the freight and logistics market, expressing excitement about this partnership.
Trinity Capital (NASDAQ: TRIN) has announced its strategic expansion into Europe, appointing Craig Fox as Managing Director to lead the venture. This move aligns with Trinity's vision of supporting high-growth companies globally and aims to capitalize on the increasing venture capital activity in Europe. Fox, who joins from HSBC Innovation Banking, brings extensive experience in providing financing to venture capital-backed companies in the tech and life sciences sectors. Trinity expects this initiative to enhance shareholder value by tapping into Europe's vibrant tech landscape and providing tailored financial solutions to innovative companies.
Metabolon has secured a $60 million credit facility to enhance its growth and innovation in the metabolomics sector. An initial $42.5 million was funded at closing, aimed at expanding R&D, global market penetration, and strategic partnerships. Led by Trinity Capital, this financing enabled the early retirement of a $35 million debt facility and follows a $25 million equity financing closed in January 2023. CEO Rohan Hastie highlighted the strong investor confidence and the company's role in advancing precision medicine. CFO Gerry Haines emphasized the importance of this non-dilutive capital in a challenging market, while Trinity's Rob Lake praised Metabolon's innovation and potential in the life sciences sector.
Trinity Capital (NASDAQ: TRIN) has committed $60 million in growth capital to Metabolon, a leader in metabolomics solutions for life sciences. This funding will enhance Metabolon's R&D and global expansion efforts. Metabolon's solutions support various sectors, including biopharma, population health, and consumer products. This investment underscores investor confidence in Metabolon's potential within the multiomics and metabolomics industry. According to CEO Rohan Hastie, this capital will drive innovation, growth, and the company's leadership in precision medicine.