CORRECTING & REPLACING Hercules Technology Growth Capital Announces Quarter-to-Date Q3 2012 Portfolio Update with New Origina...
12 September 2012 - 10:02AM
Business Wire
Please replace the release with the following corrected version
due to a revised Principal Repayments section.
The corrected release reads:
HERCULES TECHNOLOGY GROWTH CAPITAL ANNOUNCES
QUARTER-TO-DATE Q3 2012 PORTFOLIO UPDATE WITH NEW ORIGINATIONS OF
OVER $93.0 MILLION
- Year-to-date new originations reach
over $330.0 million
- Three portfolio companies in IPO
registration
- Hercules to ring NYSE Opening Bell
on September 14
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 portfolio update.
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 portfolio companies.
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 students.
- $3.0 million commitment to EndPlay,
Inc., a leading provider of SaaS 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 States.
In addition, Hercules provided over $25.0 million in
commitments to existing portfolio companies.
Principal Repayments:
As of September 10, 2012, Hercules received
approximately $40.0 million in principal repayments, of
which approximately $5.6 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.
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:
Filed IPOs:
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.
- iWatt, Inc.
- Trulia
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 symbol "HTGZ."
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 info@htgc.com, or call
650.289.3060.
Forward-Looking Statements:
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.
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