Eight Hercules Portfolio Companies Have
Completed or Announced an IPO or M&A Liquidity Event
Year-to-Date
Hercules Congratulates Each Portfolio Company
on Their Recent Liquidity Event
Hercules Capital, Inc. (NYSE:HTGC) (“Hercules” or the
“Company”), the leading specialty finance company to innovative,
venture growth, pre-IPO and M&A stage companies backed by
leading venture capital firms, is pleased to announce the latest
liquidity events for eight (8) of its portfolio companies: TPI
Composites (NASDAQ: TPIC), which recently completed an initial
public offering (“IPO”); and ReachLocal, Touch Commerce, Celator
Pharmaceuticals, Ping Identity, IronPlanet, Sungevity, and Bind
Therapeutics, and all of which recently completed or announced a
merger or acquisition.
IPO Events
TPI Composites, Inc., (NASDAQ: TPIC) the largest
U.S.-based independent manufacturer of composite wind blades for
the wind energy market, raised $69.0 million by offering 6.25
million shares of its common stock at $11.00 per share in July
2016. Hercules committed a total of $20.0 million in two (2)
venture debt financings to TPI Composites beginning in June 2013.
Hercules held warrants for 160 shares of Preferred Series B stock
as of June 30, 2016, and represents an unrealized gain of
approximately $1.2 million as of the closing price of $18.47 for
TPI Composites on September 14, 2016.
As of September 12, 2016, Hercules held warrant and equity
positions in four (4) portfolio companies that had filed
confidential Registration Statements under the JOBS Act with the
Securities and Exchange Commission in contemplation of a potential
IPO. There can be no assurances that companies that have yet to
complete their IPOs will do so.
Hercules holds equity and warrant positions in 52 and 139
portfolio companies, respectively, as of June 30, 2016,
representing potential future additional returns to investors. Not
all companies will go public or complete an M&A event.
M&A Events
ReachLocal, Inc. (NASDAQ: RLOC), a leader in powering
online marketing, helping local businesses grow and operate their
business better with leading technology and expert service, was
acquired by Gannett Co., Inc., (NYSE: GCI), a next-generation media
company committed to strengthening communities across the company’s
network, for $4.60 per share in cash, via a tender offer. The
transaction closed on August 9, 2016. Hercules initially committed
$25.0 million in venture debt financing to ReachLocal in April
2015. The Company recognized a net realized gain of $610,000 from
the transaction, generating a fully realized internal rate of
return (“IRR”) of approximately 24.1% from its loan repayments and
equity/warrant gains.
TouchCommerce, a technology partner and leader in digital
customer service and engagement solutions, was acquired by Nuance
Communications, Inc. (NASDAQ: NUAN), a leading provider of voice
and language solutions for businesses and consumers around the
world, for $215.0 million in total consideration. The transaction
closed on August 16, 2016. Hercules committed a total of $18.0
million in three (3) venture debt financings to TouchCommerce
beginning in June 2013. Hercules held warrants for 2.3 million
shares of Preferred Series E stock, as of June 30, 2016, and
represents a realized gain of approximately $698,000 and an
unrealized gain of approximately $770,000 as of the closing price
of $14.46 for Nuance Communications on September 14, 2016.
Celator Pharmaceuticals, Inc. (NASDAQ: CPXX), a
pharmaceutical company developing new and more effective therapies
to treat cancer, was acquired by Jazz Pharmaceuticals, Inc.
(NASDAQ: JAZZ), an international biopharmaceutical company focused
on improving patients’ lives by identifying, developing and
commercializing meaningful products that address unmet medical
needs, for $30.25 per share. The transaction closed on July 12,
2016. Hercules initially committed $15.0 million in venture debt
financing to Celator Pharmaceuticals in May 2014. The Company
recognized a net realized gain of $1.5 million from the sale of
shares, generating a fully realized IRR of approximately 19.8% from
its loan repayments and equity/warrant gains.
Ping Identity, the leader in Identity Defined Security
which allows employees, customers and partners access to the
applications they need, was acquired by Vista Equity Partners, a
leading private equity firm focused on software, data and
technology-enabled businesses. Financial terms were not disclosed.
The transaction closed on June 30, 2016. Hercules initially
committed $3.0 million in venture debt financing to Ping Identity
in March 2006. The Company recognized a net realized gain of $1.3
million from the transaction, generating a fully realized IRR of
approximately 19.7% from its loan repayments and equity/warrant
gains.
IronPlanet, a leading online marketplace for used heavy
equipment and other durable assets, announced that it had entered
into a definitive agreement on August 29, 2016 under which Ritchie
Bros. Auctioneers Incorporated (NYSE & TSX: RBA), the world’s
largest industrial auctioneer and a leading equipment distributor,
will acquire IronPlanet for approximately US $758.5 million,
subject to customary closing adjustments. Hercules initially
committed $37.5 million in venture debt financing to IronPlanet in
October 2014. Hercules currently holds warrants for 1.2 million
shares of Preferred Series D stock, as of June 30, 2016.
Sungevity, Inc., a technology-driven residential and
commercial solar energy solutions provider, announced that it had
entered into a definitive merger agreement with Easterly
Acquisition Corp. (NASDAQ: EACQ), an asset management firm that
develops engaged partnerships with innovative, growth-oriented
companies. Upon completion of the transaction, Easterly will change
its name to Sungevity Holdings, Inc. and will trade on the NASDAQ
stock exchange under the ticker symbol “SGVT.” Hercules committed a
total of $61.8 million in three (3) venture debt and equity
financings to Sungevity beginning in March 2015. Hercules currently
holds 68.8 million shares of common stock, and warrants for 20.0
million shares of common stock and 32.5 million shares of Preferred
Series C stock, as of June 30, 2016.
Bind Therapeutics, Inc. (NASDAQ: BIND), a clinical stage
biopharmaceutical company developing a new class of programmable
therapeutics, was acquired by Pfizer, Inc. (NYSE: PFI), a leading
provider of voice and language solutions for businesses and
consumers around the world, for $40.0 million in total
consideration. Hercules committed a total of $24.5 million in three
(3) venture debt financings to Bind Therapeutics beginning in June
2011.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) is the leading
and largest specialty finance company focused on providing senior
secured venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules has committed more than $6.1
billion to over 350 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol "HTGC."
In addition, Hercules has three outstanding bond issuances
of:
- 7.00% Unsecured Notes due April 2019,
NYSE listed under the symbols “HTGZ,”
- 7.00% Unsecured Notes due September
2019, NYSE listed under the symbols “HTGY,” and
- 6.25% Unsecured Notes due July 2024,
NYSE listed under the symbols “HTGX.”
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Hercules Capital, Inc.Michael Hara, 650-433-5578 HT-HNInvestor
Relations and Corporate Communicationsmhara@htgc.com
Hercules Capital 7.00% Senior Notes Due 2019 (NYSE:HTGY)
過去 株価チャート
から 9 2024 まで 10 2024
Hercules Capital 7.00% Senior Notes Due 2019 (NYSE:HTGY)
過去 株価チャート
から 10 2023 まで 10 2024