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, 2013
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 |
94301 | |
| (Address of Principal Executive Offices) | (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 | ¨ | Accelerated Filer | x | |||||
| 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 July 30, 2013, there were 61,631,201 shares outstanding of the Registrant’s common stock, $0.001 par value.
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
FORM 10-Q TABLE OF CONTENTS
| 3 | ||||||
| Item 1. |
3 | |||||
| 3 | ||||||
| 5 | ||||||
| 6 | ||||||
| 7 | ||||||
| Consolidated Schedule of Investments as of June 30, 2013 (unaudited) |
8 | |||||
| Consolidated Schedule of Investments as of December 31, 2012 |
26 | |||||
| 41 | ||||||
| Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
65 | ||||
| Item 3. |
94 | |||||
| Item 4. |
95 | |||||
| 96 | ||||||
| Item 1. |
96 | |||||
| Item 1A. |
96 | |||||
| Item 2. |
100 | |||||
| Item 3. |
100 | |||||
| Item 4. |
100 | |||||
| Item 5. |
100 | |||||
| Item 6. |
100 | |||||
| 101 | ||||||
2
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, 2013 |
December 31, 2012 |
|||||||
| Assets |
||||||||
| Investments: |
||||||||
| Non-control/Non-affiliate investments (cost of $1,032,780 and $896,031, respectively) |
$ | 1,027,555 | $ | 894,428 | ||||
| Affiliate investments (cost of $17,222 and $18,307, respectively) |
13,565 | 11,872 | ||||||
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|
|
|
|||||
| Total investments, at value (cost of $1,050,002 and $914,338, respectively) |
1,041,120 | 906,300 | ||||||
| Cash and cash equivalents |
133,944 | 182,994 | ||||||
| Restricted Cash |
1,658 | — | ||||||
| Interest receivable |
10,245 | 9,635 | ||||||
| Other assets |
23,886 | 24,714 | ||||||
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|
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| Total assets |
$ | 1,210,853 | $ | 1,123,643 | ||||
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|||||
| Liabilities |
||||||||
| Accounts payable and accrued liabilities |
$ | 11,402 | $ | 11,575 | ||||
| Long-term Liabilities (Convertible Senior Note) |
71,977 | 71,436 | ||||||
| Asset-Backed Notes |
110,270 | 129,300 | ||||||
| 2019 Notes |
170,364 | 170,364 | ||||||
| Long-term SBA Debentures |
225,000 | 225,000 | ||||||
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|
|
|
|||||
| Total liabilities |
$ | 589,013 | $ | 607,675 | ||||
| Commitments and Contingencies (Note 9) |
||||||||
| Net assets consist of: |
||||||||
| Common stock, par value |
62 | 53 | ||||||
| Capital in excess of par value |
662,818 | 564,508 | ||||||
| Unrealized depreciation on investments and other assets |
(7,204 | ) | (7,947 | ) | ||||
| Accumulated realized losses on investments |
(32,732 | ) | (36,916 | ) | ||||
| Distributions in excess of investment income |
(1,104 | ) | (3,730 | ) | ||||
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|
|
|
|||||
| Total net assets |
$ | 621,840 | $ | 515,968 | ||||
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|
|||||
| Total liabilities and net assets |
$ | 1,210,853 | $ | 1,123,643 | ||||
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|
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| Shares of common stock outstanding ($0.001 par value, 100,000,000 authorized) |
61,637 | 52,925 | ||||||
| Net asset value per share |
$ | 10.09 | $ | 9.75 | ||||
See notes to consolidated financial statements.
3
The following table presents the assets and liabilities of our consolidated variable interest entity (“VIE”). The assets of the VIE can only be used to settle obligations of the consolidated 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, 2013 |
December 31, 2012 |
||||||
| ASSETS |
||||||||
| Restricted Cash |
$ | 1,658 | $ | — | ||||
| Total investments, at value (cost of $206,594 and $0, respectively) |
203,869 | 226,997 | ||||||
|
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|
|
|||||
| Total assets |
$ | 205,527 | $ | 226,997 | ||||
|
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|
|
|
|||||
| LIABILITIES |
||||||||
| Asset-Backed Notes |
$ | 110,270 | $ | 129,300 | ||||
|
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|
|
|
|||||
| Total liabilities |
$ | 110,270 | $ | 129,300 | ||||
|
|
|
|
|
|||||
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, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Investment income: |
||||||||||||||||
| Interest Income |
||||||||||||||||
| Non-Control/Non-Affiliate investments |
$ | 29,780 | $ | 20,934 | $ | 58,099 | $ | 40,989 | ||||||||
| Affiliate investments |
514 | 205 | 1,124 | 450 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total interest income |
30,294 | 21,139 | 59,223 | 41,439 | ||||||||||||
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| Fees |
||||||||||||||||
| Non-Control/Non-Affiliate investments |
4,227 | 2,706 | 6,255 | 4,760 | ||||||||||||
| Affiliate investments |
4 | — | 4 | — | ||||||||||||
| Control investments |
— | 13 | — | 26 | ||||||||||||
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| Total fees |
4,231 | 2,719 | 6,259 | 4,786 | ||||||||||||
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|
|
|||||||||
| Total investment income |
34,525 | 23,858 | 65,482 | 46,225 | ||||||||||||
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| Operating expenses: |
||||||||||||||||
| Interest |
7,570 | 4,507 | 15,202 | 8,403 | ||||||||||||
| Loan fees |
1,191 | 731 | 2,269 | 1,808 | ||||||||||||
| General and administrative |
2,403 | 1,864 | 4,655 | 3,681 | ||||||||||||
| Employee Compensation: |
||||||||||||||||
| Compensation and benefits |
4,164 | 3,251 | 7,962 | 6,647 | ||||||||||||
| Stock-based compensation |
1,587 | 1,195 | 2,753 | 2,002 | ||||||||||||
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|
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| Total employee compensation |
5,751 | 4,446 | 10,715 | 8,649 | ||||||||||||
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| Total operating expenses |
16,915 | 11,548 | 32,841 | 22,541 | ||||||||||||
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|
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| Net investment income |
17,610 | 12,310 | 32,641 | 23,684 | ||||||||||||
| Net realized gain on investments |
||||||||||||||||
| Non-Control/Non-Affiliate investments |
2,192 | 8,263 | 4,184 | 11,140 | ||||||||||||
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|
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| Total net realized gain on investments |
2,192 | 8,263 | 4,184 | 11,140 | ||||||||||||
| Net unrealized appreciation (depreciation) on investments and other assets |
||||||||||||||||
| Non-Control/Non-Affiliate investments |
1,987 | (21,295 | ) | 2,087 | (19,761 | ) | ||||||||||
| Affiliate investments |
(910 | ) | 1,083 | (1,344 | ) | 2,377 | ||||||||||
| Control investments |
— | (313 | ) | — | (287 | ) | ||||||||||
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| Total net unrealized appreciation (depreciation) on investments and other assets |
1,077 | (20,525 | ) | 743 | (17,671 | ) | ||||||||||
|
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| Total net realized (unrealized) gain (loss) |
3,269 | (12,262 | ) | 4,927 | (6,531 | ) | ||||||||||
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| Net increase in net assets resulting from operations |
$ | 20,879 | $ | 48 | $ | 37,568 | 17,153 | |||||||||
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| Net investment income before investment gains and losses per common share: |
||||||||||||||||
| Basic |
$ | 0.29 | $ | 0.25 | $ | 0.56 | $ | 0.48 | ||||||||
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| Change in net assets per common share: |
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| Basic |
$ | 0.34 | $ | — | $ | 0.65 | $ | 0.35 | ||||||||
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| Diluted |
$ | 0.34 | $ | — | $ | 0.64 | $ | 0.35 | ||||||||
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| Weighted average shares outstanding |
||||||||||||||||
| Basic |
60,339 | 48,616 | 57,029 | 47,817 | ||||||||||||
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| Diluted |
61,145 | 48,687 | 57,802 | 47,948 | ||||||||||||
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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)
| Common Stock | Capital
in excess of par value |
Unrealized Appreciation on Investments |
Accumulated Realized Gains(Losses) on Investments |
Distributions in Excess of Investment Income |
Provision for Income Taxes on Investment Gains |
Net Assets |
||||||||||||||||||||||||||
| Shares | Par Value | |||||||||||||||||||||||||||||||
| Balance at December 31, 2011 |
43,853 | $ | 44 | $ | 484,244 | $ | (3,431 | ) | $ | (43,042 | ) | $ | (6,432 | ) | $ | (342 | ) | $ | 431,041 | |||||||||||||
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| Net increase in net assets resulting from operations |
— | — | — | (17,671 | ) | 11,140 | 23,684 | — | 17,153 | |||||||||||||||||||||||
| Issuance of common stock |
490 | — | 2,674 | — | — | — | — | 2,674 | ||||||||||||||||||||||||
| Issuance of common stock under restricted stock plan |
575 | 1 | (1 | ) | — | — | — | — | — | |||||||||||||||||||||||
| Issuance of common stock as stock dividend |
117 | — | 1,230 | — | — | — | — | 1,230 | ||||||||||||||||||||||||
| Retired shares from net issuance |
(292 | ) | — | (3,670 | ) | — | — | — | — | (3,670 | ) | |||||||||||||||||||||
| Public Offering |
5,000 | 5 | 47,649 | — | — | — | — | 47,654 | ||||||||||||||||||||||||
| Dividends declared |
— | — | — | — | — | (23,340 | ) | — | (23,340 | ) | ||||||||||||||||||||||
| Stock-based compensation |
— | — | 2,039 | — | — | — | — | 2,039 | ||||||||||||||||||||||||
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| Balance at June 30, 2012 |
49,743 | $ | 50 | $ | 534,165 | $ | (21,102 | ) | $ | (31,902 | ) | $ | (6,088 | ) | $ | (342 | ) | $ | 474,781 | |||||||||||||
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| Balance at December 31, 2012 |
52,925 | $ | 53 | $ | 564,509 | $ | (7,947 | ) | $ | (36,916 | ) | $ | (3,389 | ) | $ | (342 | ) | $ | 515,968 | |||||||||||||
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| 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 | 0 | 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 | ||||||||||||||||||||||||
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| Balance at June 30, 2013 |
61,637 | $ | 62 | $ | 662,818 | $ | (7,204 | ) | $ | (32,732 | ) | $ | (762 | ) | $ | (342 | ) | $ | 621,840 | |||||||||||||
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See notes to consolidated financial statements.
6
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(dollars in thousands)
| For the Six Months Ended June 30, |
||||||||
| 2013 | 2012 | |||||||
| Cash flows from operating activities: |
||||||||
| Net increase in net assets resulting from operations |
$ | 37,568 | $ | 17,153 | ||||
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |
||||||||
| Purchase of investments |
(341,678 | ) | (177,725 | ) | ||||
| Principal payments received on investments |
203,357 | 99,596 | ||||||
| Proceeds from sale of investments |
11,401 | 18,257 | ||||||
| Net unrealized (appreciation) / depreciation on investments and other assets |
(743 | ) | 17,671 | |||||
| Net realized gain on investments |
(4,184 | ) | (11,140 | ) | ||||
| Accretion of paid-in-kind principal |
(1,420 | ) | (584 | ) | ||||
| Accretion of loan discounts |
(2,702 | ) | (2,783 | ) | ||||
| Accretion of loan discount on Convertible Senior Notes |
541 | 541 | ||||||
| Accretion of loan exit fees |
(4,465 | ) | (2,111 | ) | ||||
| Change in deferred loan origination revenue |
2,929 | 269 | ||||||
| Unearned fees related to unfunded commitments |
1,459 | (1,280 | ) | |||||
| Amortization of debt fees and issuance costs |
1,988 | 1,374 | ||||||
| Depreciation |
88 | 141 | ||||||
| Stock-based compensation and amortization of restricted stock grants |
2,792 | 2,040 | ||||||
| Change in operating assets and liabilities: |
||||||||
| Interest receivable |
(610 | ) | (1,292 | ) | ||||
| Prepaid expenses and other assets |
153 | (1,420 | ) | |||||
| Accounts payable |
655 | 41 | ||||||
| Accrued liabilities |
(721 | ) | (1,429 | ) | ||||
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| Net cash used in operating activities |
(93,593 | ) | (42,681 | ) | ||||
| Cash flows from investing activities: |
||||||||
| Purchases of capital equipment |
(157 | ) | (40 | ) | ||||
| Investment in restricted cash |
(1,658 | ) | — | |||||
| Other long-term assets |
(30 | ) | — | |||||
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| Net cash used in investing activities |
(1,845 | ) | (40 | ) | ||||
| Cash flows from financing activities: |
||||||||
| Proceeds from issuance of common stock, net |
94,250 | 46,658 | ||||||
| Dividends paid |
(28,825 | ) | (22,110 | ) | ||||
| Issuance of 2019 Notes |
— | 43,000 | ||||||
| Borrowings of credit facilities |
— | 15,000 | ||||||
| Repayments of credit facilities |
(19,036 | ) | (46,307 | ) | ||||
| Cash paid for debt issuance costs |
— | (1,854 | ) | |||||
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|
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| Net cash provided by financing activities |
46,389 | 34,387 | ||||||
| Net decrease in cash and cash equivalents |
(49,049 | ) | (8,334 | ) | ||||
| Cash and cash equivalents at beginning of period |
182,994 | 64,474 | ||||||
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| Cash and cash equivalents at end of period |
$ | 133,944 | $ | 56,140 | ||||
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See notes to consolidated financial statements.
7
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Maturity: Upon Liqudation |
||||||||||||||||
| Paratek Pharmaceuticals, Inc.(9) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures upon liqudation Interest rate Fixed 10.00% |
$ | 45 | $ | 45 | $ | 45 | ||||||||||
| Senior Debt | ||||||||||||||||
| Matures upon liqudation Interest rate Fixed 10.00% |
$ | 36 | 31 | 31 | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures upon liqudation No intial interest rate |
$ | 28 | 28 | 28 | ||||||||||||
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| Total Paratek Pharmaceuticals, Inc. |
104 | 104 | ||||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Chroma Therapeutics, Ltd.(5)(10) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures November 2013 Interest rate Prime + 7.75% or Floor rate of 12.00% |
$ | 2,290 | 3,003 | 3,003 | ||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| ADMA Biologics, Inc. |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures April 2016 Interest rate Prime + 2.75% or Floor rate of 8.50% |
$ | 5,000 | 4,881 | 4,703 | ||||||||||||
| Anacor Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures July 2017 Interest rate Prime + 6.40% or Floor rate of 11.65% |
$ | 30,000 | 28,890 | 28,890 | ||||||||||||
| Aveo Pharmaceuticals, Inc.(3)(11) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures September 2015 Interest rate Prime + 7.15% or Floor rate of 11.90% |
$ | 24,206 | 24,206 | 24,448 | ||||||||||||
| Cell Therapeutics, Inc.(3) |
Drug Discovery & Development | Senior Debt(11) | ||||||||||||||
| Matures October 2016 Interest rate Prime + 9.00% or Floor rate of 12.25% |
$ | 10,000 | 9,780 | 9,780 | ||||||||||||
| Cempra, Inc.(3) |
Drug Discovery & Development | Senior Debt(11) | ||||||||||||||
| Matures June 2017 Interest rate Prime + 6.30% or Floor rate of 9.55% |
$ | 15,000 | 14,675 | 14,559 | ||||||||||||
| Concert Pharmaceuticals, Inc. |
Drug Discovery & Development | Senior Debt(4) | ||||||||||||||
| Matures October 2015 Interest rate Prime + 3.25% or Floor rate of 8.50% |
$ | 18,799 | 18,542 | 17,942 | ||||||||||||
| Coronado BioSciences, Inc.(3) |
Drug Discovery & Development | Senior Debt(11) | ||||||||||||||
| Matures March 2016 Interest rate Prime + 6.00% or Floor rate of 9.25% |
$ | 15,000 | 14,916 | 14,389 | ||||||||||||
| Dicerna Pharmaceuticals, Inc. |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures January 2015 Interest rate Prime + 4.40% or Floor rate of 10.15% |
$ | 7,148 | 7,051 | 6,922 | ||||||||||||
| Insmed, Inc. |
Drug Discovery & Development | Senior Debt(11) | ||||||||||||||
| Matures January 2016 Interest rate Prime + 4.75% or Floor rate of 9.25% |
$ | 20,000 | 19,584 | 19,426 | ||||||||||||
| Merrimack Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures May 2016 Interest rate Prime + 5.30% or Floor rate of 10.55% |
$ | 40,000 | 40,013 | 38,974 | ||||||||||||
| Neuralstem, Inc.(3) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures June 2016 Interest rate Prime + 7.75% or Floor rate of 11.00% |
$ | 8,000 | 7,726 | 7,726 | ||||||||||||
| NeurogesX, Inc. |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures February 2015 Interest rate Prime + 7.50% or Floor rate of 10.75% |
$ | 3,876 | 4,285 | 4,285 | ||||||||||||
See notes to consolidated financial statements.
8
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| UniQure Biopharma B.V.(5)(10) |
Drug Discovery & Development | Senior Debt | ||||||||||||||
| Matures October 2016 Interest rate Prime + 8.60% or Floor rate of 11.85% |
$ | 10,000 | $ | 9,831 | $ | 9,831 | ||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Drug Discovery & Development (32.96%)* |
207,487 | 204,982 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Bridgewave Communications |
Communications & Networking | Senior Debt | ||||||||||||||
| Matures March 2016 Interest rate Prime + 8.00% or PIK Interest 8.00% |
$ | 7,500 | 7,451 | 3,911 | ||||||||||||
| OpenPeak, Inc. |
Communications & Networking | Senior Debt(11) | ||||||||||||||
| Matures July 2015 Interest rate Prime + 8.75% or Floor rate of 12.00% |
$ | 12,805 | 13,187 | 13,315 | ||||||||||||
| Spring Mobile Solutions, Inc. |
Communications & Networking | Senior Debt | ||||||||||||||
| Matures November 2016 Interest rate Prime + 8.00% or Floor rate of 11.25% Deferred Interest 2.50% |
$ | 20,000 | 19,381 | 19,381 | ||||||||||||
| UPH Holdings, Inc.(8) |
Communications & Networking | Senior Debt | ||||||||||||||
| Matures April 2015 Interest rate Libor + 11.00% or Floor rate of 13.50% |
$ | 5,971 | 5,859 | 5,500 | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures September 2015 Interest rate Libor + 11.00% or Floor rate of 13.50% |
$ | 338 | 334 | — | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures January 2017 Interest rate Libor + 11.00% or Floor rate of 13.50% |
$ | 3,594 | 3,594 | — | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total UPH Holdings, Inc. |
9,787 | 5,500 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Communications & Networking (6.77%)* |
49,806 | 42,107 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Clustrix, Inc. |
Electronics & Computer Hardware | Senior Debt | ||||||||||||||
| Matures December 2015 Interest rate Prime + 6.50% or Floor rate of 9.75% |
$ | 639 | 622 | 622 | ||||||||||||
| Identive Group, Inc. (3) |
Electronics & Computer Hardware | Senior Debt(11) | ||||||||||||||
| Matures November 2015 Interest rate Prime + 7.75% or Floor rate 11.00% |
$ | 7,284 | 7,326 | 7,134 | ||||||||||||
See notes to consolidated financial statements.
9
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| OCZ Technology Group, Inc.(3) |
Electronics & Computer Hardware | Senior Debt | ||||||||||||||
| Matures April 2016 Interest rate Prime + 8.75% or Floor rate of 12.50%, PIK Interest 3.00% |
$ | 10,000 | $ | 9,449 | $ | 9,359 | ||||||||||
| Plures Technologies, Inc.(3) |
Electronics & Computer Hardware | Senior Debt | ||||||||||||||
| Matures October 2016 Interest rate Prime + 12.75% or Floor rate of 16.00%, PIK Interest 4.00% |
$ | 2,000 | 1,895 | 1,895 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Electronics & Computer Hardware (3.06%) |
19,292 | 19,010 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Upon Liquidation |
||||||||||||||||
| Tada Innovations, Inc.(9) | Software | Senior Debt | ||||||||||||||
| Matures upon liqudation Interest rate Fixed 8.00% |
$100 | 100 | — | |||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Box, Inc. | Software | Senior Debt(4) | ||||||||||||||
| Matures March 2016 Interest rate Prime + 3.75% or Floor rate of 7.50% |
$10,000 | 9,987 | 9,675 | |||||||||||||
| Senior Debt(4) | ||||||||||||||||
| Matures July 2014 Interest rate Prime + 5.25% or Floor rate of 8.50% |
$712 | 781 | 781 | |||||||||||||
| Senior Debt(11) | ||||||||||||||||
| Matures July 2016 Interest rate Prime + 5.13% or Floor rate of 8.88% |
$20,000 | 20,285 | 19,884 | |||||||||||||
|
|
|
|
|
|||||||||||||
| Total Box, Inc. |
31,053 | 30,340 | ||||||||||||||
| Clickfox, Inc. | Software | Senior Debt | ||||||||||||||
| Matures November 2015 Interest rate Prime + 8.25% or Floor rate of 11.50% |
$7,159 | 6,680 | 6,895 | |||||||||||||
| EndPlay, Inc. | Software | Senior Debt | ||||||||||||||
| Matures August 2015 Interest rate Prime + 7.35% or Floor rate 10.6% |
$1,935 | 1,894 | 1,886 | |||||||||||||
| Hillcrest Laboratories, Inc | Software | Senior Debt | ||||||||||||||
| Matures July 2015 Interest rate Prime + 7.50% or Floor rate of 10.75% |
$3,406 | 3,355 | 3,341 | |||||||||||||
| JackBe Corporation | Software | Senior Debt | ||||||||||||||
| Matures January 2016 Interest rate Prime + 7.25% or Floor rate of 10.50% |
$3,000 | 2,944 | 2,982 | |||||||||||||
| Kxen, Inc. | Software | Senior Debt(4) | ||||||||||||||
| Matures January 2015 Interest rate Prime + 5.08% or Floor rate of 8.33% |
$1,814 | 1,876 | 1,741 | |||||||||||||
| Mobile Posse, Inc. | Software | Senior Debt | ||||||||||||||
| Matures December 2016 Interest rate Prime + 7.50% or Floor rate of 10.75% |
$4,000 | 3,809 | 3,809 | |||||||||||||
See notes to consolidated financial statements.
10
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Neos Geosolutions, Inc. |
Software | Senior Debt | ||||||||||||||
| Matures May 2016 Interest rate Prime + 5.75% or Floor rate of 9.50% |
$ | 4,000 | $ | 3,982 | $ | 3,836 | ||||||||||
| StartApp, Inc. |
Software | Senior Debt | ||||||||||||||
| Matures March 2017 Interest rate Prime + 7.75% or Floor rate of 11.00% |
$ | 2,500 | 2,468 | 2,468 | ||||||||||||
| TouchCommerce, Inc. |
Software | Senior Debt | ||||||||||||||
| Matures June 2017 Interest rate Prime + 6.00% or Floor rate of 10.25% |
$ | 5,000 | 4,683 | 4,684 | ||||||||||||
| Total TouchCommerce, Inc. |
Software | Revolving Line of Credit | ||||||||||||||
| Matures December 2014 Interest rate Prime + 2.25% or Floor rate of 6.50% |
$ | 2,111 | 2,046 | 2,046 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Software (10.30%)* |
64,890 | 64,028 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Quatrx Pharmaceuticals Company(9) |
Specialty Pharmaceuticals | Senior Debt | ||||||||||||||
| Matures March 2014 Interest rate Fixed 8.00% |
$ | 1,888 | 1,888 | 3,074 | ||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Rockwell Medical, Inc. |
Specialty Pharmaceuticals | Senior Debt | ||||||||||||||
| Matures December 2016 Interest rate Prime + 9.25% or Floor rate of 12.50% |
$ | 20,000 | 19,770 | 19,770 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Specialty Pharmaceuticals 3.67%)* |
21,658 | 22,844 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Achronix Semiconductor Corporation |
Semiconductors | Senior Debt | ||||||||||||||
| Matures January 2015 Interest rate Prime + 10.60% or Floor rate of 13.85% |
$ | 1,453 | 1,427 | 1,398 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Semiconductors (0.22%)* |
1,427 | 1,398 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Alexza Pharmaceuticals, Inc.(3) |
Drug Delivery | Senior Debt | ||||||||||||||
| Matures October 2013 Interest rate Prime + 6.50% or Floor rate of 10.75% |
$ | 2,098 | 2,527 | 2,527 | ||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| AcelRX Pharmaceuticals, Inc.(3) |
Drug Delivery | Senior Debt(11) | ||||||||||||||
| Matures December 2014 Interest rate Prime + 3.25% or Floor rate of 8.50% |
$ | 12,525 | 12,540 | 12,323 | ||||||||||||
| BIND Biosciences, Inc. |
Drug Delivery | Senior Debt | ||||||||||||||
| Matures September 2016 Interest rate Prime + 7.00% or Floor rate of 10.25% |
$ | 4,500 | 4,372 | 4,372 | ||||||||||||
See notes to consolidated financial statements.
11
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Intelliject, Inc. |
Drug Delivery | Senior Debt(11) | ||||||||||||||
| Matures June 2016 Interest rate Prime + 5.75% or Floor rate of 11.00% |
$ | 15,000 | $ | 14,850 | $ | 15,201 | ||||||||||
| Nupathe, Inc.(3) |
Drug Delivery | Senior Debt | ||||||||||||||
| Matures May 2016 Interest rate Prime - 3.25% or Floor rate of 9.85% |
$ | 8,500 | 8,275 | 8,335 | ||||||||||||
| Revance Therapeutics, Inc. |
Drug Delivery | Senior Debt | ||||||||||||||
| Matures March 2015 Interest rate Prime + 6.60% or Floor rate of 9.85% |
$ | 14,705 | 14,787 | 14,470 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Drug Delivery (9.20%)* |
57,351 | 57,228 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Loku, Inc.(9) |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures June 2013 Interest rate Fixed 6.00% |
$ | 100 | 100 | — | ||||||||||||
| Tectura Corporation |
Internet Consumer & Business Services | Revolving Line of Credit | ||||||||||||||
| Matures July 2013 Interest rate LIBOR + 10.75% or Floor rate of 14.00% PIK Interest 4.50% |
$ | 16,340 | 18,197 | 17,579 | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures July 2013 Interest rate LIBOR + 10.00% or Floor rate of 13.00% |
$ | 563 | 563 | 563 | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures July 2013 Interest rate LIBOR + 10.00% or Floor rate of 13.00% |
$ | 4,000 | 4,000 | 4,000 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Tectura Corporation |
22,760 | 22,142 | ||||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Ahhha, Inc.(8) |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures January 2015 Interest rate Fixed 12.00% |
$ | 350 | 347 | — | ||||||||||||
| Blurb, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures December 2015 Interest rate Prime + 5.25% or Floor rate 8.50% |
$ | 7,770 | 7,561 | 7,433 | ||||||||||||
| CashStar, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures June 2016 Interest rate Prime + 6.25% or Floor rate 10.50%, PIK Interest 1.00% |
$ | 4,000 | 3,899 | 3,899 | ||||||||||||
| Education Dynamics, LLC |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures March 2016 Interest rate Fixed 12.50%, PIK Interest 1.50% |
$ | 26,000 | 25,792 | 24,798 | ||||||||||||
| Just.Me, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures June 2015 Interest rate Prime + 2.50% or Floor rate 5.75% |
$ | 722 | 714 | — | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures June 2015 Interest rate Prime + 5.00% or Floor rate 8.25% |
$ | 723 | 710 | 694 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Just.Me, Inc. |
1,423 | 694 | ||||||||||||||
| NetPlenish, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures April 2015 Interest rate Fixed 10.00% |
$ | 496 | 488 | 250 | ||||||||||||
| Progress Financial Corporation |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures July 2014 Interest rate Prime + 6.75% or Floor rate 12.00% |
$ | 5,000 | 4,860 | 4,860 | ||||||||||||
| Reply! Inc. |
Internet Consumer & Business Services | Senior Debt(11) | ||||||||||||||
| Matures September 2015 Interest rate Prime + 6.875% or Floor rate of 10.125% PIK Interest 2.00% |
$ | 11,031 | 10,996 | 10,847 | ||||||||||||
See notes to consolidated financial statements.
12
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Senior Debt(11) | ||||||||||||||||
| Matures September 2015 Interest rate Prime + 7.25% or Floor rate of 11.00% PIK Interest 2.00% |
$ | 2,000 | $ | 1,980 | $ | 1,999 | ||||||||||
| Senior Debt | ||||||||||||||||
| Matures February 2016 Interest rate Prime + 7.25% or Floor rate of 10.50% PIK Interest 2.00% |
$ | 3,000 | 2,992 | 2,928 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Reply! Inc. |
15,968 | 15,774 | ||||||||||||||
| Second Rotation, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures April 2016 Interest rate Prime + 7.00% or Floor rate of 10.25% , PIK Interest 2.50% |
$ | 12,142 | 12,096 | 12,096 | ||||||||||||
| Revolving Line of Credit | ||||||||||||||||
| Matures October 2014 Interest rate Prime + 6.50% or Floor rate of 9.75% |
$ | 1,050 | 1,009 | 1,009 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Second Rotation, Inc. |
13,105 | 13,105 | ||||||||||||||
| ShareThis, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures June 2016 Interest rate Prime + 7.50% or Floor rate of 10.75% |
$ | 15,000 | 14,430 | 14,430 | ||||||||||||
| Tectura Corporation |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures December 2014 Interest rate LIBOR + 10.00% or Floor rate of 13.00% |
$ | 6,468 | 6,419 | 6,419 | ||||||||||||
| Trulia, Inc.(3) |
Internet Consumer & Business Services | Senior Debt(11) | ||||||||||||||
| Matures September 2015 Interest rate Prime + 2.75% or Floor rate of 6.00% |
$ | 4,535 | 4,481 | 4,388 | ||||||||||||
| Senior Debt(11) | ||||||||||||||||
| Matures September 2015 Interest rate Prime + 5.50% or Floor rate of 8.75% |
$ | 4,550 | 4,495 | 4,277 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Trulia, Inc. |
8,976 | 8,665 | ||||||||||||||
See notes to consolidated financial statements.
13
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Vaultlogix, Inc. |
Internet Consumer & Business Services | Senior Debt | ||||||||||||||
| Matures September 2016 Interest rate LIBOR + 8.50% or Floor rate of 10.00%, PIK interest 2.50% |
$ | 7,500 | $ | 7,835 | $ | 7,289 | ||||||||||
| Senior Debt | ||||||||||||||||
| Matures September 2015 Interest rate LIBOR + 7.00% or Floor rate of 8.50% |
$ | 9,528 | 9,511 | 8,919 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Vaultlogix, Inc. |
17,346 | 16,208 | ||||||||||||||
| Wavemarket, Inc. |
Internet Consumer & Business Services | Senior Debt(11) | ||||||||||||||
| Matures September 2015 Interest rate Prime + 5.75% or Floor rate of 9.50% |
$ | 10,000 | 9,877 | 9,602 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Internet Consumer & Business Services (23.85%)* |
153,352 | 148,279 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| InXpo, Inc. |
Senior Debt | |||||||||||||||
| Information Services | Matures March 2014 Interest rate Prime + 7.50% or Floor rate of 10.75% |
$ | 2,550 | 2,469 | 2,294 | |||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Cha Cha Search, Inc. |
Information Services | Senior Debt | ||||||||||||||
| Matures February 2015 Interest rate Prime + 6.25% or Floor rate of 9.50% |
$ | 2,081 | 2,058 | 2,022 | ||||||||||||
| Eccentex Corporation |
Information Services | Senior Debt(11) | ||||||||||||||
| Matures May 2015 Interest rate Prime + 7.00% or Floor rate of 10.25% |
$ | 866 | 856 | 370 | ||||||||||||
| Jab Wireless, Inc. |
Information Services | Senior Debt | ||||||||||||||
| Matures November 2017 Interest rate Prime + 6.75% or Floor rate of 8.00% |
$ | 30,000 | 29,803 | 29,844 | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures November 2017 Interest rate Prime + 6.75% or Floor rate of 8.00% |
$ | 2,000 | 1,996 | 1,996 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Jab Wireless, Inc. |
31,799 | 31,840 | ||||||||||||||
| Womensforum.com, Inc. |
Information Services | Senior Debt(11) | ||||||||||||||
| Matures October 2016 Interest rate LIBOR + 6.50% or Floor rate of 9.25% |
$ | 7,800 | 7,667 | 7,128 | ||||||||||||
| Senior Debt(11) | ||||||||||||||||
| Matures October 2016 Interest rate LIBOR + 7.50% or Floor rate of 10.25% PIK Interest 2.00% |
$ | 4,500 | 4,480 | 4,149 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Womensforum.com, Inc. |
12,147 | 11,277 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Information Services (7.69%)* |
49,329 | 47,803 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Upon Liquidation |
||||||||||||||||
| Novasys Medical, Inc.(9) |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures upon liqudation Interest rate Fixed 8.00% |
$ | 35 | 34 | 34 | ||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| Optiscan Biomedical, Corp.(6) |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures December 2013 Interest rate Prime + 8.20% or Floor rate of 11.45% |
$ | 8,260 | 9,380 | 9,544 | ||||||||||||
| Oraya Therapeutics, Inc.(9) |
Medical Device & Equipment | Senior Debt(11) | ||||||||||||||
| Matures December 2013 Interest rate Fixed 7.00% |
$ | 500 | 500 | 500 | ||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Lanx, Inc. |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures October 2016 Interest rate Prime + 8.00% or Floor rate of 11.75% PIK Interest 2.00% |
$ | 13,953 | 13,634 | 14,053 | ||||||||||||
| Revolving Line of Credit |
||||||||||||||||
| Matures October 2015 Interest rate Prime + 5.25% or Floor rate of 9.00% |
$ | 5,500 | 5,229 | 5,055 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Lanx, Inc. |
18,863 | 19,108 | ||||||||||||||
See notes to consolidated financial statements.
14
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Medrobotics Corporation |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures March 2016 Interest rate Prime + 7.85% or Floor rate of 11.10% |
$ | 5,000 | $ | 4,823 | $ | 4,823 | ||||||||||
| MELA Sciences, Inc.(3) |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures November 2016 Interest rate Prime + 7.20% or Floor rate of 10.45% |
$ | 6,000 | 5,713 | 5,748 | ||||||||||||
| NinePoint Medical, Inc. |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures January 2016 Interest rate Prime + 5.85% or Floor rate of 9.10% |
$ | 7,000 | 6,858 | 6,696 | ||||||||||||
| Oraya Therapeutics, Inc. |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures September 2015 Interest rate Prime + 5.50% or Floor rate of 10.25% |
$ | 8,852 | 8,715 | 8,798 | ||||||||||||
| United Orthopedic Group, Inc. |
Medical Device & Equipment | Senior Debt | ||||||||||||||
| Matures July 2016 Interest rate Prime + 8.60% or Floor rate of 11.85% |
$ | 25,000 | 24,437 | 24,437 | ||||||||||||
| SonaCare Medical, LLC |
Medical Device & Equipment | Senior Debt(11) | ||||||||||||||
| Matures April 2016 Interest rate Prime + 7.75% or Floor rate of 11.00% |
$ | 10,000 | 9,842 | 9,784 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Medical Device & Equipment (14.39%)* |
89,165 | 89,472 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Tethys Bioscience Inc. |
Diagnostic | Senior Debt(11) | ||||||||||||||
| Matures December 2015 Interest rate Prime + 8.40% or Floor rate of 11.65% |
$ | 10,000 | 10,175 | 10,159 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Diagnostic (1.63%)* |
10,175 | 10,159 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Labcyte, Inc. |
Biotechnology Tools | Senior Debt(11) | ||||||||||||||
| Matures June 2016 Interest rate Prime + 6.70% or Floor rate of 9.95% |
$ | 5,000 | 4,976 | 4,941 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Biotechnology Tools (0.79%)* |
4,976 | 4,941 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
See notes to consolidated financial statements.
15
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| MDeverywhere, Inc. |
Healthcare Services, Other | Senior Debt | ||||||||||||||
| Matures June 2016 Interest rate LIBOR + 9.50% or Floor rate of 10.75% |
$ | 2,000 | $ | 1,866 | $ | 1,866 | ||||||||||
| MedCall, LLC |
Healthcare Services, Other | Senior Debt | ||||||||||||||
| Matures January 2016 Interest rate 7.79% or Floor rate of 9.50% |
$ | 4,648 | 4,603 | 4,305 | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures January 2016 Interest rate LIBOR +8.00% or Floor rate of 10.00% |
$ | 3,825 | 3,774 | 3,603 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total MedCall, LLC |
8,377 | 7,908 | ||||||||||||||
| Orion HealthCorp, Inc. |
Healthcare Services, Other | Senior Debt | ||||||||||||||
| Matures June 2017 Interest rate LIBOR + 9.50% or Floor rate of 11.00% |
$ | 9,000 | 8,807 | 8,807 | ||||||||||||
| Healthcare Services, Other | Senior Debt | |||||||||||||||
| Matures June 2017 Interest rate LIBOR + 10.50% or Floor rate of 12.00% PIK Interest 3.00% |
$ | 6,500 | 6,361 | 6,361 | ||||||||||||
| Healthcare Services, Other | Revolving Line of Credit | |||||||||||||||
| Matures June 2016 Interest rate LIBOR + 8.25% or Floor rate of 9.50% |
$ | 500 | 457 | 457 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Orion HealthCorp, Inc. |
15,625 | 15,625 | ||||||||||||||
| Pacific Child & Family Associates, LLC |
Healthcare Services, Other | Senior Debt | ||||||||||||||
| Matures January 2015 Interest rate LIBOR + 9.00% or Floor rate of 11.50% |
$ | 2,579 | 2,627 | 2,567 | ||||||||||||
| Healthcare Services, Other | Revolving Line of Credit | |||||||||||||||
| Matures January 2015 Interest rate LIBOR + 11.00% or Floor rate of 14.00%, PIK interest 3.75% |
$ | 5,900 | 6,721 | 6,495 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Pacific Child & Family Associates, LLC |
9,348 | 9,062 | ||||||||||||||
| ScriptSave (Medical Security Card Company, LLC) |
Healthcare Services, Other | Senior Debt | ||||||||||||||
| Matures February 2016 Interest rate LIBOR + 8.75% or Floor rate of 11.25% |
$ | 13,427 | 13,280 | 13,038 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Health Services, Other (7.64%)* |
48,496 | 47,499 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Entrigue Surgical, Inc. |
Surgical Devices | Senior Debt | ||||||||||||||
| Matures December 2014 Interest rate Prime + 5.90% or Floor rate of 9.65% |
$ | 1,898 | 1,899 | 1,899 | ||||||||||||
| Transmedics, Inc. |
Surgical Devices | Senior Debt | ||||||||||||||
| Matures November 2015 Interest rate Fixed 12.95% |
$ | 7,250 | 7,144 | 7,144 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Surgical Devices (1.46%)* |
9,043 | 9,043 | ||||||||||||||
|
|
|
|
|
|||||||||||||
See notes to consolidated financial statements.
16
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Westwood One Communications |
Media/Content/ Info | Senior Debt | ||||||||||||||
| Matures October 2016 Interest rate LIBOR + 6.50% or Floor rate of 8.00% |
$ | 18,157 | $ | 16,930 | $ | 16,910 | ||||||||||
| Zoom Media Corporation |
Media/Content/ Info | Senior Debt | ||||||||||||||
| Matures December 2015 Interest rate Prime + 7.25% or Floor rate of 10.50%, PIK 3.75% |
$ | 5,000 | 4,835 | 4,761 | ||||||||||||
| Media/Content/ Info | Revolving Line of Credit | |||||||||||||||
| Matures December 2014 Interest rate Prime + 5.25% or Floor rate of 8.50% |
$ | 4,000 | 3,772 | 3,576 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Zoom Media Corporation |
8,607 | 8,337 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Media/Content/Info (4.06%)* |
25,537 | 25,247 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Maturity: Under 1 Year Maturity |
||||||||||||||||
| BrightSource Energy, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures January 2014 Interest rate Prime + 8.25% or Floor rate of 11.50% |
$ | 35,000 | 34,913 | 34,913 | ||||||||||||
| Maturity: 1-5 Years Maturity |
||||||||||||||||
| Agrivida, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures December 2016 Interest rate Prime + 6.75% or Floor rate of 10.00% |
$ | 6,000 | 5,780 | 5,780 | ||||||||||||
| Alphabet Energy, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures February 2015 Interest rate Prime + 5.75% or Floor rate of 9.00% |
$ | 1,558 | 1,486 | 1,486 | ||||||||||||
| American Supercondutor Corporation(3) |
Clean Tech | Senior Debt(11) | ||||||||||||||
| Matures December 2014 Interest rate Prime + 7.25% or Floor rate of 11.00% |
$ | 6,923 | 7,102 | 7,102 | ||||||||||||
| Bioamber, Inc.(5)(10) |
Clean Tech | Senior Debt | ||||||||||||||
| Matures June 2016 Interest rate Prime + 6.75% or Floor rate of 10.00% |
$ | 25,000 | 24,375 | 24,375 | ||||||||||||
| Enphase Energy, Inc. |
Clean Tech | Senior Debt(11) | ||||||||||||||
| Matures June 2014 Interest rate Prime + 5.75% or Floor rate of 9.00% |
$ | 2,564 | 2,583 | 2,550 | ||||||||||||
| Clean Tech | Senior Debt | |||||||||||||||
| Matures August 2016 Interest rate Prime + 8.25% or Floor rate of 11.50% |
$ | 7,400 | 7,379 | 7,207 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Enphase Energy, Inc. |
9,962 | 9,757 | ||||||||||||||
| Fulcrum Bioenergy, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures March 2016 Interest rate Prime + 7.75% or Floor rate of 11.00% |
$ | 10,000 | 9,882 | 9,882 | ||||||||||||
| Glori Energy, Inc. |
Clean Tech | Senior Debt(11) | ||||||||||||||
| Matures June 2015 Interest rate Prime + 6.75% or Floor rate of 10.00% |
$ | 7,111 | 7,071 | 7,045 | ||||||||||||
See notes to consolidated financial statements.
17
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Principal Amount |
Cost(2) | Value(3) | |||||||||||
| Scifiniti (fka Integrated Photovoltaics, Inc.) |
Clean Tech | Senior Debt | ||||||||||||||
| Matures February 2015 Interest rate Prime + 7.38% or Floor rate of 10.63% |
$ | 2,032 | $ | 1,976 | $ | 1,960 | ||||||||||
| Polyera Corporation |
Clean Tech | Senior Debt | ||||||||||||||
| Matures June 2016 Interest rate Prime + 6.75% or Floor rate of 10.00% |
$ | 3,000 | 2,990 | 2,883 | ||||||||||||
| Redwood Systems, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures February 2016 Interest rate Prime + 6.50% or Floor rate of 9.75% |
$ | 5,000 | 5,024 | 5,024 | ||||||||||||
| SCIenergy, Inc. |
Clean Tech | Senior Debt(4) | ||||||||||||||
| Matures September 2015 Interest rate Prime + 8.75% or Floor rate 12.00% |
$ | 4,979 | 4,954 | 5,038 | ||||||||||||
| Stion Corporation |
Clean Tech | Senior Debt(4) | ||||||||||||||
| Matures February 2015 Interest rate Prime + 6.75% or Floor rate of 10.00% |
$ | 5,927 | 6,024 | 5,945 | ||||||||||||
| TAS Energy, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures February 2015 Interest rate Prime + 7.75% or Floor rate of 11.00% |
$ | 15,000 | 14,753 | 15,054 | ||||||||||||
| Senior Debt | ||||||||||||||||
| Matures February 2015 Interest rate Prime + 6.25% or Floor rate of 9.50% |
$ | 5,000 | 4,812 | 4,745 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total TAS Energy, Inc. |
19,565 | 19,799 | ||||||||||||||
| TPI Composites, Inc. |
Clean Tech | Senior Debt | ||||||||||||||
| Matures June 2016 Interest rate Prime + 8.00% or Floor rate of 11.25% |
$ | 15,000 | 14,639 | 14,639 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt Clean Tech (25.03%)* |
155,743 | 155,628 | ||||||||||||||
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|||||||||||||
| Total Debt (152.72%) |
$ | 967,727 | $ | 949,668 | ||||||||||||
|
|
|
|
|
|||||||||||||
See notes to consolidated financial statements.
18
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series | Shares | Cost(2) | Value(3) | ||||||||||||
| ADMA Biologics, Inc. |
Drug Discovery & Development | Common Stock Warrants | 25,000 | $ | 129 | $ | 146 | |||||||||||
| Acceleron Pharmaceuticals, Inc. |
Drug Discovery & Development | Common Stock Warrants | 46,446 | 39 | 52 | |||||||||||||
| Preferred Stock Warrants | Series B | 110,270 | 35 | 52 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Warrants Acceleron Pharmaceuticals, Inc. |
156,716 | 74 | 104 | |||||||||||||||
| Anacor Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Preferred Stock Warrants | Series A | 1,155 | 1,233 | |||||||||||||
| Anthera Pharmaceuticals Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 321,429 | 984 | 27 | |||||||||||||
| Cell Therapeutics, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 679,040 | 300 | 262 | |||||||||||||
| Cempra, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 39,038 | 458 | 356 | |||||||||||||
| Chroma Therapeutics, Ltd.(5)(10) |
Drug Discovery & Development | Preferred Stock Warrants | Series D | 325,261 | 490 | 500 | ||||||||||||
| Concert Pharmaceuticals, Inc. |
Drug Discovery & Development | Preferred Stock Warrants | Series C | 400,000 | 367 | 207 | ||||||||||||
| Coronado Biosciences, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 73,009 | 142 | 235 | |||||||||||||
| Dicerna Pharmaceuticals, Inc. |
Drug Discovery & Development | Common Stock Warrants | 50,000 | 28 | 6 | |||||||||||||
| Preferred Stock Warrants | Series A | 525,000 | 236 | 66 | ||||||||||||||
| Preferred Stock Warrants | Series B | 660,000 | 311 | 82 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Warrants Dicerna Pharmaceuticals, Inc. |
1,235,000 | 575 | 154 | |||||||||||||||
| Horizon Pharma, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 22,408 | 231 | — | |||||||||||||
| Merrimack Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 302,143 | 155 | 777 | |||||||||||||
| Neuralstem, Inc.(3) |
Drug Discovery & Development | Common Stock Warrants | 608,695 | 295 | 445 | |||||||||||||
| Omthera Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Preferred Stock Warrants | Series A | 212 | 492 | |||||||||||||
| Portola Pharmaceuticals, Inc.(3) |
Drug Discovery & Development | Preferred Stock Warrants | Series B | 687,023 | 152 | 631 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Drug Discovery & Development (0.90%)* |
5,719 | 5,569 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Bridgewave Communications |
Communications & Networking | Preferred Stock Warrants | Series 5 | 2,942,618 | 753 | — | ||||||||||||
| Intelepeer, Inc. |
Communications & Networking | Preferred Stock Warrants | Series C | 117,958 | 102 | 183 | ||||||||||||
| Neonova Holding Company |
Communications & Networking | Preferred Stock Warrants | Series A | 450,000 | 94 | 12 | ||||||||||||
| OpenPeak, Inc. |
Communications & Networking | Preferred Stock Warrants | Series E | 25,646 | 149 | — | ||||||||||||
| PeerApp, Inc. |
Communications & Networking | Preferred Stock Warrants | Series B | 298,779 | 61 | 49 | ||||||||||||
| Peerless Network, Inc. |
Communications & Networking | Preferred Stock Warrants | Series A | 135,000 | 95 | 344 | ||||||||||||
| Ping Identity Corporation |
Communications & Networking | Preferred Stock Warrants | Series B | 1,136,277 | 52 | 79 | ||||||||||||
| UPH Holdings, Inc.(8) |
Communications & Networking | Common Stock Warrants | 145,877 | 130 | — | |||||||||||||
| Purcell Systems, Inc. |
Communications & Networking | Preferred Stock Warrants | Series B | 110,000 | 123 | 71 | ||||||||||||
| Spring Mobile Solutions, Inc. |
Communications & Networking | Preferred Stock Warrants | Series A | 418 | 507 | |||||||||||||
| Stoke, Inc. |
Communications & Networking | Preferred Stock Warrants | Series C | 158,536 | 53 | 182 | ||||||||||||
| Preferred Stock Warrants | Series D | 72,727 | 65 | 79 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Stoke, Inc. |
231,263 | 118 | 261 | |||||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Communications & Networking (0.24%)* |
2,095 | 1,506 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
19
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series |
Shares | Cost(2) | Value(3) | ||||||||||||
| Atrenta, Inc. |
Software | Preferred Stock Warrants | Series D | 392,670 | $ | 121 | $ | 182 | ||||||||||
| Box, Inc. |
Software | Preferred Stock Warrants | Series C | 271,070 | 117 | 2,485 | ||||||||||||
| Preferred Stock Warrants | Series B | 199,219 | 73 | 3,549 | ||||||||||||||
| Preferred Stock Warrants | Series D-1 | 62,255 | 194 | 382 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Box, Inc. |
532,544 | 384 | 6,416 | |||||||||||||||
| Braxton Technologies, LLC. |
Software | Preferred Stock Warrants | Series A | 168,750 | 188 | — | ||||||||||||
| Central Desktop, Inc. |
Software | Preferred Stock Warrants | Series B | 522,823 | 108 | 184 | ||||||||||||
| Clickfox, Inc. |
Software | Preferred Stock Warrants | Series B | 1,038,563 | 329 | 474 | ||||||||||||
| Preferred Stock Warrants | Series C | 592,019 | 730 | 296 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Clickfox, Inc. |
1,630,582 | 1,059 | 770 | |||||||||||||||
| Daegis Inc. (pka Unify Corporation)(3) |
Software | Common Stock Warrants | 718,860 | 1,434 | 36 | |||||||||||||
| Endplay, Inc. |
Software | Preferred Stock Warrants | Series B | 180,000 | 67 | — | ||||||||||||
| Forescout Technologies, Inc. |
Software | Preferred Stock Warrants | Series D | 399,687 | 99 | 411 | ||||||||||||
| Hillcrest Laboratories, Inc. |
Software | Preferred Stock Warrants | Series E | 1,865,650 | 55 | 170 | ||||||||||||
| JackBe Corporation |
Software | Preferred Stock Warrants | Series C | 180,000 | 73 | — | ||||||||||||
| Kxen, Inc. |
Software | Preferred Stock Warrants | Series D | 184,614 | 47 | 10 | ||||||||||||
| Mobile Posse, Inc. |
Software | Preferred Stock Warrants | Series A | 130 | 129 | |||||||||||||
| Neos Geosolutions, Inc. |
Software | Preferred Stock Warrants | Series 3 | 221,150 | 21 | 29 | ||||||||||||
| Rockyou, Inc. |
Software | Preferred Stock Warrants | Series B | 41,266 | 117 | — | ||||||||||||
| SugarSync Inc. |
Software | Preferred Stock Warrants | Series CC | 332,726 | 78 | 153 | ||||||||||||
| Preferred Stock Warrants | Series DD | 107,526 | 34 | 34 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total SugarSync Inc. |
440,252 | 112 | 187 | |||||||||||||||
| Tada Innovations, Inc. |
Software | Preferred Stock Warrants | Series A | 20,833 | 25 | — | ||||||||||||
| TouchCommerce, Inc. |
Software | Preferred Stock Warrants | Series A | 992,595 | 252 | 250 | ||||||||||||
| White Sky, Inc. |
Software | Preferred Stock Warrants | Series B-2 | 124,295 | 53 | 4 | ||||||||||||
| WildTangent, Inc. |
Software | Preferred Stock Warrants | Series 3A | 100,000 | 238 | 65 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Software (1.42%)* |
4,583 | 8,843 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Clustrix, Inc. |
Electronics & Computer Hardware | Preferred Stock Warrants | Series B | 49,732 | 12 | 3 | ||||||||||||
| OCZ Technology Group, Inc.(3) |
Electronics & Computer Hardware | Common Stock Warrants | 688,073 | 803 | 973 | |||||||||||||
| Plures Technologies, Inc.(3) |
Electronics & Computer Hardware | Preferred Stock Warrants | Series A | 552,467 | 124 | 128 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrant Electronics & Computer Hardware (0.18%)* |
939 | 1,104 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Quatrx Pharmaceuticals Company |
Specialty Pharmaceuticals | Preferred Stock Warrants | Series E | 340,534 | 307 | — | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Specialty Pharmaceuticals (0.00%)* |
307 | — | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
20
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series |
Shares | Cost(2) | Value(3) | ||||||||||||
| CashStar, Inc. |
Consumer & Business Products | Preferred Stock Warrants | Series A | 454,545 | $ | 102 | $ | 101 | ||||||||||
| IPA Holdings, LLC |
Consumer & Business Products | Common Stock Warrants | 650,000 | 275 | 350 | |||||||||||||
| Market Force Information, Inc. |
Consumer & Business Products | Preferred Stock Warrants | Series A | 99,286 | 24 | 88 | ||||||||||||
| Progress Financial Corporation |
Consumer & Business Products | Preferred Stock Warrants | Series A | 130,175 | 40 | 40 | ||||||||||||
| Seven Networks, Inc. |
Consumer & Business Products | Preferred Stock Warrants | Series C | 1,821,429 | 174 | 6 | ||||||||||||
| ShareThis, Inc. |
Consumer & Business Products | Preferred Stock Warrants | Series B | 535,905 | 547 | 476 | ||||||||||||
| Wavemarket, Inc. |
Consumer & Business Products | Preferred Stock Warrants | Series E | 1,083,333 | 106 | 52 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrant Consumer & Business Products (0.18%)* |
1,268 | 1,113 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Achronix Semiconductor Corporation |
Semiconductors | Preferred Stock Warrants | Series D | 360,000 | 160 | 120 | ||||||||||||
| iWatt, Inc. |
Semiconductors | Preferred Stock Warrants | Series C | 558,748 | 46 | 460 | ||||||||||||
| Preferred Stock Warrants | Series D | 1,954,762 | 583 | 1,963 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total iWatt, Inc. |
2,513,510 | 629 | 2,423 | |||||||||||||||
| Kovio Inc. |
Semiconductors | Preferred Stock Warrants | Series B | 319,352 | 91 | — | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Semiconductors (0.41%)* |
880 | 2,543 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| AcelRX Pharmaceuticals, Inc.(3) |
Drug Delivery | Common Stock Warrants | 274,508 | 178 | 665 | |||||||||||||
| Alexza Pharmaceuticals, Inc.(3) |
Drug Delivery | Common Stock Warrants | 37,639 | 645 | 2 | |||||||||||||
| BIND Biosciences, Inc. |
Drug Delivery | Preferred Stock Warrants | Series C-1 | 150,000 | 291 | 451 | ||||||||||||
| Preferred Stock Warrants | Series D | 1,954,762 | 76 | 85 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total BIND Biosciences, Inc. |
2,104,762 | 367 | 536 | |||||||||||||||
| Intelliject, Inc. |
Drug Delivery | Preferred Stock Warrants | Series B | 82,500 | 594 | 1,094 | ||||||||||||
| NuPathe, Inc.(3) |
Drug Delivery | Common Stock Warrants | 106,631 | 139 | 136 | |||||||||||||
| Revance Therapeutics, Inc. |
Drug Delivery | Preferred Stock Warrants | Series D | 269,663 | 557 | 413 | ||||||||||||
| Transcept Pharmaceuticals, Inc.(3) |
Drug Delivery | Common Stock Warrants | 61,452 | 87 | 17 | |||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrant Drug Delivery (0.46%)* |
2,567 | 2,863 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Blurb, Inc. |
Internet Consumer & Business Services | Preferred Stock Warrants | Series B | 439,336 | 323 | 533 | ||||||||||||
| Preferred Stock Warrants | Series C | 234,280 | 636 | 357 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Blurb, Inc. |
673,616 | 959 | 890 | |||||||||||||||
| Invoke Solutions, Inc. |
Internet Consumer & Business Services | Common Stock Warrants | 53,084 | 38 | — | |||||||||||||
| Just.Me |
Internet Consumer & Business Services | Preferred Stock Warrants | Series A | 102,299 | 20 | — | ||||||||||||
| Prism Education Group, Inc. |
Internet Consumer & Business Services | Preferred Stock Warrants | Series B | 200,000 | 43 | — | ||||||||||||
| Reply! Inc. |
Internet Consumer & Business Services | Preferred Stock Warrants | Series B | 137,225 | 320 | 227 | ||||||||||||
| Second Rotation, Inc. |
Internet Consumer & Business Services | Preferred Stock Warrants | Series D | 151,827 | 165 | 285 | ||||||||||||
| Tectura Corporation |
Internet Consumer & Business Services | Preferred Stock Warrants | Series B-1 | 253,378 | 51 | — | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Internet Consumer & Business Services (0.23%)* |
1,596 | 1,402 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
21
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series |
Shares | Cost(2) | Value(3) | ||||||||||||
| Buzznet, Inc. |
Information Services | Preferred Stock Warrants | Series B | 19,962 | $ | 9 | $ | — | ||||||||||
| Cha Cha Search, Inc. |
Information Services | Preferred Stock Warrants | Series F | 48,232 | 58 | 3 | ||||||||||||
| Eccentex Corporation |
Information Services | Preferred Stock Warrants | Series A | 408,719 | 31 | — | ||||||||||||
| Intelligent Beauty, Inc. |
Information Services | Preferred Stock Warrants | Series B | 190,234 | 230 | 653 | ||||||||||||
| InXpo, Inc. |
Information Services | Preferred Stock Warrants | Series C | 648,400 | 98 | 33 | ||||||||||||
| Preferred Stock Warrants | Series C-1 | 582,015 | 49 | 29 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total InXpo, Inc. |
1,230,415 | 147 | 62 | |||||||||||||||
| Jab Wireless, Inc. |
Information Services | Preferred Stock Warrants | Series A | 266,567 | 265 | 365 | ||||||||||||
| RichRelevance, Inc. |
Information Services | Preferred Stock Warrants | Series D | 112,749 | 98 | 30 | ||||||||||||
| Solutionary, Inc. |
Information Services | Preferred Stock Warrants | Series A-2 | 111,311 | 96 | 496 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Information Services (0.26%)* |
934 | 1,609 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Gelesis, Inc.(6) |
Medical Device & Equipment | LLC Interest | 263,688 | 78 | 14 | |||||||||||||
| Lanx, Inc. |
Medical Device & Equipment | Preferred Stock Warrants | Series C | 1,203,369 | 441 | 975 | ||||||||||||
| Medrobotics Corporation |
Medical Device & Equipment | Preferred Stock Warrants | Series D | 424,008 | 343 | 406 | ||||||||||||
| MELA Sciences, Inc.(3) |
Medical Device & Equipment | Preferred Stock Warrants | Series A | 693,202 | 401 | 254 | ||||||||||||
| NinePoint Medical, Inc. |
Medical Device & Equipment | Preferred Stock Warrants | Series A | 350,000 | 170 | 154 | ||||||||||||
| Novasys Medical, Inc. |
Medical Device & Equipment | Preferred Stock Warrants | Series D | 580,447 | 131 | — | ||||||||||||
| Common Stock Warrants | 109,449 | 2 | — | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Novasys Medial, Inc. |
689,896 | 133 | — | |||||||||||||||
| Optiscan Biomedical, Corp.(6) |
Medical Device & Equipment | Preferred Stock Warrants | Series D | 6,206,187 | 1,252 | 364 | ||||||||||||
| Oraya Therapeutics, Inc. |
Medical Device & Equipment | Preferred Stock Warrants | Series C | 716,948 | 676 | 274 | ||||||||||||
| Common Stock Warrants | 95,498 | 66 | 56 | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Oraya Therapeutics, Inc. |
812,446 | 742 | 330 | |||||||||||||||
| United Orthopedic Group, Inc. |
Medical Device & Equipment | Preferred Stock Warrants | Series A | 423,076 | 608 | 756 | ||||||||||||
| SonaCare Medical, LLC |
Medical Device & Equipment | Preferred Stock Warrants | Series G | 141,388 | 188 | 120 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Medical Device & Equipment (0.54%)* |
4,356 | 3,373 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Navidea Biopharmaceuticals, Inc. (pka Neoprobe)(3) |
Diagnostic | Common Stock Warrants | 333,333 | 244 | 286 | |||||||||||||
| Tethys Bioscience, Inc. |
Diagnostic | Preferred Stock Warrants | Series E | 617,683 | 148 | 97 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Diagnostic (0.06%)* |
392 | 383 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Labcyte, Inc. |
Biotechnology Tools | Preferred Stock Warrants | Series C | 1,127,624 | 323 | 134 | ||||||||||||
| NuGEN Technologies, Inc. |
Biotechnology Tools | Preferred Stock Warrants | Series B | 204,545 | 45 | 215 | ||||||||||||
| Preferred Stock Warrants | Series C | 30,114 | 33 | 11 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total NuGEN Technologies, Inc. |
234,659 | 78 | 226 | |||||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Biotechnology Tools (0.06%)* |
401 | 360 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
22
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
June 30, 2013
(unaudited)
(dollars in thousands)
| Portfolio Company |
Sub-Industry |
Type of Investment(1) |
Series |
Shares | Cost(2) | Value(3) | ||||||||||||
| Entrigue Surgical, Inc. |
Surgical Devices | Preferred Stock Warrants | Series B | 62,500 | $ | 87 | $ | 282 | ||||||||||
| Transmedics, Inc. |
Surgical Devices | Preferred Stock Warrants | Series B | 40,436 | 225 | 5 | ||||||||||||
| Preferred Stock Warrants | Series D | 175,000 | 100 | 365 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total Transmedics, Inc. |
215,436 | 325 | 370 | |||||||||||||||
| Gynesonics, Inc. |
Surgical Devices | Preferred Stock Warrants | Series C | 1,756,444 | 394 | 316 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Surgical Devices (0.16%)* |
806 | 968 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Everyday Health, Inc. (pka Waterfront Media, Inc.) |
Media/Content/ Info | Preferred Stock Warrants | Series C | 110,018 | 60 | 164 | ||||||||||||
| Glam Media, Inc. |
Media/Content/ Info | Preferred Stock Warrants | Series D | 407,457 | 482 | — | ||||||||||||
| Zoom Media Group, Inc. |
Media/Content/ Info | Preferred Stock Warrants | n/a | 1,204 | 348 | 365 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Media/Content/Info (0.08%)* |
890 | 529 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| MDeverywhere, Inc. |
Healthcare Services, Other | Preferred Stock Warrants | Series A | 129 | 94 | 94 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Healthcare Services (0.01%)* |
94 | 94 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
| Agrivida, Inc. |
Clean Tech | Preferred Stock Warrants | Series A | 77,447 | 120 | 119 | ||||||||||||
| Alphabet Energy, Inc. |
Clean Tech | Preferred Stock Warrants | Series A | 86,328 | 83 | 180 | ||||||||||||
| American Supercondutor Corporation(3) |
Clean Tech | Common Stock Warrants | 139,275 | 244 | 94 | |||||||||||||
| BrightSource Energy, Inc. |
Clean Tech | Preferred Stock Warrants | Series D | 174,999 | 675 | 52 | ||||||||||||
| Preferred Stock Warrants | Series D | 1,954,762 | 104 | 105 | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||
| Total BrightSource Energy, Inc. |
2,129,761 | 779 | 157 | |||||||||||||||
| Calera, Inc. |
Clean Tech | Preferred Stock Warrants | Series C | 44,529 | 513 | - | ||||||||||||
| EcoMotors, Inc. |
Clean Tech | Preferred Stock Warrants | Series B | 437,500 | 308 | 625 | ||||||||||||
| Fulcrum Bioenergy, Inc. |
Clean Tech | Preferred Stock Warrants | Series C-1 | 187,265 | 274 | 177 | ||||||||||||
| Glori Energy, Inc. |
Clean Tech | Preferred Stock Warrants | Series C | 145,932 | 166 | 65 | ||||||||||||
| GreatPoint Energy, Inc. |
Clean Tech | Preferred Stock Warrants | Series D-1 | 393,212 | 548 | — | ||||||||||||
| Scifiniti (fka Integrated Photovoltaics, Inc.) |
Clean Tech | Preferred Stock Warrants | Series A-1 | 390,000 | 82 | 132 | ||||||||||||
| Polyera Corporation |
Clean Tech | Preferred Stock Warrants | Series C | 161,575 | 69 | 74 | ||||||||||||
| Propel Biofuels, Inc. |
Clean Tech | Preferred Stock Warrants | Series C | 3,200,000 | 211 | 143 | ||||||||||||
| SCIenergy, Inc. |
Clean Tech | Preferred Stock Warrants | Series D | 1,061,168 | 361 | 30 | ||||||||||||
| Solexel, Inc. |
Clean Tech | Preferred Stock Warrants | Series B | 245,682 | 1,161 | 575 | ||||||||||||
| Stion Corporation |
Clean Tech | Preferred Stock Warrants | Series E | 110,226 | 317 | 197 | ||||||||||||
| TAS Energy, Inc. |
Clean Tech | Preferred Stock Warrants | Series A | 37,406 | 299 | 212 | ||||||||||||
| TPI Composites, Inc. |
Clean Tech | Preferred Stock Warrants | Series A | 120 | 172 | 172 | ||||||||||||
| Trilliant, Inc. |
Clean Tech | Preferred Stock Warrants | Series A | 320,000 | 162 | 31 | ||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants Clean Tech (0.48%)* |
5,869 | 2,983 | ||||||||||||||||
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|||||||||||||||
| Total Warrants (5.67%) |
$ | 33,696 | $ | 35,242 | ||||||||||||||
|
|
|
|
|
|||||||||||||||
See notes to consolidated financial statements.
23
HERCULES TECHNOLOGY GROWTH CAPITA