Technology Growth Capital, Inc. (NYSE: HTGC), 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, today announced its
Q2 2014 portfolio update.
"Hercules' origination activity was very strong during the second
quarter, with new commitments totalling $198.6 million," said Manuel A.
Henriquez, co-founder, chairman and chief executive officer of Hercules.
"We are very pleased to have been able to continue to deploy our excess
liquidity to a number of promising and innovative companies which also
meet our stringent credit requirements. With a strong cash position and
selective investment process, we believe Hercules is well positioned to
continue meeting the robust demand for capital."
New Originations for Q2 2014:
As of June 26, 2014, Hercules has originated approximately $198.6
million of debt commitments to new and existing portfolio companies.
Hercules has made new commitments to the following eleven companies,
assisting in their future growth and development.
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. Our commitments
may include conditions, such as reaching certain milestones, before the
Hercules debt commitment would become available. Hercules is instituting
more funding or performance based milestone requirements to mitigate
risk which will affect our actual funding levels.
As of June 26, 2014, Hercules received approximately $68.1 million in
principal repayments, of which approximately $38.7 million were
unscheduled early repayments.
Portfolio Company Liquidity Events for Q2 2014:
1. In April 2014, Hercules portfolio company Glori Energy, Inc.
(NASDAQ: GLRI) completed its $185 million reverse merger with Infinity
Cross Border Acquisition Corp. (NASDAQ: INXB) and closed a share tender
offer and a warrant tender offer.
Current Companies in IPO Registration:
As of June 26, 2014, Hercules had warrant and equity positions in five
(5) portfolio companies that had filed Registration Statements in
contemplation of a potential IPO:
There can be no assurances that these companies will complete their IPOs
in a timely manner or at all.
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital, Inc. (NYSE: HTGC) 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 $4.2 billion
to over 270 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 under the
ticker symbol "HTGC."
In addition, Hercules has two outstanding bond issuances of 7.00 percent
Senior Notes due 2019-the April 2019 Notes and September 2019
Notes-which trade on the NYSE under the symbols "HTGZ" and "HTGY,"
Companies interested in learning more about financing opportunities
should contact firstname.lastname@example.org, or call
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.
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