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Hercules 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 cleantech industries, at all stages of development today announced its Q3 2012 portfolio update. This portfolio update follows the interim Q3 quarter-to-date update issued on September 11, 2012.
“Against a backdrop of continued strong demand for venture debt during the third quarter, Hercules originated a number of new debt commitments to innovative portfolio companies, the vast majority of which were late in the quarter (September), despite continued global economic uncertainty and the upcoming U.S. elections,” said Manuel A. Henriquez, Hercules co-founder, chairman and chief executive officer. “In addition, we took significant steps to bolster and strengthen our balance sheet, adding well over $100 million in additional liquidity through a diversified mix of senior note and equity offerings, which will support portfolio growth for the fourth quarter of 2012 and beyond.”
Additional New Originations for Q3:
During the third quarter of 2012, Hercules originated approximately $136.0 million of debt and equity commitments to new and existing portfolio companies. As previously announced, Hercules had originated commitments of more than $93.0 million to new and existing portfolio companies from July 1, 2012 to September 11, 2012.
New third quarter investment commitments, completed since September 11, 2012 include:
$25.0 million commitment to Lanx, a privately held medical device company focused on developing and commercializing innovative devices for spinal surgery.
$10.0 million commitment to US HIFU, a privately held healthcare company and a world leader in minimally invasive, high-intensity focused ultrasound (HIFU) technologies.
$3.0 million commitment to JackBe, a leading provider of Real-Time Operational Intelligence software, a new emerging segment of Business Intelligence.
In addition, during this period, Hercules provided $5.4 million in commitments to existing portfolio companies. Together with the previously announced commitments to existing portfolio companies of approximately $25.0 million from July 1, 2012 to September 11, 2012, Hercules provided a total of approximately $30.4 million in commitments to existing portfolio companies as of September 30, 2012.