Hercules Technology Growth Capital Announces Quarter-to-Date Q2 2012 Portfolio Update with New Originations Totaling over $10...
June 12 2012 - 12:01PM
Business Wire
Hercules Technology Growth Capital, Inc. (NYSE: HTGC), a leader
in customized debt financing for entrepreneurial venture capital
and private equity-backed companies in technology-related markets
including cleantech and life science, today announced its
quarter-to-date Q2 2012 portfolio update.
New Originations Quarter-to-Date
As of June 11, 2012, Hercules originated commitments of over
$100.0 million to new and existing portfolio companies.
Hercules’ new investments include:
- $10.0 million commitment to AMSC
(Nasdaq: AMSC), a global solutions provider serving wind and grid
leaders.
- $10.0 million commitment
to Bridgewave Communications, the leading supplier of
high capacity 4G backhaul and gigabit wireless connectivity
solutions.
- $50,000 commitment to CapLinked,
the secure network for private investing.
- $1.5 million commitment to
Eccentex, a leader in dynamic case management cloud
solutions.
- $8.0 million commitment to Glori
Energy, a leader in sustainable, enhanced oil recovery and
provider of the AERO™ (Activated Environment for the Recovery of
Oil) System.
- $4.0 million commitment to Hillcrest
Labs, a market leader in multiplatform motion software and
products.
- $15.0 million commitment to
Intelliject, a specialty pharmaceutical company that
develops drug/device combination products.
- $1.5 million commitment
to Just.me, a stealth company that will shortly launch
the You! network!
- $5.0 million commitment to an
Undisclosed company who is a performance leader in
flash-based storage class memory (SCM) solutions.
- $10.0 million commitment to an
Undisclosed company, the leader in high-end consumer
electronics trade-ins.
In addition, Hercules provided over $36.0 million in
commitments to existing portfolio companies.
Principal Repayments
As of June 11, 2012, Hercules received approximately $60.0
million in principal repayments, of which approximately $43.0
million were unscheduled early repayments.
Unfunded Commitments - Future Portfolio Growth
Potential:
As of March 31, 2012, Hercules had unfunded debt commitments of
approximately $125.4 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 $51.1 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 June 11, 2012, Hercules has approximately $80.0 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
Completed IPOs
Quarter-to-date, two of Hercules' portfolio companies completed
IPOs:
- In May, 2012, portfolio company
WageWorks completed its IPO offering and its shares are trading on
the NYSE under the symbol (“WAGE”).
- In May, 2012, portfolio company
Facebook completed its IPO offering and its shares are trading on
NASDAQ-GS under the symbol (“FB”).
Filed IPOs
As of June 11, 2012, Hercules had warrants or equity positions
in the following two companies which had filed Form S-1
Registration Statements in contemplation of a potential IPO:
- Glori Energy, Inc.
- iWatt, Inc.
Quarter-to-date, BrightSource Energy, Inc. withdrew its
Registration Statement for its IPO.
There can be no assurances that these companies will complete
their IPOs in a timely manner or at all.
Liquidity Events
As previously reported, in March, 2012, Annie’s completed its
IPO offering and its shares are trading on the NYSE under the
symbol (“BNNY”). In April, Hercules sold its entire warrant
investments held in portfolio company Annie's, Inc. to realize a
net gain of approximately $2.3-$2.4 million in the second
quarter resulting in a 4.2 times warrant gain multiple,
representing an internal rate of return of approximately 28.0% on
Hercules' total investments in Annie's, Inc.
M&A
In April 2012, Hercules' portfolio company NEXX
Systems, Inc, reached a definitive agreement to be acquired by
Tokyo Electron Limited (“TEL”). In connection with the sale,
Hercules expects to realize a net gain of approximately $5.2
million in the second quarter for the sale of its warrant and
equity investments in NEXX Systems.
As of June 11, 2012, Hercules had warrant positions in over
115 different technology-related companies, two (2) of which have
Form S-1 registration statements filed with the Securities and
Exchange Commission in anticipation of completing a potential
initial public offering or IPO. However, there can be no assurances
that any of these companies will complete their respective IPO in a
timely manner or at all.
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital (NYSE: HTGC) is a specialty
finance firm providing customized loans to public and private
technology-related companies, including clean technology, life
science and select lower middle market technology companies at all
stages of development. Since inception, Hercules has committed more
than $2.8 billion to over 200 companies and is the lender of choice
for entrepreneurs, venture capital and private equity firms seeking
ideal, customized growth capital financing at all stages of a
company’s development to accelerate business growth and reach the
next critical milestone. Hercules common stock trades on the 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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