NGP Capital Resources Company (NGPC, Financial) filed Amended Quarterly Report for the period ended 2007-03-31.
Ngp Capital Resources Company has a market cap of $157.88 million; its shares were traded at around $7.3 with a P/E ratio of 34.76 and P/S ratio of 6.44. The dividend yield of Ngp Capital Resources Company stocks is 9.32%.NGPC is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Investment income for the quarter ended March 31, 2007 was $8.5 million with $6.7 million attributable to targeted investments in sixteen portfolio companies, $0.2 million from corporate notes, $1.5 million attributable to investments in cash equivalents, and $0.1 million in fee income from third parties and affiliates. This compares to investment income for the quarter ended March 31, 2006 of $5.0 million with $3.2 million attributable to targeted investments in eight portfolio companies, $0.3 million from corporate notes, $0.1 million in fee income from third parties and affiliates, and $1.4 million attributable to investments in cash equivalents, agency notes and auction rate securities.
For the quarter ended March 31, 2007, operating expenses were $4.1 million compared to $2.0 million for the quarter ended March 31, 2006. The 2007 amount consisted of investment advisory and management fees of $1.6 million, insurance expenses, administrative services fees, professional fees, directors fees, organization costs and other general and administrative expenses of $0.9 million and credit facility interest and fees of $1.6 million. In comparison, for the quarter ended March 31, 2006, investment advisory and management fees were $1.1 million, insurance expenses, administrative services fees, professional fees, directors fees, organization costs and other general and administrative expenses were $0.8 million and credit facility fees were $0.1 million. There were no amounts drawn on the credit facilities until the second quarter of 2006.
For the quarter ended March 31, 2007, as restated, net unrealized appreciation before income taxes of $0.7 million was $3.7 million, compared to ($1.1) million net unrealized depreciation for the first quarter of 2006. The $4.8 million increase is attributable to $3.6 million in changes in the fair values of our targeted investments and $1.2 million in changes in market prices of our corporate notes.
For the quarter ended March 31, 2007, as restated, we had a net increase in stockholders equity (net assets) resulting from operations of $7.4 million, or $0.42 per share, compared to a net increase of $1.8 million, or $0.10 per share for the quarter ended March 31, 2006.
On August 31, 2006, we simultaneously repaid our original credit facility and entered into two new syndicated credit facilities totaling $180 million, with SunTrust Bank as the administrative agent, each with a three year term. The first facility, the Senior Secured Revolving Credit Facility (the “Investment Facility”) has an initial availability of $80 million with the ability to increase availability to $175 million over time. Proceeds from the Investment Facility will be used to supplement the Company s equity capital in making portfolio investments. Interest on the Investment Facility will be charged at either (i) LIBOR plus 125 to 225 basis points, based on the Company s outstanding borrowings, or (ii) the higher of the lender prime rate plus 25 to 75 basis points or the federal funds rate plus 50 basis points. The second facility, the Senior Treasury Secured Revolving Credit Facility (the “Treasury Facility”) permits the Company to borrow up to $100 million. Proceeds from the Treasury Facility will be used to facilitate the growth of the Company s investment portfolio and provide flexibility in the sizing of its portfolio investments. Interest on the Treasury Facility will be charged at either (i) LIBOR plus 25 basis points, or (ii) the higher of the lender prime rate or the federal funds rate plus 50 basis points. The credit facilities are collateralized by substantially all of our assets. As of March 31, 2007, the Company had $100 million outstanding under the Treasury Facility and $5,285,000 outstanding under the Investment Facility. In the future, we may also fund a portion of our investments with issuances of equity or senior debt securities. We may also securitize a portion of our investments. We expect our primary use of funds to be investments in portfolio companies, cash distributions to holders of our common stock and payment of fees and other operating expenses.
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Ngp Capital Resources Company has a market cap of $157.88 million; its shares were traded at around $7.3 with a P/E ratio of 34.76 and P/S ratio of 6.44. The dividend yield of Ngp Capital Resources Company stocks is 9.32%.NGPC is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
During the three months ended March 31, 2007, we added two companies to our portfolio, bringing our total number of portfolio companies to sixteen. In January, we closed a $36.5 million senior secured credit facility with Alden Resources, LLC, to refinance its existing debt, acquire additional coal properties and to acquire a coal preparation plant. Initial availability under the facility was $32 million, and as of March 31, 2007, availability was $35 million and approximately $33.7 million was drawn. Additionally, as partial consideration for providing the facility, NGPC received warrants in Alden and a royalty interest in revenues generated from all aspects of its operations. In March 2007, we closed a $60 million senior secured credit facility with Tammany Oil & Gas LLC to acquire and develop additional oil and gas properties and fund capital expenditures in state and federal waters of Louisiana and Texas. As part of the transaction, NGPC received an overriding royalty interest in most of Tammany s properties. Initial availability was $30 million, and as of March 31, 2007, approximately $17.2 million was drawn on the facility.Investment income for the quarter ended March 31, 2007 was $8.5 million with $6.7 million attributable to targeted investments in sixteen portfolio companies, $0.2 million from corporate notes, $1.5 million attributable to investments in cash equivalents, and $0.1 million in fee income from third parties and affiliates. This compares to investment income for the quarter ended March 31, 2006 of $5.0 million with $3.2 million attributable to targeted investments in eight portfolio companies, $0.3 million from corporate notes, $0.1 million in fee income from third parties and affiliates, and $1.4 million attributable to investments in cash equivalents, agency notes and auction rate securities.
For the quarter ended March 31, 2007, operating expenses were $4.1 million compared to $2.0 million for the quarter ended March 31, 2006. The 2007 amount consisted of investment advisory and management fees of $1.6 million, insurance expenses, administrative services fees, professional fees, directors fees, organization costs and other general and administrative expenses of $0.9 million and credit facility interest and fees of $1.6 million. In comparison, for the quarter ended March 31, 2006, investment advisory and management fees were $1.1 million, insurance expenses, administrative services fees, professional fees, directors fees, organization costs and other general and administrative expenses were $0.8 million and credit facility fees were $0.1 million. There were no amounts drawn on the credit facilities until the second quarter of 2006.
For the quarter ended March 31, 2007, as restated, net unrealized appreciation before income taxes of $0.7 million was $3.7 million, compared to ($1.1) million net unrealized depreciation for the first quarter of 2006. The $4.8 million increase is attributable to $3.6 million in changes in the fair values of our targeted investments and $1.2 million in changes in market prices of our corporate notes.
For the quarter ended March 31, 2007, as restated, we had a net increase in stockholders equity (net assets) resulting from operations of $7.4 million, or $0.42 per share, compared to a net increase of $1.8 million, or $0.10 per share for the quarter ended March 31, 2006.
On August 31, 2006, we simultaneously repaid our original credit facility and entered into two new syndicated credit facilities totaling $180 million, with SunTrust Bank as the administrative agent, each with a three year term. The first facility, the Senior Secured Revolving Credit Facility (the “Investment Facility”) has an initial availability of $80 million with the ability to increase availability to $175 million over time. Proceeds from the Investment Facility will be used to supplement the Company s equity capital in making portfolio investments. Interest on the Investment Facility will be charged at either (i) LIBOR plus 125 to 225 basis points, based on the Company s outstanding borrowings, or (ii) the higher of the lender prime rate plus 25 to 75 basis points or the federal funds rate plus 50 basis points. The second facility, the Senior Treasury Secured Revolving Credit Facility (the “Treasury Facility”) permits the Company to borrow up to $100 million. Proceeds from the Treasury Facility will be used to facilitate the growth of the Company s investment portfolio and provide flexibility in the sizing of its portfolio investments. Interest on the Treasury Facility will be charged at either (i) LIBOR plus 25 basis points, or (ii) the higher of the lender prime rate or the federal funds rate plus 50 basis points. The credit facilities are collateralized by substantially all of our assets. As of March 31, 2007, the Company had $100 million outstanding under the Treasury Facility and $5,285,000 outstanding under the Investment Facility. In the future, we may also fund a portion of our investments with issuances of equity or senior debt securities. We may also securitize a portion of our investments. We expect our primary use of funds to be investments in portfolio companies, cash distributions to holders of our common stock and payment of fees and other operating expenses.
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