TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) Files An 8-K Results of Operations and Financial Condition

ME Staff 8-k

5 years ago

TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.

Portfolio Activity

From October 1, 2019 through December 31, 2019, TriplePoint Venture Growth BDC Corp. (the Company) signed $114.2 million in term sheets and closed $129.2 million of new debt commitments to a total of nine venture-growth stage companies. During the year ended December 31, 2019, the Company signed $869.1 million in term sheets and closed $507.1 million of new debt commitments to a total of 28 venture-growth stage companies.

From October 1, 2019 through December 31, 2019, the Company funded $170.9 million in new debt investments to a total of 17 portfolio companies and received $29.8 million in prepayments from a total of two portfolio companies. During the year ended December 31, 2019, the Company funded $417.6 million in new debt investments to a total of 33 portfolio companies and received $162.9 million in prepayments from a total of 12 portfolio companies.

Preliminary Estimates of Results as of and for the Three Months Ended December 31, 2019

Set forth below are certain preliminary estimates of the results of operations for the Company as of and for the three months ended December 31, 2019. These estimates are made only as of January 8, 2020, unless otherwise indicated, are subject to the completion of the Companys financial closing procedures and are not a comprehensive statement of the Companys financial results as of and for the three months ended December 31, 2019. The Company advises you that its actual results may differ materially from these estimates as a result of the completion of the period and the Companys financial closing procedures, final adjustments and other developments which may arise between now and the time that the Companys financial results are finalized.

As of January 8, 2020, the Company estimates its net investment income for the three months ended December 31, 2019 to be in the range of $0.36 to $0.40 per share.

As of December 31, 2019, total amounts outstanding under the Companys revolving credit facility totaled $262.3 million.

The Company realized a gain of $1.4 million on the sale of its equity investment in Farfetch UK Limited during the three months ended December 31, 2019.

As a result of developments related to the accelerated strategic alternatives process pursued by Harvest Power, Inc. (Harvest) during the three months ended December 31, 2019, the Company reduced the expected recovery on its debt investment in Harvest to $4.2 million, of which it has already received $2.4 million.

The Company expects to report an unrealized loss of $1.5 million attributable to market-price-related changes to its publicly traded common stock positions held as of December 31, 2019. As of January 7, 2020, the Company estimated that the unrealized loss attributable to market-price-related changes to its publicly traded common stock positions would be approximately $125,000.

The preliminary financial estimates provided herein have been prepared by, and are the responsibility of, the Companys management. Neither the Companys independent registered public accounting firm, nor any other independent accountants, have audited, reviewed, compiled, or performed any procedures with respect to the accompanying preliminary financial data.

The information in this Item 2.02 is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein.

Forward-Looking Statements

Certain statements contained in this filing constitute forward-looking statements. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Companys control. Words such as anticipates, expects, intends, plans, will, may, continue, believes, seeks, estimates, would, could, should, targets, projects, and variations of these words and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Companys filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect managements opinions only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

About TriplePoint Venture Growth BDC Corp. (NYSE:TPVG)

TriplePoint Venture Growth BDC Corp. is a closed-end, non-diversified management investment company. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by primarily lending with warrants to venture growth stage companies focused in technology, life sciences and other high growth industries, which are backed by TriplePoint Capital LLC’s (TPC) select group of venture capital investors. The Company targets investment opportunities in venture growth stage companies backed by venture capital investors. The Company originates and invests primarily in loans that have a secured collateral position and are used by venture growth stage companies to finance their continued expansion and growth, equipment financings and, on a select basis, revolving loans. The Company is managed by TPVG Advisers LLC.