|[September 11, 2012]
Hercules Technology Growth Capital Announces Quarter-to-Date Q3 2012 Portfolio Update with New Originations of over $93.0 million
PALO ALTO, Calif. --(Business Wire)--
Hercules Technology Growth Capital, Inc. (NYSE: HTGC), the leading
specialty finance company providing senior secured loans to venture
capital companies in technology-related markets at all stages of
development, including technology, biotechnology, life science, and
clean-tech industries, today announced its quarter-to-date Q3 2012
New Originations Quarter-to-Date:
As of September 10, 2012, in the third quarter of 2012, Hercules has
originated commitments of over $93.0 million to new and existing
Hercules' new investment commitments include:
$15.0 million commitment to Coronado Biosciences, Inc., (Nasdaq:
CND) a company focused on the development of novel immunotherapy
agents for the treatment of autoimmune diseases and cancer.
$30.5 million commitment to EducationDynamics, higher
education's leading marketing information and technology services
company dedicated to helping institutions find, enroll and retain
$3.0 million commitment to EndPlay, Inc., a leading provider of
SaaS (News - Alert) content management, engagement and monetization solutions
delivered in the cloud.
$20.0 million commitment to Fulcrum BioEnergy, Inc., a leader
in the development of next-generation ethanol production in the United
In addition, Hercules provided over $25.0 million in commitments to
existing portfolio companies.
As of September 10, 2012, Hercules received approximately $40.0
million in principal repayments, of which approximately $7.6 million
were unscheduled early repayments.
In addition, in July Hercules received payment of $2.0 million for its
total debt investments in MaxVision Holding, L.L.C. As of June 30, 2012
Hercules valued these debt investments, which had a total cost basis of
approximately $7.1 million at a fair value of approximately $169,000.
These investments were accounted for on a non-accrual basis. In the
third quarter of 2012, Hercules will record a realized loss of $5.1
million and a reversal of previously recorded unrealized depreciation of
$6.9 million for the MaxVision debt investments.
As of September 11, 2012, Hercules received approximately $40.0
million in principal repayments, of which approximately $5.6 million
were unschduled early repayments. In addition, in July Hercules
received payment of $2.0 million for its total debt investments in
MaxVision Holding, L.L.C. As of June 30, 2012 Hercules valued these debt
investments, which had a total cost basis of approximately $7.1 million
at a fair value of approximately $169,000. These investments were
accounted for on a non-accrual basis. In the third quarter of 2012,
Hercules will record a realized loss of $5.1 million and a reversal of
previously recorded unrealized depreciation of $6.9 million for the
MaxVision debt investments.
Unfunded Commitments - Future Portfolio Growth Potential:
As of September 10, 2012, Hercules had unfunded debt commitments of
approximately $69.8 million. Since these commitments may expire without
being drawn upon, unfunded commitments do not necessarily represent
future cash requirements or future earning assets for Hercules.
Approximately $35.0 million of these unfunded commitments are dependent
upon the portfolio company reaching certain milestones before the
Hercules debt commitment would become available.
Signed Term Sheets - Additional Future Portfolio Growth Potential:
As of September 10, 2012, Hercules has approximately $141.5 million of
signed non-binding term sheets subject to completion of definitive
documentation with prospective portfolio companies, which generally
convert to contractual commitments within approximately 45 to 60 days.
Non-binding term sheets are subject to completion of Hercules' due
diligence, investment committee approval, legal review, and negotiation
of definitive documentation. It is important to note not all signed
non-binding term sheets are expected to close and do not necessarily
represent any future cash requirements.
Portfolio Company Liquidity Events:
As of September 10, 2012, Hercules had warrant positions in over 115
different technology-related companies, three of which have filed Form
S-1 Registration Statements in contemplation of a potential IPO:
Glori Energy, Inc.
There can be no assurances that these companies will complete their IPOs
in a timely manner or at all.
NYSE Bell Ringing:
On Friday, September 14, 2012 executives and guests of Hercules will
visit the New York Stock Exchange (NYSE) and Manuel A. Henriquez will
ring the NYSE Opening Bell. Hercules is celebrating the transfer of its
stock listing to the NYSE from NASDAQ and the company began trading on
the NYSE on April 30, 2012 under the ticker symbol "HTGC." In addition,
the Company's 7.00% Senior Notes due 2019 trade on the NYSE under the
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital (NYSE: HTGC), is a leading specialty
finance firm providing loans to technology-related companies at all
stages of development including technology, life science, and clean-tech
industries. Since inception, Hercules has committed more than $2.9
billion to over 211 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital financing
Hercules common stock trades on the New York Stock Exchange ("NYSE")
under the ticker symbol "HTGC."
In addition, the Company's 7.00% Senior Notes due 2019 trade on the NYSE
under the symbol "HTGZ."
Companies interested in learning more about financing opportunities
should contact firstname.lastname@example.org, or call
The statements contained in this release that are not purely historical
are forward-looking statements. These forward-looking statements are not
guarantees of future performance and are subject to uncertainties and
other factors that could cause actual results to differ materially from
those expressed in the forward-looking statements including, without
limitation, the risks, uncertainties, including the uncertainties
surrounding the current market turbulence, and other factors we identify
from time to time in our filings with the Securities and Exchange
Commission. Although we believe that the assumptions on which these
forward-looking statements are based are reasonable, any of those
assumptions could prove to be inaccurate and, as a result, the
forward-looking statements based on those assumptions also could be
incorrect. You should not place undue reliance on these forward-looking
statements. The forward-looking statements contained in this release are
made as of the date hereof, and Hercules assumes no obligation to update
the forward-looking statements for subsequent events.
[ Back To TMCnet.com's Homepage ]