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Hercules Technology Growth Capital Announces Quarter-to-Date Q3 2012 Portfolio Update With New Originations Of Over $93.0 Million

Stocks in this article: HTGC

Please replace the release with the following corrected version due to a revised Principal Repayments section.

The corrected release reads:

HERCULES TECHNOLOGY GROWTH CAPITAL ANNOUNCES QUARTER-TO-DATE Q3 2012 PORTFOLIO UPDATE WITH NEW ORIGINATIONS OF OVER $93.0 MILLION

  • Year-to-date new originations reach over $330.0 million
  • Three portfolio companies in IPO registration
  • Hercules to ring NYSE Opening Bell on September 14

Hercules Technology Growth Capital, Inc. (NYSE: HTGC), the leading specialty finance company providing senior secured loans to venture capital companies in technology-related markets at all stages of development, including technology, biotechnology, life science, and clean-tech industries, today announced its quarter-to-date Q3 2012 portfolio update.

New Originations Quarter-to-Date:

As of September 10, 2012, in the third quarter of 2012, Hercules has originated commitments of over $93.0 million to new and existing portfolio companies.

Hercules’ new investment commitments include:

  • $15.0 million commitment to Coronado Biosciences, Inc., (Nasdaq: CND) a company focused on the development of novel immunotherapy agents for the treatment of autoimmune diseases and cancer.
  • $30.5 million commitment to  EducationDynamics, higher education's leading marketing information and technology services company dedicated to helping institutions find, enroll and retain students.
  • $3.0 million commitment to EndPlay, Inc., a leading provider of SaaS content management, engagement and monetization solutions delivered in the cloud.
  • $20.0 million commitment to Fulcrum BioEnergy, Inc., a leader in the development of next-generation ethanol production in the United States.

In addition, Hercules provided over $25.0 million in commitments to existing portfolio companies.

Principal Repayments:

As of September 10, 2012, Hercules received approximately $40.0 million in principal repayments, of which approximately $5.6 million were unscheduled early repayments. In addition, in July Hercules received payment of $2.0 million for its total debt investments in MaxVision Holding, L.L.C. As of June 30, 2012 Hercules valued these debt investments, which had a total cost basis of approximately $7.1 million at a fair value of approximately $169,000. These investments were accounted for on a non-accrual basis. In the third quarter of 2012, Hercules will record a realized loss of $5.1 million and a reversal of previously recorded unrealized depreciation of $6.9 million for the MaxVision debt investments.

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