Hercules Capital
HERCULES TECHNOLOGY GROWTH CAPITAL INC (Form: 10-Q, Received: 08/07/2014 16:34:32)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended June 30, 2014

OR

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-00702

 

HERCULES TECHNOLOGY GROWTH

CAPITAL, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland

 

743113410

(State or Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

400 Hamilton Ave., Suite 310

Palo Alto, California

(Address of Principal Executive Offices)

 

94301

(Zip Code)

 

(650) 289-3060

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   x     No   ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   ¨     No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

x

  

Accelerated filer

 

¨

 

 

 

 

Non-accelerated filer

 

¨

  

Smaller reporting company

 

¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ¨     No   x

On August 4, 2014, there were 63,252,132 shares outstanding of the Registrant’s common stock, $0.001 par value.

 

 

 

 

 


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

FORM 10-Q TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

  

3

 

Item 1.

 

 

Consolidated Financial Statements

  

3

 

 

 

Consolidated Statement of Assets and Liabilities as of June 30, 2014 (unaudited) and December 31, 2013

  

3

 

 

 

Consolidated Statement of Operations for the three and six month periods ended June 30, 2014 and 2013 (unaudited)

  

5

 

 

 

Consolidated Statement of Changes in Net Assets for the three and six month periods ended June 30, 2014 and 2013 (unaudited)

  

6

 

 

 

Consolidated Statement of Cash Flows for the six month periods ended June 30, 2014 and 2013 (unaudited)

  

7

 

 

 

Consolidated Schedule of Investments as of June 30, 2014 (unaudited)

  

8

 

 

 

Consolidated Schedule of Investments as of December 31, 2013

  

22

 

 

 

Notes to Consolidated Financial Statements (unaudited)

  

36

Item 2.

 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

62

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

97

Item 4.

 

 

Controls and Procedures

  

97

 

PART II. OTHER INFORMATION

  

99

 

Item 1.

 

Legal Proceedings

  

99

 

 

 

Item 1A. Risk Factors

  

99

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

100

Item 3.

 

 

Defaults Upon Senior Securities

  

100

Item 4.

 

 

Mine Safety Disclosures

  

100

Item 5.

 

 

Other Information

  

100

Item 6.

 

 

Exhibits

  

100

 

SIGNATURES

  

101

 

 

 

2


 

PART I: FINANCIAL INFORMATION

In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Technology Growth Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts unless the context otherwise requires.

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(unaudited)

(dollars in thousands, except per share data)

 

 

 

June 30, 2014

 

 

December 31, 2013

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments (cost of $980,524 and $891,059, respectively)

 

$

983,952

 

 

$

899,314

 

Affiliate investments (cost of $15,053 and $15,238, respectively)

 

 

7,393

 

 

 

10,981

 

Total investments, at value (cost of $995,577 and $906,297, respectively)

 

 

991,345

 

 

 

910,295

 

Cash and cash equivalents

 

 

116,008

 

 

 

268,368

 

Restricted cash

 

 

3,491

 

 

 

6,271

 

Interest receivable

 

 

8,700

 

 

 

8,962

 

Other assets

 

 

29,929

 

 

 

27,819

 

Total assets

 

$

1,149,473

 

 

$

1,221,715

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

10,393

 

 

$

14,268

 

Long-term Liabilities (Convertible Senior Notes)

 

 

73,060

 

 

 

72,519

 

Asset-Backed Notes

 

 

46,547

 

 

 

89,557

 

2019 Notes

 

 

170,364

 

 

 

170,364

 

Long-term SBA Debentures

 

 

190,200

 

 

 

225,000

 

Total liabilities

 

$

490,564

 

 

$

571,708

 

Commitments and Contingencies (Note 10)

 

 

 

 

 

 

 

 

Net assets consist of:

 

 

 

 

 

 

 

 

Common stock, par value

 

 

64

 

 

 

62

 

Capital in excess of par value

 

 

668,673

 

 

 

656,594

 

Unrealized appreciation (depreciation) on investments

 

 

(5,224

)

 

 

3,598

 

Accumulated realized losses on investments

 

 

(7,897

)

 

 

(15,240

)

Undistributed net investment income

 

 

3,293

 

 

 

4,993

 

Total net assets

 

$

658,909

 

 

$

650,007

 

Total liabilities and net assets

 

$

1,149,473

 

 

$

1,221,715

 

Shares of common stock outstanding ($0.001 par value, 100,000,000 authorized)

 

 

63,251

 

 

 

61,837

 

Net asset value per share

 

$

10.42

 

 

$

10.51

 

 

See notes to consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3


 

The following table presents the assets and liabilities of our consolidated securitization trust for asset-backed notes (see Note 4), which is a variable interest entity (“VIE”). The assets of our securitization VIE can only be used to settle obligations of our consolidated securitization VIE, these liabilities are only the obligations of our consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to our general credit. These assets and liabilities are included in the Consolidated Statements of Assets and Liabilities above.

 

(Dollars in thousands)

 

June 30, 2014

 

 

December 31, 2013

 

ASSETS

 

 

 

 

 

 

 

 

Restricted Cash

 

$

3,491

 

 

$

6,271

 

Total investments, at value (cost of $102,927 and $166,513, respectively)

 

 

100,773

 

 

 

165,445

 

Total assets

 

$

104,264

 

 

$

171,716

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Asset-Backed Notes

 

$

46,547

 

 

$

89,557

 

Total liabilities

 

$

46,547

 

 

$

89,557

 

 

See notes to consolidated financial statements.

 

 

4


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

$

30,384

 

 

$

29,780

 

 

$

59,766

 

 

$

58,099

 

Affiliate investments

 

152

 

 

 

514

 

 

 

1,616

 

 

 

1,124

 

Total interest income

 

30,536

 

 

 

30,294

 

 

 

61,382

 

 

 

59,223

 

Fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

 

3,454

 

 

 

4,227

 

 

 

8,366

 

 

 

6,255

 

Affiliate investments

 

11

 

 

 

4

 

 

 

23

 

 

 

4

 

Total fees

 

3,465

 

 

 

4,231

 

 

 

8,389

 

 

 

6,259

 

Total investment income

 

34,001

 

 

 

34,525

 

 

 

69,771

 

 

 

65,482

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

6,534

 

 

 

7,570

 

 

 

13,682

 

 

 

15,202

 

Loan fees

 

1,091

 

 

 

1,191

 

 

 

3,167

 

 

 

2,269

 

General and administrative

 

2,126

 

 

 

2,403

 

 

 

4,587

 

 

 

4,655

 

Employee Compensation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

3,233

 

 

 

4,164

 

 

 

7,454

 

 

 

7,962

 

Stock-based compensation

 

2,466

 

 

 

1,587

 

 

 

4,026

 

 

 

2,753

 

Total employee compensation

 

5,699

 

 

 

5,751

 

 

 

11,480

 

 

 

10,715

 

Total operating expenses

 

15,450

 

 

 

16,915

 

 

 

32,916

 

 

 

32,841

 

Net investment income

 

18,551

 

 

 

17,610

 

 

 

36,855

 

 

 

32,641

 

Net realized gain on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

 

2,470

 

 

 

2,192

 

 

 

7,343

 

 

 

4,184

 

Total net realized gain on investments

 

2,470

 

 

 

2,192

 

 

 

7,343

 

 

 

4,184

 

Net increase in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

 

(4,378

)

 

 

1,987

 

 

 

(5,418

)

 

 

2,087

 

Affiliate investments

 

(3,452

)

 

 

(910

)

 

 

(3,404

)

 

 

(1,344

)

Total net unrealized appreciation (depreciation) on

   investments

 

(7,830

)

 

 

1,077

 

 

 

(8,822

)

 

 

743

 

Total net realized and unrealized gain (loss)

 

(5,360

)

 

 

3,269

 

 

 

(1,479

)

 

 

4,927

 

Net increase in net assets resulting from operations

$

13,191

 

 

$

20,879

 

 

$

35,376

 

 

$

37,568

 

Net investment income before investment gains and losses per

   common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.30

 

 

$

0.29

 

 

$

0.59

 

 

$

0.56

 

Change in net assets per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.21

 

 

$

0.34

 

 

$

0.57

 

 

$

0.65

 

Diluted

$

0.20

 

 

$

0.34

 

 

$

0.55

 

 

$

0.64

 

Weighted average shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

61,089

 

 

 

60,339

 

 

 

60,980

 

 

 

57,029

 

Diluted

 

62,588

 

 

 

61,145

 

 

 

62,642

 

 

 

57,802

 

Dividends declared per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.28

 

 

$

0.62

 

 

$

0.55

 

 

See notes to consolidated financial statements.

 

 

 

5


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(unaudited)

(dollars and shares in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

net investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

income/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Accumulated

 

 

(Distributions

 

 

Provision for

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

Appreciation

 

 

Realized

 

 

in excess of

 

 

Income Taxes

 

 

 

 

 

 

Common Stock

 

 

excess

 

 

(Depreciation)

 

 

Gains(Losses)

 

 

investment

 

 

on Investment

 

 

Net

 

 

Shares

 

 

Par Value

 

 

of par value

 

 

on Investments

 

 

on Investments

 

 

income)

 

 

Gains

 

 

Assets

 

Balance at December 31, 2012

 

52,925

 

 

$

53

 

 

$

564,508

 

 

$

(7,947

)

 

$

(36,916

)

 

$

(3,388

)

 

$

(342

)

 

$

515,968

 

Net increase in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

743

 

 

 

4,184

 

 

 

32,641

 

 

 

 

 

 

37,568

 

Issuance of common stock

 

612

 

 

 

1

 

 

 

7,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,251

 

Issuance of common stock under restricted stock plan

 

501

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock as stock dividend

 

93

 

 

 

 

 

 

1,189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,189

 

Retired shares from net issuance

 

(544

)

 

 

(1

)

 

 

(8,390

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,391

)

Public offering

 

8,050

 

 

 

8

 

 

 

95,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

95,477

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,014

)

 

 

 

 

 

(30,014

)

Stock-based compensation

 

 

 

 

 

 

 

2,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,792

 

Balance at June 30, 2013

 

61,637

 

 

$

62

 

 

$

662,818

 

 

$

(7,204

)

 

$

(32,732

)

 

$

(762

)

 

$

(342

)

 

$

621,840

 

Balance at December 31, 2013

 

61,837

 

 

$

62

 

 

$

656,594

 

 

$

3,598

 

 

$

(15,240

)

 

$

5,335

 

 

$

(342

)

 

$

650,007

 

Net increase in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

(8,822

)

 

 

7,343

 

 

 

36,855

 

 

 

 

 

 

35,376

 

Issuance of common stock

 

104

 

 

 

 

 

 

1,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,342

 

Issuance of common stock under restricted stock plan

 

697

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock as stock dividend

 

45

 

 

 

 

 

 

664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

664

 

Retired shares from net issuance

 

(82

)

 

 

 

 

 

(3,444

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,444

)

Public offering

 

650

 

 

 

1

 

 

 

9,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,458

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,555

)

 

 

 

 

 

(38,555

)

Stock-based compensation

 

 

 

 

 

 

 

4,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,061

 

Balance at June 30, 2014

 

63,251

 

 

$

64

 

 

$

668,673

 

 

$

(5,224

)

 

$

(7,897

)

 

$

3,635

 

 

$

(342

)

 

$

658,909

 

 

 

 

See notes to consolidated financial statements.

 

 

 

6


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(dollars in thousands)

 

 

 

 

 

Six Months Ended June 30,

 

 

2014

 

 

2013

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

$

35,376

 

 

$

37,568

 

Adjustments to reconcile net increase in net assets resulting from operations to net cash

   provided by (used in) operating activities:

 

 

 

 

 

 

 

Purchase of investments

 

(286,837

)

 

 

(341,678

)

Principal payments received on investments

 

200,704

 

 

 

203,357

 

Proceeds from sale of investments

 

10,271

 

 

 

11,401

 

Net unrealized depreciation (appreciation) on investments

 

8,822

 

 

 

(743

)

Net realized gain on investments

 

(7,343

)

 

 

(4,184

)

Accretion of paid-in-kind principal

 

(1,337

)

 

 

(1,420

)

Accretion of loan discounts

 

(5,170

)

 

 

(2,702

)

Accretion of loan discount on Convertible Senior Notes

 

541

 

 

 

541

 

Accretion of loan exit fees

 

373

 

 

 

(4,465

)

Change in deferred loan origination revenue

 

(349

)

 

 

2,929

 

Unearned fees related to unfunded commitments

 

(5,786

)

 

 

1,459

 

Amortization of debt fees and issuance costs

 

2,889

 

 

 

1,988

 

Depreciation

 

106

 

 

 

88

 

Stock-based compensation and amortization of restricted stock grants

 

4,061

 

 

 

2,792

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Interest and fees receivable

 

262

 

 

 

(610

)

Prepaid expenses and other assets

 

576

 

 

 

153

 

Accounts payable

 

571

 

 

 

655

 

Accrued liabilities

 

(4,849

)

 

 

(721

)

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(47,119

)

 

 

(93,593

)

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of capital equipment

 

(57

)

 

 

(157

)

Reduction of (investment in) restricted cash

 

2,780

 

 

 

(1,658

)

Other long-term assets

 

 

 

 

(30

)

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

2,723

 

 

 

(1,845

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance (repurchase of employee shares due to restricted stock vesting) of

   common stock, net

 

7,771

 

 

 

94,250

 

Dividends paid

 

(37,891

)

 

 

(28,825

)

Repayments of Asset-Backed Notes

 

(43,010

)

 

 

(19,036

)

Repayments of Long-Term SBA Debentures

 

(34,800

)

 

 

 

Fees paid for credit facilities and debentures

 

(34

)

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) financing activities

 

(107,964

)

 

 

46,389

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(152,360

)

 

 

(49,049

)

Cash and cash equivalents at beginning of period

 

268,368

 

 

 

182,994

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

$

116,008

 

 

$

133,944

 

Supplemental non-cash investing and financing activities:

 

 

 

 

 

 

 

Dividends Reinvested

$

664

 

 

$

1,189

 

Paid-in-Kind Principal

$

1,337

 

 

$

1,420

 

 

See notes to consolidated financial statements.

 

 

 

7


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2014

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment (1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost (2)

 

 

Value (3)

 

Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology Tools

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Labcyte, Inc. (11)(13)(14)

 

Biotechnology Tools

 

Senior Secured

 

June 2016

 

Interest rate PRIME + 6.70% or Floor rate of 9.95%

 

$

3,502

 

 

$

3,620

 

 

$

3,601

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

3,620

 

 

 

3,601

 

Subtotal: Biotechnology Tools (0.55%)*

 

 

 

 

 

 

 

 

 

 

 

 

3,620

 

 

 

3,601

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenPeak, Inc. (11)(13)

 

Communications & Networking

 

Senior Secured

 

April 2017

 

Interest rate PRIME + 8.75% or Floor rate of 12.00%

 

$

10,042

 

 

 

10,116

 

 

 

10,116

 

SkyCross, Inc. (13)

 

Communications & Networking

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 7.70% or Floor rate of 10.95%

 

$

22,000

 

 

 

21,369

 

 

 

21,369

 

Spring Mobile Solutions, Inc. (13)

 

Communications & Networking

 

Senior Secured

 

November 2016

 

Interest rate PRIME + 8.00% or Floor rate of 11.25%

 

$

18,840

 

 

 

18,816

 

 

 

19,004

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

50,301

 

 

 

50,489

 

Subtotal: Communications & Networking (7.67%)*

 

 

 

 

 

 

 

 

 

 

 

 

50,301

 

 

 

50,489

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fluc, Inc. (9)

 

Consumer & Business Products

 

Convertible Senior Debt

 

March 2017

 

Interest rate FIXED 4.00%

 

$

100

 

 

 

100

 

 

 

100

 

Pong Research Corporation (13)

 

Consumer & Business Products

 

Senior Secured

 

December 2017

 

Interest rate PRIME + 6.75% or Floor rate of 10.00%

 

$

5,000

 

 

 

4,833

 

 

 

4,833

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

4,933

 

 

 

4,933

 

Subtotal: Consumer & Business Products (0.75%)*

 

 

 

 

 

 

 

 

 

 

 

 

4,933

 

 

 

4,933

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revance Therapeutics, Inc. (3)(13)

 

Drug Delivery

 

Senior Secured

 

March 2015

 

Interest rate PRIME + 6.60% or Floor rate of 9.85%

 

$

604

 

 

 

639

 

 

 

639

 

 

 

Drug Delivery

 

Senior Secured

 

March 2015

 

Interest rate PRIME + 6.60% or Floor rate of 9.85%

 

$

6,043

 

 

 

6,360

 

 

 

6,360

 

Total Revance Therapeutics, Inc.

 

 

 

 

 

 

 

$

6,647

 

 

 

6,999

 

 

 

6,999

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

6,999

 

 

 

6,999

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc. (3)(10)(13)(14)

 

Drug Delivery

 

Senior Secured

 

October 2017

 

Interest rate PRIME + 3.85% or Floor rate of 9.10%

 

$

25,000

 

 

 

24,461

 

 

 

24,231