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Last $11.20 USD
Change Today +0.02 / 0.18%
Volume 352.6K
HTGC On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 08/3/15 All times are local (Market data is delayed by at least 15 minutes).

hercules technology growth (HTGC) Snapshot

Open
$11.17
Previous Close
$11.18
Day High
$11.23
Day Low
$10.97
52 Week High
08/6/14 - $16.94
52 Week Low
07/27/15 - $10.66
Market Cap
812.9M
Average Volume 10 Days
371.3K
EPS TTM
$0.91
Shares Outstanding
72.6M
EX-Date
05/14/15
P/E TM
12.3x
Dividend
$1.24
Dividend Yield
11.06%
Current Stock Chart for HERCULES TECHNOLOGY GROWTH (HTGC)

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hercules technology growth (HTGC) Details

Hercules Technology Growth Capital, Inc. is a business development company specializing in providing venture debt, debt, senior secured loans, and growth capital to privately held venture capital-backed companies at all stages of development including select publicly listed companies and select special opportunity lower middle market companies that require additional capital to fund acquisitions, recapitalizations and refinancings and established-stage companies. The firm provides growth capital financing solutions for capital extension; management buy-out and corporate spin-out financing solutions; company, asset specific, or intellectual property acquisition; convertible, subordinated and/or mezzanine loans; domestic and international expansion; vendor financing; revenue acceleration by sales and marketing development, and manufacturing expansion. It provides asset-based financing with a focus on cash flow; accounts receivable facilities; equipment loans/leases; equipment acquisition; facilities build-out and/or expansion; working capital revolving lines of credit; inventory. The firm also provides bridge financing to IPO or mergers and acquisitions or technology acquisition; dividend recapitalizations and other sources of investor liquidity; cash flow financing to protect against share price volatility; competitor acquisition; pre-IPO financing for extra cash on the balance sheet; public company financing to continue asset growth and production capacity; public company financing to continue asset growth and production capacity; short-term bridge financing; and strategic and intellectual property acquisition financings. It also focuses on customized financing solutions, seed and early stage financing, mezzanine and PIPES investments. The firm invests primarily in structured debt with warrants and, to a lesser extent, in senior debt and equity investments. The firm generally seeks to invest in companies that have been operating for at least six to 12 months prior to the date of their investment. It prefers to invest in technology, energy technology, and life sciences. Within technology the firm focuses on advanced specialty materials and chemicals; communication and networking, consumer and business products; consumer products and services, digital media and consumer internet; electronics and computer hardware; enterprise software and services; healthcare services; information services; internet consumer and business services; media, content and information; mobile; resource management; security software; semiconductors; semiconductors and hardware; and software sector. Within energy technology, it invests in agriculture; clean technology; energy and renewable technology, fuels and power technology; geothermal; smart grid and energy efficiency and monitoring technologies; solar; and wind. Within life sciences, the firm invests in biopharmaceuticals; biotechnology tools; diagnostics; drug discovery, development and delivery; medical devices and equipment; surgical devices; therapeutics; pharma services; and specialty pharmaceuticals. It also invests in educational services. The firm invests primarily in United States based companies and to a lesser extent in foreign companies. The firm also invests in Israel and also considers investment in the West Coast, Mid-Atlantic regions, Southeast and Midwest; particularly in the areas of software, biotech and information services. It invests generally between $1 million to $40 million in companies with revenues of $10 million to $200 million, generating EBITDA of $2 million to $15 million, focused primarily on business services, communications, electronics, hardware, and healthcare services. The firm invests primarily in private companies but also have investments in public companies. For equity investments, the firm seeks to represent a controlling interest in its portfolio companies which may exceed 25% of the voting securities of such companies. The firm seeks to invest a limited portion of its assets in equipment-based loans to early-stage prospective portfolio companies. These loans are generally for amounts up to $3.0 million but may be up to $15.0 million for certain energy technology venture investments. The firm allows certain debt investments have the right to convert a portion of the debt investment into equity. It also co-invests with other private equity firms. The firm seeks to exit its investments through initial public offering, a private sale of equity interest to a third party, a merger or an acquisition of the company or a purchase of the equity position by the company or one of its stockholders. The firm has structured debt with warrants which typically have maturities of between two and seven years with an average of three years; senior debt with an investment horizon of less than three years; equipment loans with an investment horizon ranging from three to four years; and equity related securities with an investment horizon ranging from three to seven years. Hercules Technology Growth Capital, Inc. was founded in December 2003 and is based in Palo Alto, California with additional offices in North America.

65 Employees
Last Reported Date: 06/8/15
Founded in 2003

hercules technology growth (HTGC) Top Compensated Officers

Co-Founder, Chairman, Chief Executive Officer...
Total Annual Compensation: $1.5M
Chief Investment Officer
Total Annual Compensation: $653.8K
Compensation as of Fiscal Year 2014.

hercules technology growth (HTGC) Key Developments

Hercules Technology Growth Capital, Inc. Appoints Rodney A. Ferguson to its Board of Directors

Hercules Technology Growth Capital, Inc. announced that effective July 7, 2015, Dr. Rodney A. Ferguson, a life sciences veteran and co-founder of Panorama Capital, was appointed to the Hercules Board of Directors. Dr. Ferguson will serve on Hercules’ Compensation Committee. Dr. Ferguson is a co-founder of Panorama Capital, which spun off from JPMorgan Partners in July 2006, where he focuses primarily on life sciences investments. Prior to that, from 2001 to 2006, he was a Managing Director at JPMP in their life sciences venture practice.

Hercules Technology Growth Capital, Inc. Enters into an Amended and Restated Loan and Security Agreement with Wells Fargo Capital Finance, LLC

On June 29, 2015, Hercules Technology Growth Capital, Inc. through a special purpose wholly-owned subsidiary, Hercules Funding II LLC (Hercules Funding II), entered into an Amended and Restated Loan and Security Agreement (the Amended Wells Facility) with Wells Fargo Capital Finance, LLC, as a lender and as the arranger and the administrative agent (Wells Fargo), and the lenders party thereto from time to time. Under the Amended Wells Facility, Wells Fargo has made commitments of $75.0 million. The Amended Wells Facility contains an accordion feature, in which the Company can increase the credit line up to an aggregate of $300.0 million, funded by additional lenders and with the agreement of Wells Fargo and subject to other customary conditions. Borrowings under the Amended Wells Facility will generally bear interest at a rate per annum equal to LIBOR plus 3.25%, and the Amended Wells Facility will have an advance rate of 50% against eligible debt investments. The Amended Wells Facility is secured by all of the assets of Hercules Funding II. The Amended Wells Facility requires payment of a non-use fee on a scale of 0.0% to 0.50% depending on the average monthly outstanding balance under the facility relative to the maximum amount of commitments at such time. The Amended Wells Facility also includes various financial and other covenants applicable to the Company and the Company's subsidiaries, in addition to those applicable to Hercules Funding II, including covenants relating to certain changes of control of the Company and Hercules Funding II. Among other things, these covenants also require the Company to maintain certain financial ratios, including a maximum debt to worth ratio, minimum interest coverage ratio, minimum portfolio funding liquidity, and a minimum tangible net worth in an amount, when added to outstanding subordinated indebtedness, that is in excess of $500.0 million plus 90% of the cumulative amount of equity raised after June 30, 2014. The Amended Wells Facility provides for customary events of default, including, without limitation, with respect to payment defaults, breach of representations and covenants, certain key person provisions, cross default provisions to certain other debt, lien and judgment limitations, and bankruptcy. The Amended Wells Facility matures on August 2, 2018, unless sooner terminated in accordance with its terms.

Hercules Technology Growth Capital, Inc. Announces Management Changes

Effective June 9, 2015, Ms. Jessica Baron will resign as Chief Financial Officer of Hercules Technology Growth Capital, Inc. Effective June 9, 2015, the company's Board of Directors appointed Andrew Olson, the company's Corporate Controller, as Interim Chief Financial Officer and Principal Accounting Officer of the company until approximately August 1, 2015 when the company's newly appointed successor Chief Financial Officer will assume such role. In conjunction with being named Interim Chief Financial Officer and Principal Accounting Officer, Mr. Olson was also promoted to Vice President of Finance and Senior Controller of the company. Mr. Olson has served as the Company's Corporate Controller since October 2014. As Corporate Controller, Mr. Olson has been responsible for financial and regulatory reporting and financial process and systems design and implementation. Prior to joining the Company, Mr. Olson served as a Senior Manager at PricewaterhouseCoopers LLP (PwC) in its Finance Services Assurance practice from September 2006 to October 2014. While at PwC, Mr. Olson developed extensive experience providing audit and consulting services to both regional and international financial institutions of various sizes and asset classes. Effective August 1, 2015, the Company's Board of Directors appointed Mark Harris as the company's Chief Financial Officer. Mr. Harris previously worked at Avenue Capital Group in New York for over 8 years, where he served as their Chief Financial Officer for their Asia Strategy and was their Senior Managing Director/Head of Asia, in which he lead the entire Asia strategy. Prior to working at Avenue Capital Group, Mr. Harris worked at Hutchison Telecommunications, as the Corporate Financial Controller from April 2004 to October 2006. He worked at Vsource, as the Vice President of Finance from February 2001 to March 2004, and prior to that he was with PricewaterhouseCoopers from June 1995 to February 2001, where he was a Manager in their Global Capital Markets Group. Mr. Harris has over 20 years of experience working with and within public companies, as well as the mezzanine and direct lending space within Avenue Capital Group.

 

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Industry Analysis

HTGC

Industry Average

Valuation HTGC Industry Range
Price/Earnings 10.3x
Price/Sales 5.1x
Price/Book 1.1x
Price/Cash Flow 11.4x
TEV/Sales 0.2x
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