Houston, May 6, 2013 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (NASDAQ: NGPC) (the "Company") today announced the closing of its third non-energy middle market portfolio investment. On April 22, 2013, the Company closed a $17.5 million Second Lien Term Loan to fund a portion of the acquisition of IGI Corp. ("IGI") by Nekoosa Coated Products ("Nekoosa"), a portfolio company of Wingate Partners, a Dallas-based private equity group. The Second Lien Term Loan earns interest payable in cash at an annual rate of 13% plus paid-in-kind interest of 2% per annum and matures in October 2018.
The Nekoosa business, originally started in 1961 as a division of 3M Company, is a leading manufacturer of carbonless sheets and an expanding line of specialty products used by digital and offset printers in the commercial printing industry. IGI is the parent company of RTape Corp., a leading manufacturer of application tape and a wide range of other products for the sign, screen print and digital printing markets, and CET Films Corp., a manufacturer of custom extruded films for a range of niche graphic arts and ancillary markets.
Jason Reed, Principal at Wingate Partners, said, "NGPC really delivered for Wingate and Nekoosa on this transaction. We had an accelerated schedule to close the IGI acquisition and NGPC met our timetable, moving rapidly from initial term sheet to a commitment through due diligence and closing. They delivered on every promise, and we really enjoyed working with them. We look forward to working with NGPC on Nekoosa and in the future on other Wingate deals."Steve Gardner, the Company's President and CEO stated, "We are very pleased to participate in this transaction and expand our relationship with Wingate Partners. The combination of IGI and Nekoosa is an attractive opportunity given the similarities in manufacturing processes and strong relationships with their respective channel partners, and we look forward to their continued expansion and success. This investment increases our total year-to-date new investment activity to $72 million, and middle market non-energy investments now make up approximately 18% of our investment portfolio."