|[June 12, 2012]
Hercules Technology Growth Capital Announces Quarter-to-Date Q2 2012 Portfolio Update with New Originations Totaling over $100.0 Million
PALO ALTO, Calif. --(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
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
$50,000 commitment to CapLinked, the secure network for private
$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 (News - Alert), 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.
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 theportfolio 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
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 (News - Alert) completed its IPO offering
and its shares are trading on NASDAQ-GS under the symbol ("FB").
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.
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.
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.
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
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 email@example.com, 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.
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