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 energy and renewables technology industries, at all stages of development, today announced its quarter-to-date Q3 2013 portfolio update.
“Quarter-to-date, eighteen of Hercules’ portfolio companies have announced or completed liquidity events, a record number of liquidity events for our portfolio as compared to any quarter since inception. We believe this reflects our investment team's success with identifying trends in the venture capital marketplace and illustrates the value of our warrant and equity portfolio,” said Manuel A. Henriquez, Hercules co-founder, chairman and chief executive officer.
“As anticipated, we’ve experienced a high level of early repayments quarter-to-date during what is a typically seasonally slow quarter for origination activities.” He continued, “Looking forward, we believe we have a solid balance sheet, and ample liquidity to grow our investment portfolio of America's most innovative and highly disruptive venture capital-backed companies and continue to increase earnings and dividend growth for our shareholders in 2014.”
New Originations for Quarter-to-Date Q3 2013:
As of September 23, 2013, Hercules has originated approximately $56.8
million of debt and equity commitments to new and existing portfolio companies.
Hercules has made new commitments to the following three companies, assisting in their future growth and development.
- $35.0 million commitment to JustFab, a lifestyle fashion company that offers an engaging and personalized shopping experience through its portfolio of brands.
- $10.0 million commitment to Fluidic Energy, a company dedicated to the development and commercialization of high-performance, cost-effective, clean and sustainable energy storage products.
- $5.0 million commitment to SiTime Corporation, a fast-growing semiconductor company that offers silicon MEMS-based oscillators and clock generators that are rapidly replacing legacy quartz products by offering higher performance and reliability at a lower cost.
In addition, Hercules provided approximately $6.8 million of debt and equity commitments and renewals to existing portfolio companies.