Company Reiterates Potential Full-Year Guidance of ~$700-$850
Million in New Commitments
PALO ALTO, Calif.--(BUSINESS WIRE)--
Technology Growth Capital, Inc. (NYSE:HTGC), the largest 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 & renewable
technology industries, at all stages of development, today announced
additional closed commitments since the release of the company's
Portfolio Update dated September 29, 2014.
"The strong last minute finish at the end of the third quarter
demonstrates the capabilities of our origination teams and the continued
strong demand for venture lending as many venture-backed technology and
life sciences companies seek to bolster their own liquidity positions
driven by the recent market volatility," said Manuel A. Henriquez,
chairman and chief executive officer of Hercules. "As we look toward the
fourth quarter of 2014 and the start of 2015, we have been active in
bolstering our own liquidity and balance sheet position, culminating
with Hercules' recent achievement of an investment grade rating (BBB-)
received from Standard & Poor's. We view this recent activity as further
recognition of Hercules' commitment, credit performance, and its growing
brand recognition as the largest speciality finance venture debt
Announcing Late Additional Originations Activity for Q3 2014
For the quarter ended September 30, 2014, Hercules originated
approximately $193.5 million in closed commitments, inclusive of closed
commitments of $46.5 million that came late in the quarter.
Hercules has made additional new commitments to the following four
$20.0 million commitment to a leading manufacturer of
nanolaminated coatings, claddings and alloys.
$15.0 million commitment to a biopharmaceutical company focused
on the global development and commercialization of biosimilar
$6.5 million commitment to a leader in molecular breast imaging
$5.0 million commitment to a natural products company that
provides proprietary ingredients and science-based solutions.
It is important to note that certain commitments may expire without
being drawn upon, and commitments do not necessarily represent future
cash requirements or future earning assets for Hercules. Hercules'
commitments may include conditions, such as reaching certain milestones,
before the debt commitment would become available. Hercules requires
additional funding or performance-based milestone achievements to
mitigate risk; such limitations may impact actual funding levels.
Additional Principal Repayments of $2.0 million:
Hercules continued its previously announced efforts to selectively prune
and rebalance its investment portfolio. On September 30, 2014, Hercules
received approximately $2.0 million in additional unscheduled, early
principal repayments. During the third quarter of 2014, Hercules
received a total of approximately $116.2 million in principal
repayments, of which approximately $84.2 million were unscheduled, early
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. (NYSE:HTGC) ("Hercules") is 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 &
renewable technology industries, at all stages of development. Since
inception (December 2003), Hercules has committed more than $4.4 billion
to over 290 companies and is the lender of choice for entrepreneurs and
venture capital firms seeking growth capital financing.
Hercules' common stock trades on the New York Stock Exchange (NYSE)
under the ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances of 7.00%
Senior Notes due April 2019, 7.00% Senior Notes due September 2019, and
6.25% Notes due July 2024, which trade on the NYSE under the symbols
"HTGZ," "HTGY," and "HTGX," respectively.
Companies interested in learning more about financing opportunities
through Hercules should contact firstname.lastname@example.org,
or call 650-289-3060.
Statements in this press release may constitute forward-looking
statements for purposes of the safe harbor protection under applicable
securities laws. Forward-looking statements can be identified by
terminology such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "is planned," "may," "should," "will," "will
enable," "would be expected," "look forward," "may provide," "would" or
similar terms, variations of such terms or the negative of those terms.
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors including, without limitation, those
risks, uncertainties and factors referred to in the "Risk Factors"
section of the Hercules Annual Report on Form 10-K for the year ended
December 31, 2013, as well as the other documents and reports filed by
Hercules with the Securities Exchange Commission. As a result of such
risks, uncertainties and factors, actual results may differ materially
from any future results, performance or achievements discussed in or
implied by the forward-looking statements contained herein. Hercules is
providing the information in this press release as of this date and
assumes no obligations to update the information included in this press
release or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Hercules Technology Growth Capital, Inc.
Main, 650-289-3060 HT-HN
Ed Keaney, 415-445-3238
Source: Hercules Technology Growth Capital, Inc.
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