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Runway Growth Credit Fund Provides Second Quarter 2019 Portfolio Update


WOODSIDE, Calif., July 16, 2019 /PRNewswire/ -- Runway Growth Credit Fund Inc. (the "Fund" or "Runway Growth"), a leading lender of growth capital to both venture and non-venture backed companies seeking an alternative to raising equity, provided a portfolio update for the second quarter ended June 30, 2019.

(PRNewsfoto/Runway Growth Capital LLC)

"We had a very strong quarter with robust loan demand from new and existing portfolio companies," said David Spreng, CEO.  "We demonstrated our ability to creatively structure loans that support company growth and meet the needs of both the entrepreneur and institutional equity holders." 

Total new loans equaled $93.0 million, which is the highest quarter of loan production since the Fund's inception in December 2016, bringing the total loan originations to $364.5 million since launch.

Originations

Runway Growth funded eight new loans during the second quarter ended June 30, 2019, four to new portfolio companies and four, including a trademarked Runway One Stop Enterprise Loan Facility® ("ROSE Loan Facility®"), to existing portfolio companies:

CEO Spreng continued: "I am particularly pleased that our existing portfolio company, eSilicon Corporation, was able to benefit from one our trademark loan structures, the ROSE Loan Facility® introduced in February 2018. The ROSE Loan Facility® is particularly well suited for companies like eSilicon, with growing revenue and meaningful accounts receivable. It is a great example of our willingness to dig in to create solutions for our borrowers that fit their specific needs."

Liquidity Events

Runway Growth experienced four liquidity events during the second quarter ended June 30, 2019, which comprised outstanding principal prepayments of $52.0 million:

Concluding his comments Spreng noted: "With $81.5 million in cumulative repayments, we have exited and redeployed about 30% of our initial private offering commitments of $275 million. This track record validates the attractiveness of our loan products and their ability to help businesses, their management teams, and investors achieve their business and financial goals. We are proud to be an important capital provider and steady hand in the Silicon Valley and the broader growth company ecosystem."

About Runway Growth Capital LLC and Runway Growth Credit Fund, Inc.

Runway Growth Capital LLC is the investment advisor to Runway Growth Credit Fund Inc., a lender of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, the Fund provides senior term loans of $10 million to $50 million to fast-growing companies based in the United States and Canada. The Fund is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. For more on the Fund and its manager, Runway Growth Capital LLC, please visit our website at www.runwaygrowth.com.

Forward-Looking Statements

Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. 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 Runway Growth's filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

 

SOURCE Runway Growth Capital LLC


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