NGP Capital Resources Company Announces Third Quarter 2010 Financial Results And Portfolio Activity
HOUSTON, Nov. 9, 2010 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (Nasdaq:NGPC) today announced its financial results for the third quarter ended September 30, 2010.
Highlights for the quarter ended September 30, 2010 :
Stockholders' equity: $238.1 millionNet asset value per share: $11.01 Operating Results: Net increase in stockholders' equity (net assets) from operations: $0.1 million Net investment income: $2.4 million Net increase in unrealized depreciation on portfolio securities, corporate notes and commodity derivative instruments: $2.2 million Dividends declared per common share: $0.17 Portfolio and Investment Activity: Investments in portfolio securities added during the quarter: $21.4 million Redemption of portfolio securities during the quarter: $15.8 million Total invested in portfolio companies at September 30, 2010: $242.8 million Number of portfolio companies at September 30, 2010: 17 Portfolio and Investment Activity During the quarter ended September 30, 2010, we funded $3.3 million to existing portfolio companies and $18.1 million to two new portfolio companies. As of September 30, 2010, we had purchased $6.0 million face amount of Senior Convertible Notes due in 2013 (the "GMX Notes") issued by GMX Resources, Inc. in the secondary market. We purchased the GMX Notes, which bear interest at 5%, at a discount, resulting in an expected yield to maturity of approximately 15%. On September 30, 2010, we closed on a $16.1 million equity commitment to Gatliff Services, LLC ("Gatliff") which is a wholly owned subsidiary of NGPC Asset Holdings II, LP. We funded $12.1 million at closing and Gatliff used the proceeds to purchase Alden Resources, LLC's ("Alden") coal preparation plant and related facilities. Gatliff simultaneously leased back the plant and facilities to Alden under a 10-year operating lease agreement. As lessor of the plant, Gatliff intends to invest up to $4.0 million in plant upgrades, for the total $16.1 million commitment. Alden used the $12.1 million of sales proceeds to pay down $9.5 million on their senior secured debt with us, and to pay past due trade payables and financial advisory fees. Repayments on existing investments totaled $15.8 million. At September 30, 2010, our targeted investment portfolio consisted of seventeen portfolio companies totaling $242.8 million. We had commitments to fund an additional $9.3 million on total committed amounts of $252.1 million.
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