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NGP Capital Resources Company Announces Fourth Quarter And Fiscal Year 2013 Financial Results And Portfolio Activity

Stocks in this article: NGPC

HOUSTON, March 6, 2014 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (Nasdaq:NGPC) (the "Company") today announced its financial results for the fourth quarter and full year 2013.

Highlights for the quarter ended December 31, 2013:
Operating Results:
Total investment income: $6.5 million
Net investment income: $2.2 million, or $0.11 per share
Net realized loss on investments: $3.0 million, or $0.16 per share
Net unrealized appreciation on investments: $3.8 million, or $0.19 per share
Net asset value: $188.6 million, or $9.20 per share
Quarterly dividends declared: $0.16 per share
 
New investments in portfolio securities during the quarter: $13.8 million
Redemption of portfolio securities during the quarter: $17.0 million
Fair value of portfolio investments at December 31, 2013: $211.4 million
Weighted average yield on portfolio investments: 10.2%
Number of portfolio companies at December 31, 2013: 16

Portfolio and Investment Activity

During the fourth quarter of 2013, we invested $13.8 million with new and existing portfolio companies and received proceeds from redemption and repayments of portfolio securities totaling $17.0 million.

On December 31, 2013, we amended our Senior Secured Term Loan with Huff Energy Holdings, Inc. ("HEH"). The amendment included a two year maturity extension and a reduction of the interest rate to 12.5% (18% default rate prior to amendment) in exchange for (i) a $7.4 million principal repayment, reducing the principal outstanding to $7.0 million (ii) liens on additional producing properties, (iii) a pledge of stock of HEH and all its subsidiaries, (iv) implementation of a $150,000 per month repayment schedule, (v) a general and administrative expense limitation of $0.9 million per year, (vi) 30% penny warrants and a 3.0% after payout overriding royalty interests ("ORRI") that can be repurchased by HEH for $100,000 at maturity if the loan is fully repaid and (vii) an amendment fee of $75,000 paid in December. 

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