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 September 30, 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 |
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x |
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Accelerated filer |
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¨ |
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|||
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Non-accelerated filer |
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¨ |
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Smaller reporting company |
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¨ |
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 November 2, 2015, there were 72,072,409 shares outstanding of the Registrant’s common stock, $0.001 par value.
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
FORM 10-Q TABLE OF CONTENTS
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3 |
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Item 1. |
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3 |
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3 |
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5 |
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6 |
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7 |
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Consolidated Schedule of Investments as of September 30, 2015 (unaudited) |
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8 |
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Consolidated Schedule of Investments as of December 31, 2014 |
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22 |
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36 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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67 |
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Item 3. |
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109 |
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Item 4. |
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110 |
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111 |
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Item 1. |
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111 |
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111 |
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Item 2. |
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113 |
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Item 3. |
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113 |
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Item 4. |
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113 |
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Item 5. |
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113 |
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Item 6. |
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113 |
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115 |
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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.
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(unaudited)
(dollars in thousands, except per share data)
|
|
|
September 30, 2015 |
|
|
December 31, 2014 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
Non-control/Non-affiliate investments (cost of $1,184,913 and $1,019,799, respectively) |
|
$ |
1,142,544 |
|
|
$ |
1,012,738 |
|
|
Affiliate investments (cost of $15,179 and $15,538, respectively) |
|
|
9,184 |
|
|
|
7,999 |
|
|
Total investments, at value (cost of $1,200,092 and $1,035,337, respectively) |
|
|
1,151,728 |
|
|
|
1,020,737 |
|
|
Cash and cash equivalents |
|
|
147,304 |
|
|
|
227,116 |
|
|
Restricted cash |
|
|
5,358 |
|
|
|
12,660 |
|
|
Interest receivable |
|
|
8,528 |
|
|
|
9,453 |
|
|
Other assets |
|
|
19,813 |
|
|
|
29,257 |
|
|
Total assets |
|
$ |
1,332,731 |
|
|
$ |
1,299,223 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
19,613 |
|
|
$ |
14,101 |
|
|
Long-term Liabilities (Convertible Senior Notes) |
|
|
17,461 |
|
|
|
17,345 |
|
|
2017 Asset-Backed Notes |
|
|
— |
|
|
|
16,049 |
|
|
2021 Asset-Backed Notes |
|
|
129,300 |
|
|
|
129,300 |
|
|
2019 Notes |
|
|
150,364 |
|
|
|
170,364 |
|
|
2024 Notes |
|
|
103,000 |
|
|
|
103,000 |
|
|
Long-term SBA Debentures |
|
|
190,200 |
|
|
|
190,200 |
|
|
Total liabilities |
|
$ |
609,938 |
|
|
$ |
640,359 |
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of: |
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
73 |
|
|
|
65 |
|
|
Capital in excess of par value |
|
|
757,646 |
|
|
|
657,233 |
|
|
Unrealized depreciation on investments(1) |
|
|
(50,118 |
) |
|
|
(17,076 |
) |
|
Accumulated realized gains on investments |
|
|
22,503 |
|
|
|
14,079 |
|
|
Undistributed net investment income (Distributions in excess of net investment income) |
|
|
(7,311 |
) |
|
|
4,563 |
|
|
Total net assets |
|
$ |
722,793 |
|
|
$ |
658,864 |
|
|
Total liabilities and net assets |
|
$ |
1,332,731 |
|
|
$ |
1,299,223 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares of common stock outstanding ($0.001 par value, 200,000,000 and 100,000,000 authorized, respectively) |
|
|
72,109 |
|
|
|
64,715 |
|
|
Net asset value per share |
|
$ |
10.02 |
|
|
$ |
10.18 |
|
|
|
(1) |
Amounts includes $1.8 million in net unrealized depreciation on other assets and accrued liabilities, including escrow receivables, estimated taxes payable and Citigroup warrant participation agreement liabilities. |
See notes to consolidated financial statements.
3
The 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) |
|
September 30, 2015 |
|
|
December 31, 2014 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Restricted Cash |
|
$ |
5,358 |
|
|
$ |
12,660 |
|
|
Total investments, at value (cost of $254,165 and $296,314, respectively) |
|
|
254,564 |
|
|
|
291,464 |
|
|
Total assets |
|
$ |
259,922 |
|
|
$ |
304,124 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Asset-Backed Notes |
|
$ |
129,300 |
|
|
$ |
145,349 |
|
|
Total liabilities |
|
$ |
129,300 |
|
|
$ |
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)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
||||
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Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Control/Non-Affiliate investments |
$ |
40,256 |
|
|
$ |
33,210 |
|
|
$ |
105,861 |
|
|
$ |
92,975 |
|
|
Affiliate investments |
|
83 |
|
|
|
130 |
|
|
|
278 |
|
|
|
1,747 |
|
|
Total interest income |
|
40,339 |
|
|
|
33,340 |
|
|
|
106,139 |
|
|
|
94,722 |
|
|
Fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Control/Non-Affiliate investments |
|
6,793 |
|
|
|
3,671 |
|
|
|
11,611 |
|
|
|
12,037 |
|
|
Affiliate investments |
|
— |
|
|
|
8 |
|
|
|
1 |
|
|
|
30 |
|
|
Total fees |
|
6,793 |
|
|
|
3,679 |
|
|
|
11,612 |
|
|
|
12,067 |
|
|
Total investment income |
|
47,132 |
|
|
|
37,019 |
|
|
|
117,751 |
|
|
|
106,789 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
7,818 |
|
|
|
6,495 |
|
|
|
23,243 |
|
|
|
20,177 |
|
|
Loan fees |
|
1,072 |
|
|
|
1,364 |
|
|
|
4,166 |
|
|
|
4,531 |
|
|
General and administrative |
|
4,504 |
|
|
|
2,397 |
|
|
|
12,190 |
|
|
|
6,984 |
|
|
Employee Compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
7,969 |
|
|
|
3,922 |
|
|
|
17,621 |
|
|
|
11,375 |
|
|
Stock-based compensation |
|
2,179 |
|
|
|
2,823 |
|
|
|
7,166 |
|
|
|
6,849 |
|
|
Total employee compensation |
|
10,148 |
|
|
|
6,745 |
|
|
|
24,787 |
|
|
|
18,224 |
|
|
Total operating expenses |
|
23,542 |
|
|
|
17,001 |
|
|
|
64,386 |
|
|
|
49,916 |
|
|
Loss on debt extinguishment (Long-term Liabilities - Convertible Senior Notes) |
|
— |
|
|
|
(1,023 |
) |
|
|
(1 |
) |
|
|
(1,023 |
) |
|
Net investment income |
|
23,590 |
|
|
|
18,995 |
|
|
|
53,364 |
|
|
|
55,850 |
|
|
Net realized gain on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Control/Non-Affiliate investments |
|
6,366 |
|
|
|
5,664 |
|
|
|
8,424 |
|
|
|
13,007 |
|
|
Total net realized gain on investments |
|
6,366 |
|
|
|
5,664 |
|
|
|
8,424 |
|
|
|
13,007 |
|
|
Net increase in unrealized appreciation (depreciation) on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Control/Non-Affiliate investments |
|
(25,032 |
) |
|
|
(10,029 |
) |
|
|
(34,585 |
) |
|
|
(15,447 |
) |
|
Affiliate investments |
|
(849 |
) |
|
|
547 |
|
|
|
1,543 |
|
|
|
(2,857 |
) |
|
Total net unrealized depreciation on investments |
|
(25,881 |
) |
|
|
(9,482 |
) |
|
|
(33,042 |
) |
|
|
(18,304 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net realized and unrealized loss |
|
(19,515 |
) |
|
|
(3,818 |
) |
|
|
(24,618 |
) |
|
|
(5,297 |
) |
|
Net increase in net assets resulting from operations |
$ |
4,075 |
|
|
$ |
15,177 |
|
|
$ |
28,746 |
|
|
$ |
50,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income before investment gains and losses per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.33 |
|
|
$ |
0.30 |
|
|
$ |
0.76 |
|
|
$ |
0.89 |
|
|
Change in net assets per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.05 |
|
|
$ |
0.24 |
|
|
$ |
0.40 |
|
|
$ |
0.80 |
|
|
Diluted |
$ |
0.05 |
|
|
$ |
0.23 |
|
|
$ |
0.40 |
|
|
$ |
0.78 |
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
71,462 |
|
|
|
62,356 |
|
|
|
68,897 |
|
|
|
61,444 |
|
|
Diluted |
|
71,496 |
|
|
|
63,779 |
|
|
|
69,123 |
|
|
|
63,554 |
|
|
Dividends declared per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.31 |
|
|
$ |
0.31 |
|
|
$ |
0.93 |
|
|
$ |
0.93 |
|
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 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(18,304 |
) |
|
|
13,007 |
|
|
|
55,850 |
|
|
|
— |
|
|
|
50,553 |
|
|
Public offering, net of offering expenses |
|
1,574 |
|
|
|
2 |
|
|
|
9,180 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,182 |
|
|
Issuance of common stock due to stock option exercises |
|
256 |
|
|
|
— |
|
|
|
2,873 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,873 |
|
|
Retired shares from net issuance |
|
(193 |
) |
|
|
— |
|
|
|
(2,980 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,980 |
) |
|
Issuance of common stock under restricted stock plan |
|
982 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Retired shares for restricted stock vesting |
|
(350 |
) |
|
|
— |
|
|
|
(3,012 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,012 |
) |
|
Issuance of common stock as stock dividend |
|
76 |
|
|
|
— |
|
|
|
1,152 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,152 |
|
|
Dividends distributed |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(58,482 |
) |
|
|
— |
|
|
|
(58,482 |
) |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
6,905 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,905 |
|
|
Balance at September 30, 2014 |
|
64,182 |
|
|
$ |
65 |
|
|
$ |
670,711 |
|
|
$ |
(14,706 |
) |
|
$ |
(2,233 |
) |
|
$ |
2,703 |
|
|
$ |
(342 |
) |
|
$ |
656,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(33,042 |
) |
|
|
8,424 |
|
|
|
53,364 |
|
|
|
— |
|
|
|
28,746 |
|
|
Public offering, net of offering expenses |
|
7,591 |
|
|
|
8 |
|
|
|
100,084 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
100,092 |
|
|
Acquisition of common stock under repurchase plan |
|
(423 |
) |
|
|
— |
|
|
|
(4,498 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,498 |
) |
|
Issuance of common stock due to stock option exercises |
|
51 |
|
|
|
— |
|
|
|
428 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
428 |
|
|
Retired shares from net issuance |
|
(29 |
) |
|
|
— |
|
|
|
(423 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(423 |
) |
|
Issuance of common stock under restricted stock plan |
|
676 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Retired shares for restricted stock vesting |
|
(595 |
) |
|
|
(1 |
) |
|
|
(3,997 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,998 |
) |
|
Issuance of common stock as stock dividend |
|
123 |
|
|
|
— |
|
|
|
1,589 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,589 |
|
|
Dividends distributed |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(65,238 |
) |
|
|
— |
|
|
|
(65,238 |
) |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
7,231 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,231 |
|
|
Balance at September 30, 2015 |
|
72,109 |
|
|
$ |
73 |
|
|
$ |
757,646 |
|
|
$ |
(50,118 |
) |
|
$ |
22,503 |
|
|
$ |
(6,969 |
) |
|
$ |
(342 |
) |
|
$ |
722,793 |
|
See notes to consolidated financial statements.
6
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(dollars in thousands)
|
|
For the Nine Months Ended September 30, |
|
|||||
|
Cash flows from operating activities: |
2015 |
|
|
2014 |
|
||
|
Net increase in net assets resulting from operations |
$ |
28,746 |
|
|
$ |
50,553 |
|
|
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Purchase of investments |
|
(532,048 |
) |
|
|
(415,399 |
) |
|
Principal and fee payments received on investments |
|
379,247 |
|
|
|
322,820 |
|
|
Proceeds from the sale of investments |
|
16,523 |
|
|
|
17,977 |
|
|
Net unrealized depreciation on investments |
|
33,042 |
|
|
|
18,304 |
|
|
Net realized gain on investments |
|
(8,424 |
) |
|
|
(13,007 |
) |
|
Accretion of paid-in-kind principal |
|
(2,796 |
) |
|
|
(1,990 |
) |
|
Accretion of loan discounts |
|
(6,369 |
) |
|
|
(7,690 |
) |
|
Accretion of loan discount on Convertible Senior Notes |
|
185 |
|
|
|
738 |
|
|
Loss on debt extinguishment (Long-term Liabilities - Convertible Senior Notes) |
|
1 |
|
|
|
1,023 |
|
|
Payment of loan discount on Convertible Senior Notes |
|
(5 |
) |
|
|
(2,500 |
) |
|
Accretion of loan exit fees |
|
(10,493 |
) |
|
|
(9,457 |
) |
|
Change in deferred loan origination revenue |
|
1,275 |
|
|
|
(616 |
) |
|
Unearned fees related to unfunded commitments |
|
(271 |
) |
|
|
(862 |
) |
|
Amortization of debt fees and issuance costs |
|
3,498 |
|
|
|
4,131 |
|
|
Depreciation |
|
152 |
|
|
|
161 |
|
|
Stock-based compensation and amortization of restricted stock grants |
|
7,231 |
|
|
|
6,905 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Interest and fees receivable |
|
925 |
|
|
|
(184 |
) |
|
Prepaid expenses and other assets |
|
4,833 |
|
|
|
(1,942 |
) |
|
Accounts payable |
|
171 |
|
|
|
1,126 |
|
|
Accrued liabilities |
|
6,065 |
|
|
|
(4,203 |
) |
|
Net cash used in operating activities |
|
(78,512 |
) |
|
|
(34,112 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of capital equipment |
|
(158 |
) |
|
|
(94 |
) |
|
Reduction of restricted cash |
|
7,302 |
|
|
|
4,175 |
|
|
Net cash provided by investing activities |
|
7,144 |
|
|
|
4,081 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Issuance of common stock, net |
|
100,092 |
|
|
|
9,853 |
|
|
Repurchase of common stock, net |
|
(4,498 |
) |
|
|
— |
|
|
Retirement of employee shares |
|
(3,993 |
) |
|
|
(3,119 |
) |
|
Dividends paid |
|
(63,649 |
) |
|
|
(57,330 |
) |
|
Issuance of 2024 Notes Payable |
|
— |
|
|
|
99,655 |
|
|
Repayments of 2019 Notes Payable |
|
(20,000 |
) |
|
|
— |
|
|
Repayments of 2017 Asset-Backed Notes |
|
(16,049 |
) |
|
|
(61,606 |
) |
|
Repayments of Long-Term SBA Debentures |
|
— |
|
|
|
(34,800 |
) |
|
Borrowings on credit facilities |
|
53,365 |
|
|
|
— |
|
|
Repayments of credit facilities |
|
(53,365 |
) |
|
|
— |
|
|
Cash Paid for redemption of Convertible Senior Notes |
|
(65 |
) |
|
|
(31,577 |
) |
|
Fees paid for credit facilities and debentures |
|
(282 |
) |
|
|
(786 |
) |
|
Net cash used in financing activities |
|
(8,444 |
) |
|
|
(79,710 |
) |
|
Net decrease in cash and cash equivalents |
|
(79,812 |
) |
|
|
(109,741 |
) |
|
Cash and cash equivalents at beginning of period |
|
227,116 |
|
|
|
268,368 |
|
|
Cash and cash equivalents at end of period |
$ |
147,304 |
|
|
$ |
158,627 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Dividends Reinvested |
$ |
1,589 |
|
|
$ |
1,152 |
|
See notes to consolidated financial statements.
7
HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 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 Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Communications & Networking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
1-5 Years Maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OpenPeak, Inc. (7) |
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