Hercules Technology Growth Capital
 (HTGC)

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  • Dec. 21, 2015, 7:14 AM
    • The partial redemption ($40M of the $85.9M outstanding) of the company's 7% unsecured notes due in 2019 is expected to save $3M, or $0.04 per share of interest expense annually. There will be a one-time non-cash Q4 expense of $825K or $0.01 per share.
    • HTGC may decide to redeem more of this paper in 2016.
    • Source: Press Release
    | Dec. 21, 2015, 7:14 AM | 5 Comments
  • Dec. 17, 2015, 3:08 PM
    • Each 25 basis point move generates about $2M, or $0.03 per share per year of additional net investment income, says the company, noting 98.2% of its $1.1B loan portfolio is floating rate, and 100% of its debt is at fixed rates.
    • HTGC's current dividend run rate is $1.24 per year.
    • A 100 basis point move will boost NII by about $9M, or $0.13 per share per year.
    • Source: Press Release
    | Dec. 17, 2015, 3:08 PM | 10 Comments
  • Dec. 8, 2015, 12:41 PM
    • The market has more than adequately priced in expectations for further credit issues, says the team of Troy Ward and Greg Mason, noting consensus estimates have already been adjusted to reflect limited fees and slower portfolio churn. WIth an average yield of 10% and very low valuations, a 15% return in 2016 could be just a chip shot away.
    • As for rising interest rates, perceptions that this is bad for yield investments has also been fully priced in. And once rates rise and investors see earnings not being materially affected, there could be a push to buy.
    • Another possible catalyst: The activist push for lower fees.
    • Among stocks on their buy list: Hercules Technology (NYSE:HTGC), Alcentra Capital (NASDAQ:ABDC) for improving fundamentals, and American Capital (NASDAQ:ACAS), Fifth Street Finance (NASDAQ:FSC), and Medley Capital (NYSE:MCC) thanks to activist involvement.
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Dec. 8, 2015, 12:41 PM | 10 Comments
  • Nov. 24, 2015, 12:58 PM
    • Board member Thomas Fallon purchased 10K shares of company stock yesterday for $11.16 each. Fallon was named to the HTGC board last year. Yesterday's buy brings his stake in the company up to nearly 21K shares.
    | Nov. 24, 2015, 12:58 PM
  • Nov. 5, 2015, 5:20 PM
    • Hercules Technology Growth Capital (NYSE:HTGC) declares $0.31/share quarterly dividend, in line with previous.
    • Forward yield 10.98%
    • Payable Nov. 23; for shareholders of record Nov. 16; ex-div Nov. 12.
    | Nov. 5, 2015, 5:20 PM | 3 Comments
  • Nov. 5, 2015, 4:50 PM
    • Hercules Technology Growth Capital (NYSE:HTGC): Q3 NII of $0.33 beats by $0.08.
    • Total investment income of $47.13M (+27.3% Y/Y) beats by $7.66M.
    | Nov. 5, 2015, 4:50 PM | 5 Comments
  • Nov. 4, 2015, 5:35 PM
  • Oct. 20, 2015, 7:58 AM
    • With the IPO of Cereor and acquisition f nContract, Inc., 14 HTGC portfolio companies have now completed or announced an IPO or sale so far this year.
    • Hercules initially committed $8.5M in venture debt and equity financing to Cerecor in August 2014. Post-IPO, the company now holds about 119K shares of common stock and 22K warrants.
    • Hercules initially committed $20M in venture debt to nContract in November 2014, and held 201K shares of preferred warrants as of June 30.
    • Another five Hercules portfolio companies have either publicly or confidentially filed S-1s.
    | Oct. 20, 2015, 7:58 AM
  • Oct. 2, 2015, 7:51 AM
    • Edge Therapeutics went public yesterday, raising about $80M. HTGC initially invested $10M in venture debt financing to Edge about one year ago.
    • Twelve Hercules portfolio companies have completed or announced IPO and M&A liquidity events so far this year, and Hercules has six portfolio companies currently in IPO registration.
    | Oct. 2, 2015, 7:51 AM | 3 Comments
  • Sep. 16, 2015, 7:59 AM
    • Former Silicon Valley Bank Vice President Tim Barnes has joined HTGC as a managing director and will lead the new Los Angeles office covering the SoCal region.
    • Hercules notes its under-representation in a region which received more than $4B in VC investments in 2014, and has already received more than $4B this year.
    | Sep. 16, 2015, 7:59 AM | 1 Comment
  • Aug. 28, 2015, 7:40 AM
    • Hercules Technology Growth Capital (NYSE:HTGC) reports YTD realized net gains from portfolio exits of $8.7M, or $0.12 per share. About $6.6M of these gains have come so far in Q3.
    • Among the Q3 deals was the closing of the sale of portfolio company Atrenta to Synopsys. Hercules scored a gain of about $2.6M from the deal, with an IRR of 27.1% from equity and warrant gains. The total IRR - after including loan repayments - was 16%.
    | Aug. 28, 2015, 7:40 AM
  • Aug. 27, 2015, 3:23 PM
    • The $50M plan expired on Aug. 24, but has been extended until Feb. 23.
    • Hercules (HTGC +3.4%) purchased roughly $1M of company stock during the previous program period.
    | Aug. 27, 2015, 3:23 PM | 2 Comments
  • Aug. 6, 2015, 4:51 PM
    • Hercules Technology Growth Capital (NYSE:HTGC) declares $0.31/share quarterly dividend, in line with previous.
    • Forward yield 11.28%
    • Payable Aug. 24; for shareholders of record Aug. 17; ex-div Aug. 13.
    | Aug. 6, 2015, 4:51 PM
  • Aug. 6, 2015, 4:15 PM
    • Hercules Technology Growth Capital (NYSE:HTGC): Q2 NII of $0.23 beats by $0.02.
    • Revenue of $38.1M (+12.1% Y/Y) beats by $1.84M.
    | Aug. 6, 2015, 4:15 PM | 2 Comments
  • Jul. 24, 2015, 3:01 PM
    • Just a 1% decline in the major averages (which are being helped by some high-profile earnings moves) is masking far greater carnage in a number of other sectors, notably healthcare (XLV -2.5%) and energy (XLE -2%).
    • Business development companies and mortgage REITs are being socked again as well, suggesting the worry may go beyond interest rates and to credit in general, especially as commodity prices continue to tumble - to pick one, crude oil at $48.06 per barrel is at its lowest price in about four months.
    • Among BDCs: Hercules Technology Growth (HTGC -4.2%), Triangle Capital (TCAP -3.3%), PennantPark Investment (PNNT -5.4%), Prospect Capital (PSEC -1.4%), Main Street Capital (MAIN -2.8%), TICC Capital (TICC -2.4%), KCAP Financial (KCAP -2.6%), THL Credit (TCRD -2.7%), FS Investment (FSIC -1.8%).
    • Among mREITs: Armour Residential (ARR -3.1%), Two Harbors (TWO -0.9%), CYS Investments (CYS -2%), Invesco Mortgage (IVR -1.5%), Capstead Mortgage (CMO -1.2%), Apollo Residential (AMTG -2.6%), Arlington Asset (AI -3.7%), American Capital Mortgage (MTGE -0.9%), Orchid Island (ORC -5.8%).
    • MReit ETFs: MORL, REM, MORT, LMBS
    • BDC ETFs: BDCL, BDCS, BIZD, FGB
    | Jul. 24, 2015, 3:01 PM | 82 Comments
  • Jun. 10, 2015, 7:33 AM
    • A search by HTGC has been underway to replace Jessica Baron as CFO, and Mark Harris has been appointed to take over, effective August 1. Until then, Controller Andrew Olson will serve as interim CFO, allowing Baron to depart the company.
    • Harris previously worked at Avenue Capital for more than eight years, where he served as CFO for its Asia Strategy.
    • SEC Form 8-K
    • Last week, the company expanded the C-suite team, adding Robert Lake as Chief Credit Officer.
    | Jun. 10, 2015, 7:33 AM
Company Description
Hercules Technology Growth Capital Inc is a specialty finance company. It provides senior secured loans to venture capital-backed companies in technology-related industries, including technology, biotechnology, life science, and among others.
Sector: Financial
Country: United States