Hercules Announces Additional Closed New Commitments for the Third Quarter of $46.5 Million for Updated Total Closed New Comm...
October 06 2014 - 7:00AM
Business Wire
- Company Reiterates Potential
Full-Year Guidance of ~$700-$850 Million in New
Commitments
Hercules Technology Growth Capital, Inc. (NYSE:HTGC), the
largest specialty finance company focused on providing senior
secured loans to venture capital-backed companies in
technology-related markets, including technology, biotechnology,
life science, and energy & renewable technology industries, at
all stages of development, today announced additional closed
commitments since the release of the company’s Portfolio Update
dated September 29, 2014.
“The strong last minute finish at the end of the third quarter
demonstrates the capabilities of our origination teams and the
continued strong demand for venture lending as many venture-backed
technology and life sciences companies seek to bolster their own
liquidity positions driven by the recent market volatility,” said
Manuel A. Henriquez, chairman and chief executive officer of
Hercules. “As we look toward the fourth quarter of 2014 and the
start of 2015, we have been active in bolstering our own liquidity
and balance sheet position, culminating with Hercules’ recent
achievement of an investment grade rating (BBB-) received from
Standard & Poor’s. We view this recent activity as further
recognition of Hercules' commitment, credit performance, and its
growing brand recognition as the largest speciality finance venture
debt provider.”
Announcing Late Additional Originations Activity for Q3
2014
For the quarter ended September 30, 2014, Hercules originated
approximately $193.5 million in closed commitments, inclusive of
closed commitments of $46.5 million that came late in the
quarter.
Hercules has made additional new commitments to the following
four companies:
- $20.0 million commitment to a
leading manufacturer of nanolaminated coatings, claddings and
alloys.
- $15.0 million commitment to a
biopharmaceutical company focused on the global development and
commercialization of biosimilar monoclonal antibodies.
- $6.5 million commitment to a
leader in molecular breast imaging (MBI).
- $5.0 million commitment to a
natural products company that provides proprietary ingredients and
science-based solutions.
It is important to note that certain commitments may expire
without being drawn upon, and commitments do not necessarily
represent future cash requirements or future earning assets for
Hercules. Hercules’ commitments may include conditions, such as
reaching certain milestones, before the debt commitment would
become available. Hercules requires additional funding or
performance-based milestone achievements to mitigate risk; such
limitations may impact actual funding levels.
Additional Principal Repayments of $2.0 million:
Hercules continued its previously announced efforts to
selectively prune and rebalance its investment portfolio. On
September 30, 2014, Hercules received approximately $2.0
million in additional unscheduled, early principal repayments.
During the third quarter of 2014, Hercules received a total of
approximately $116.2 million in principal repayments, of which
approximately $84.2 million were unscheduled, early repayments.
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. (NYSE:HTGC)
(“Hercules”) is the leading specialty finance company focused on
providing senior secured loans to venture capital-backed companies
in technology-related markets, including technology, biotechnology,
life science, and energy & renewable technology industries, at
all stages of development. Since inception (December 2003),
Hercules has committed more than $4.4 billion to over 290 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, Hercules has three outstanding bond issuances of
7.00% Senior Notes due April 2019, 7.00% Senior Notes due September
2019, and 6.25% Notes due July 2024, which trade on the NYSE under
the symbols “HTGZ,” “HTGY,” and “HTGX,” respectively.
Companies interested in learning more about financing
opportunities through Hercules should contact info@htgc.com, or
call 650-289-3060.
Forward-Looking Statements
Statements in this press release may constitute forward-looking
statements for purposes of the safe harbor protection under
applicable securities laws. Forward-looking statements can be
identified by terminology such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “is planned,” “may,” “should,”
“will,” “will enable,” “would be expected,” “look forward,” “may
provide,” “would” or similar terms, variations of such terms or the
negative of those terms. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors including,
without limitation, those risks, uncertainties and factors referred
to in the “Risk Factors” section of the Hercules Annual Report on
Form 10-K for the year ended December 31, 2013, as well as the
other documents and reports filed by Hercules with the Securities
Exchange Commission. As a result of such risks, uncertainties and
factors, actual results may differ materially from any future
results, performance or achievements discussed in or implied by the
forward-looking statements contained herein. Hercules is providing
the information in this press release as of this date and assumes
no obligations to update the information included in this press
release or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Hercules Technology Growth Capital, Inc.Main, 650-289-3060
HT-HNinfo@htgc.comorMarket Street PartnersEd Keaney,
415-445-3238ekeaney@marketstreetpartners.com
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