Hercules Capital
HERCULES TECHNOLOGY GROWTH CAPITAL INC (Form: 10-Q, Received: 05/07/2015 16:22:45)

 

 

 

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 March 31, 2015

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 May 4, 2015, there were 72,584,695 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 March 31, 2015 (unaudited) and December 31, 2014

  

3

 

 

 

Consolidated Statement of Operations for the three month periods ended March 31, 2015 and 2014 (unaudited)

  

5

 

 

 

Consolidated Statement of Changes in Net Assets for the three month periods ended March 31, 2015 and 2014 (unaudited)

  

6

 

 

 

Consolidated Statement of Cash Flows for the three month periods ended March 31, 2015 and 2014 (unaudited)

  

7

 

 

 

Consolidated Schedule of Investments as of March 31, 2015 (unaudited)

  

8

 

 

 

Consolidated Schedule of Investments as of December 31, 2014

  

22

 

 

 

Notes to Consolidated Financial Statements (unaudited)

  

36

Item 2.

 

 

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

  

64

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

98

Item 4.

 

 

Controls and Procedures

  

99

 

PART II. OTHER INFORMATION

  

100

 

Item 1.

 

Legal Proceedings

  

100

 

 

 

Item 1A. Risk Factors

  

100

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

101

Item 3.

 

 

Defaults Upon Senior Securities

  

101

Item 4.

 

 

Mine Safety Disclosures

  

101

Item 5.

 

 

Other Information

  

101

Item 6.

 

 

Exhibits

  

102

 

SIGNATURES

  

103

 

 

 

 

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)

 

 

 

March 31, 2015

 

 

December 31, 2014

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments (cost of $1,154,801 and $1,019,799, respectively)

 

$

1,150,639

 

 

$

1,012,738

 

Affiliate investments (cost of $16,007 and $15,538, respectively)

 

 

10,782

 

 

 

7,999

 

Total investments, at value (cost of $1,170,808 and $1,035,337, respectively)

 

 

1,161,421

 

 

 

1,020,737

 

Cash and cash equivalents

 

 

171,756

 

 

 

227,116

 

Restricted cash

 

 

21,949

 

 

 

12,660

 

Interest receivable

 

 

9,102

 

 

 

9,453

 

Other assets

 

 

22,860

 

 

 

29,257

 

Total assets

 

$

1,387,088

 

 

$

1,299,223

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

9,320

 

 

$

14,101

 

Long-term Liabilities (Convertible Senior Notes)

 

 

17,375

 

 

 

17,345

 

2017 Asset-Backed Notes

 

 

4,203

 

 

 

16,049

 

2021 Asset-Backed Notes

 

 

129,300

 

 

 

129,300

 

2019 Notes

 

 

170,364

 

 

 

170,364

 

2024 Notes

 

 

103,000

 

 

 

103,000

 

Long-term SBA Debentures

 

 

190,200

 

 

 

190,200

 

Total liabilities

 

$

623,762

 

 

$

640,359

 

 

 

 

 

 

 

 

 

 

Net assets consist of:

 

 

 

 

 

 

 

 

Common stock, par value

 

 

73

 

 

 

65

 

Capital in excess of par value

 

 

760,034

 

 

 

657,233

 

Unrealized depreciation on investments

 

 

(11,462

)

 

 

(17,076

)

Accumulated realized gains on investments

 

 

17,391

 

 

 

14,079

 

Undistributed net investment income (Distributions in excess of net investment income)

 

 

(2,710

)

 

 

4,563

 

Total net assets

 

$

763,326

 

 

$

658,864

 

Total liabilities and net assets

 

$

1,387,088

 

 

$

1,299,223

 

 

 

 

 

 

 

 

 

 

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

 

 

72,891

 

 

 

64,715

 

Net asset value per share

 

$

10.47

 

 

$

10.18

 

 

See notes to consolidated financial statements.

3


 

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

 

(Dollars in thousands)

 

March 31, 2015

 

 

December 31, 2014

 

Assets

 

 

 

 

 

 

 

 

Restricted Cash

 

$

21,949

 

 

$

12,660

 

Total investments, at value (cost of $261,304 and $296,314, respectively)

 

 

262,394

 

 

 

291,464

 

Total assets

 

$

284,343

 

 

$

304,124

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Asset-Backed Notes

 

$

133,503

 

 

$

145,349

 

Total liabilities

 

$

133,503

 

 

$

145,349

 

 

See notes to consolidated financial statements.

4


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

 

For the Three Months Ended March 31,

 

 

2015

 

 

2014

 

Investment income:

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

$

30,459

 

 

$

29,382

 

Affiliate investments

 

100

 

 

 

1,464

 

Total interest income

 

30,559

 

 

 

30,846

 

Fees

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

 

1,934

 

 

 

4,913

 

Affiliate investments

 

1

 

 

 

11

 

Total fees

 

1,935

 

 

 

4,924

 

Total investment income

 

32,494

 

 

 

35,770

 

Operating expenses:

 

 

 

 

 

 

 

Interest

 

7,854

 

 

 

7,148

 

Loan fees

 

1,513

 

 

 

2,076

 

General and administrative

 

3,618

 

 

 

2,461

 

Employee Compensation:

 

 

 

 

 

 

 

Compensation and benefits

 

3,796

 

 

 

4,221

 

Stock-based compensation

 

2,719

 

 

 

1,560

 

Total employee compensation

 

6,515

 

 

 

5,781

 

Total operating expenses

 

19,500

 

 

 

17,466

 

Loss on debt extinguishment (Long-term Liabilities - Convertible Senior Notes)

 

(1

)

 

 

 

Net investment income

 

12,993

 

 

 

18,304

 

Net realized gain on investments

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

 

3,312

 

 

 

4,872

 

Total net realized gain on investments

 

3,312

 

 

 

4,872

 

Net increase in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

 

Non-Control/Non-Affiliate investments

 

3,301

 

 

 

(1,038

)

Affiliate investments

 

2,313

 

 

 

47

 

Total net unrealized appreciation (depreciation) on investments

 

5,614

 

 

 

(991

)

 

 

 

 

 

 

 

 

Total net realized and unrealized gain (loss)

 

8,926

 

 

 

3,881

 

Net increase in net assets resulting from operations

$

21,919

 

 

$

22,185

 

 

 

 

 

 

 

 

 

Net investment income before investment gains and losses per common share:

 

 

 

 

 

 

 

Basic

$

0.20

 

 

$

0.30

 

Change in net assets per common share:

 

 

 

 

 

 

 

Basic

$

0.33

 

 

$

0.36

 

Diluted

$

0.33

 

 

$

0.35

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

63,783

 

 

 

60,870

 

Diluted

 

64,163

 

 

 

62,695

 

Dividends declared per common share:

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.31

 

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, 2013

 

61,837

 

 

$

62

 

 

$

656,594

 

 

$

3,598

 

 

$

(15,240

)

 

$

5,335

 

 

$

(342

)

 

$

650,007

 

Net increase (decrease) in net assets

   resulting from operations

 

 

 

 

 

 

 

 

 

 

(991

)

 

 

4,872

 

 

 

18,304

 

 

 

 

 

 

22,185

 

Issuance of common stock due to

   stock option exercises

 

62

 

 

 

 

 

 

727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

727

 

Retired shares from net issuance

 

(48

)

 

 

 

 

 

(748

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(748

)

Retired shares for restricted stock

   vesting

 

(120

)

 

 

 

 

 

(1,724

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,724

)

Issuance of common stock as

   stock dividend

 

29

 

 

 

 

 

 

440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

440

 

Dividends distributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,165

)

 

 

 

 

 

(19,165

)

Stock-based compensation

 

 

 

 

 

 

 

1,580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,580

 

Balance at March 31, 2014

 

61,760

 

 

$

62

 

 

$

656,869

 

 

$

2,607

 

 

$

(10,368

)

 

$

4,474

 

 

$

(342

)

 

$

653,302

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2014

 

64,715

 

 

$

65

 

 

$

657,233

 

 

$

(17,076

)

 

$

14,079

 

 

$

4,905

 

 

$

(342

)

 

$

658,864

 

Net increase (decrease) in net assets

   resulting from operations

 

 

 

 

 

 

 

 

 

 

5,614

 

 

 

3,312

 

 

 

12,993

 

 

 

 

 

 

21,919

 

Public offering, net of offering expenses

 

7,591

 

 

 

8

 

 

 

100,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,092

 

Issuance of common stock due to

   stock option exercises

 

34

 

 

 

 

 

 

406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

406

 

Retired shares from net issuance

 

(27

)

 

 

 

 

 

(401

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(401

)

Issuance of common stock under

   restricted stock plan

 

580

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock

   vesting

 

(42

)

 

 

 

 

 

(591

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(591

)

Issuance of common stock as

   stock dividend

 

40

 

 

 

 

 

 

562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

562

 

Dividends distributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20,266

)

 

 

 

 

 

(20,266

)

Stock-based compensation

 

 

 

 

 

 

 

2,741

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,741

 

Balance at March 31, 2015

 

72,891

 

 

$

73

 

 

$

760,034

 

 

$

(11,462

)

 

$

17,391

 

 

$

(2,368

)

 

$

(342

)

 

$

763,326

 

 

See notes to consolidated financial statements.

6


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

(dollars in thousands)

 

 

 

 

 

For the Three Months Ended March 31,

 

Cash flows from operating activities:

2015

 

 

2014

 

Net increase in net assets resulting from operations

$

21,919

 

 

$

22,185

 

Adjustments to reconcile net increase in net assets resulting from

   operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Purchase of investments

 

(209,387

)

 

 

(113,887

)

Principal and fee payments received on investments

 

75,368

 

 

 

135,008

 

Proceeds from the sale of investments

 

7,001

 

 

 

7,598

 

Net unrealized depreciation (appreciation) on investments

 

(5,614

)

 

 

991

 

Net realized gain on investments

 

(3,312

)

 

 

(4,872

)

Accretion of paid-in-kind principal

 

(665

)

 

 

(659

)

Accretion of loan discounts

 

(1,356

)

 

 

(3,378

)

Accretion of loan discount on Convertible Senior Notes

 

62

 

 

 

271

 

Loss on debt extinguishment (Long-term Liabilities - Convertible Senior Notes)

 

1

 

 

 

 

Payment of loan discount on Convertible Senior Notes

 

(2

)

 

 

 

Accretion of loan exit fees

 

(2,767

)

 

 

(2,411

)

Change in deferred loan origination revenue

 

1,540

 

 

 

(457

)

Unearned fees related to unfunded commitments

 

527

 

 

 

(125

)

Amortization of debt fees and issuance costs

 

1,288

 

 

 

1,913

 

Depreciation

 

58

 

 

 

54

 

Stock-based compensation and amortization of restricted stock grants

 

2,741

 

 

 

1,579

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Interest and fees receivable

 

351

 

 

 

786

 

Prepaid expenses and other assets

 

2,674

 

 

 

(3,401

)

Accounts payable

 

(504

)

 

 

(41

)

Accrued liabilities

 

(3,978

)

 

 

(5,307

)

Net cash provided by (used in) operating activities

 

(114,055

)

 

 

35,847

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of capital equipment

 

(42

)

 

 

(4

)

Reduction of (investment in) restricted cash

 

(9,289

)

 

 

1,487

 

Net cash provided by (used in) investing activities

 

(9,331

)

 

 

1,483

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of common stock, net

 

100,092

 

 

 

(135

)

Issuance (retirement) of employee shares

 

(586

)

 

 

(1,738

)

Dividends paid

 

(19,704

)

 

 

(18,725

)

Repayments of 2017 Asset-Backed Notes

 

(11,846

)

 

 

(25,775

)

Repayments of Long-Term SBA Debentures

 

 

 

 

(34,800

)

Cash Paid for redemption of Convertible Senior Notes

 

(30

)

 

 

 

Fees paid for credit facilities and debentures

 

100

 

 

 

13

 

Net cash provided by (used in) financing activities

 

68,026

 

 

 

(81,160

)

Net decrease in cash and cash equivalents

 

(55,360

)

 

 

(43,830

)

Cash and cash equivalents at beginning of period

 

227,116

 

 

 

268,368

 

Cash and cash equivalents at end of period

$

171,756

 

 

$

224,538

 

 

 

 

 

 

 

 

 

Supplemental non-cash investing and financing activities:

 

 

 

 

 

 

 

Dividends Reinvested

$

562

 

 

$

440

 

Paid-in-kind Principal

$

1,356

 

 

$

1,207

 

 

See notes to consolidated financial statements.

7


 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2015

(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 Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenPeak, Inc. (10)(12)

 

Communications & Networking

 

Senior Secured

 

April 2017

 

Interest rate PRIME + 8.75% 

or Floor rate of 12.00%

 

$

11,680

 

 

$

11,864

 

 

$

11,981

 

SkyCross, Inc. (12)(13)

 

Communications & Networking

 

Senior Secured

 

January 2018

 

Interest rate PRIME + 9.70% 

or Floor rate of 12.95%

 

$

22,000

 

 

 

21,551

 

 

 

17,775

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

33,415

 

 

 

29,756

 

Subtotal: Communications & Networking (3.90%)*

 

 

 

 

 

 

 

 

 

 

 

 

33,415

 

 

 

29,756

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antenna79 (p.k.a. Pong Research Corporation) (11)(12)(13)

 

Consumer & Business Products

 

Senior Secured

 

December   2017

 

Interest rate PRIME + 6.75% 

or Floor rate of 10.00%,

PIK Interest 2.50%

 

$

4,869

 

 

 

4,798

 

 

 

4,944

 

 

 

Consumer & Business Products

 

Senior Secured

 

June 2016

 

Interest rate PRIME + 7.75% 

or Floor rate of 11.00%

 

$

183

 

 

 

183

 

 

 

182

 

Total Antenna79 (p.k.a.   Pong Research Corporation)

 

 

 

 

 

 

 

$

5,052

 

 

 

4,981

 

 

 

5,126

 

Fluc, Inc. (8)

 

Consumer & Business Products

 

Convertible Senior Note

 

March 2017

 

Interest rate FIXED 4.00%

 

$

100

 

 

 

100

 

 

 

100

 

IronPlanet, Inc. (12)

 

Consumer & Business Products

 

Senior Secured

 

November 2017

 

Interest rate PRIME + 6.20% 

or Floor rate of 9.45%

 

$

37,500

 

 

 

36,911

 

 

 

36,911

 

The Neat Company (11)(12)(13)

 

Consumer & Business Products

 

Senior Secured

 

September 2017

 

Interest rate PRIME + 7.75% 

or Floor rate of 11.00%, 

PIK Interest 1.00%

 

$

20,111

 

 

 

19,624

 

 

 

19,536

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

61,616

 

 

 

61,673

 

Subtotal: Consumer & Business Products (8.08%)*

 

 

 

 

 

 

 

 

 

 

 

 

61,616

 

 

 

61,673

 

 

Drug Delivery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AcelRx Pharmaceuticals, Inc. (9)(10)(12)(13)

 

Drug Delivery

 

Senior Secured

 

October 2017

 

Interest rate PRIME + 3.85% 

or Floor rate of 9.10%

 

$

25,000

 

 

 

25,020

 

 

 

25,261

 

Agile Therapeutics, Inc (12)

 

Drug Delivery

 

Senior Secured

 

December 2018

 

Interest rate PRIME + 5.75% 

or Floor rate of 9.00%

 

$

16,500

 

 

 

15,904

 

 

 

15,904

 

BIND Therapeutics, Inc. (12)(13)

 

Drug Delivery

 

Senior Secured

 

July 2018

 

Interest rate PRIME + 5.10% 

or Floor rate of 8.35%

 

$

15,000

 

 

 

14,787

 

 

 

14,051

 

BioQuiddity Incorporated (12)

 

Drug Delivery

 

Senior Secured

 

May 2018

 

Interest rate PRIME + 8.00% 

or Floor rate of 11.25%

 

$

7,500

 

 

 

7,490

 

 

 

7,490

 

Celator Pharmaceuticals, Inc. (10)(12)

 

Drug Delivery

 

Senior Secured

 

June 2018

 

Interest rate PRIME + 6.50% 

or Floor rate of 9.75%

 

$

15,000

 

 

 

14,846

 

 

 

14,886

 

Celsion Corporation (10)(12)

 

Drug Delivery