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HOUSTON, May 7, 2013 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (Nasdaq:NGPC) (the "Company") today announced its financial results for the first quarter of 2013.
Highlights for the quarter ended March 31, 2013:
Net asset value: $190.3 million, or $9.05 per share
Quarterly dividends declared: $0.16 per share
Total investment income: $5.8 million
Net investment income: $2.3 million, or $0.11 per share
Net unrealized depreciation on investments: $9.7 million, or $0.46 per share
New investments in portfolio securities during the quarter: $53.8 million
Redemption of portfolio securities during the quarter: $26.9 million
Fair value of portfolio investments at March 31, 2013: $231.2 million
Weighted average yield on portfolio investments: 9.9%
Number of portfolio companies at March 31, 2013: 15
Portfolio and Investment Activity
During the first quarter of 2013, we invested $53.8 million in new portfolio investments and received proceeds from redemption and repayments of portfolio securities totaling $26.9 million.
On February 15, 2013, we closed a $17.5 million investment in OCI Holdings, LLC ("OCI"). Our investment in OCI includes a $15.0 million Subordinated Note and a $2.5 million direct equity co-investment. OCI is a home health provider of physical, occupational and speech therapy services to pediatric patients in the state of Texas. Proceeds from the investment were used to refinance OCI and to finance OCI's strategic acquisition of a provider of similar services. The OCI Subordinated Note matures August 15, 2018 and earns interest payable in cash at a rate of 11% per annum (LIBOR + 10%) plus paid-in-kind interest of 2% per annum.