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NGP Capital Resources Company Announces $25 Million New Investment And An Update On Portfolio Activity

Stocks in this article: NGPC

Other Fourth Quarter 2012 Portfolio Activity

In October and November 2012, the Company purchased in the aggregate $14.0 million face value of Midstates Petroleum Company, Inc.'s ("Midstates") $600 million private placement of 10.75% Senior Unsecured Notes due 2020 (the "Midstates Notes").  Proceeds from the Midstates Notes offering were primarily used to fund the cash portion of the purchase price for Midstates' acquisition of assets from Eagle Energy Production, LLC.

In December 2012, Powder River Acquisitions, LLC fully repaid its Senior Secured Promissory Note in the amount of $2.8 million, which was due September 30, 2011.  With interest and fees, the total internal rate of return on this promissory note, which originated from the Company's sale of its investments in Formidable, LLC in October 2010, was 11.2% with a return on investment of 1.24x.

On November 26, 2012, Tammany Oil & Gas LLC ("Tammany") repurchased the Company's overriding royalty interest and warrants in Tammany for $3.0 million in the aggregate, resulting in a realized capital gain of $2.7 million, or $0.13 per common share.  The Company's total investment in Tammany, which originated in 2007 and included a $60.0 million Senior Secured Credit Facility and these equity kickers, generated an internal rate of return of 17.2% with a return on investment of 1.63x.

In the fourth quarter of 2012, the Company realized losses on its investments in BioEnergy Holding LLC and its affiliate, Bionol Clearfield LLC, totaling $21.8 million, or $1.04 per share, which were entirely offset by the reversal of previously recorded net unrealized losses recorded in 2011.

Other First Quarter 2013 Portfolio Activity

On January 25, 2013, Southern Pacific Resource Corp. ("STP") repaid its debt obligations under its $272.2 million Second Lien Term Loan, including the $9.8 million face amount held by the Company, with a 1% call premium.  The Company's investment in the STP Second Lien Term Loan, which was initially funded in the first quarter of 2012, generated an internal rate of return of 10.7% with a return on investment of 1.09x.

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