Welcome to our dedicated page for Runway Growth Finance news (Ticker: RWAY), a resource for investors and traders seeking the latest updates and insights on Runway Growth Finance stock.
Runway Growth Finance Corp. (RWAY) operates as a specialty finance company providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Its lending and investment activity is tied to sectors such as technology, life sciences, healthcare information and services, business services, and select consumer industries.
Recurring company updates cover operating and financial results, portfolio investments and liquidity events, net asset value and investment income, quarterly cash distributions, dividend reinvestment practices, capital-structure matters, and governance developments. News also reflects the completed acquisition of SWK Holdings Corporation, which expanded Runway Growth's healthcare and life sciences exposure.
Runway Growth Capital has finalized a $50 million senior secured term loan to Madison Reed, a digitally enabled hair color brand. The capital will be used for customer acquisition and expanding retail channels, enhancing Madison Reed's network of over eighty hair color bars. The funding is projected to aid the company's growth without diluting equity, appealing to Madison Reed's CEO, Amy Errett. Runway's loan commitment demonstrates confidence in Madison Reed's successful omni-channel distribution, which encompasses direct-to-consumer subscriptions and retail partnerships.
Runway Growth Finance Corp. (RWAY) announced it will release its fourth quarter and full year 2022 financial results after market close on March 2, 2023. A conference call is scheduled for the same day at 3:00 p.m. PT (6:00 p.m. ET) to discuss these results. Investors can register for the call online and access the webcast. Runway Growth focuses on providing flexible capital solutions to late- and growth-stage companies, acting as a closed-end investment fund regulated as a business development company.
Forward-looking statements in the release highlight risks including COVID-19 impacts and market volatility.
Runway Growth Capital announced the promotion of Edward Chen to Managing Director, and Yifan Lai and Avisha Khubani to Principal, reinforcing its commitment to high-quality portfolio construction and credit quality. The firm has achieved a remarkable 0.0% net cumulative credit loss since inception, thanks to its disciplined underwriting practices. These promotions reflect the vital roles played by the individuals in enhancing due diligence and deal structuring processes. Over their tenures, the firm's assets under management have increased significantly, affirming their strong market position. Runway, led by David Spreng, specializes in providing senior term loans ranging from $10 million to $100 million.
SetPoint Medical has secured a senior secured term loan facility of up to $65 million from Runway Growth Capital LLC, expanding its ongoing credit arrangement. The funding will be utilized to complete the RESET-RA study and pursue FDA regulatory submissions for its rheumatoid arthritis treatment. This non-dilutive financing is positioned to enhance SetPoint's capacity to advance its innovative vagus nerve stimulation platform, aimed at assisting patients who experience inadequate responses to existing biologic therapies. The company had also recently raised $80 million through equity financing.
Runway Growth Finance Corp. (RWAY) announced a robust operational update for Q4 2022, completing 12 investments totaling $327 million. The total loan commitments have risen to $2.3 billion, with $1.8 billion funded since inception. Notable commitments include $60 million to Brivo Systems and $80 million to Extensiv. Runway Growth reported net originations of $222.6 million for Q4, highlighting a disciplined credit-first strategy. With a portfolio now featuring 56 debt and 54 equity investments across various sectors, the company remains positive about its growth potential in 2023.
Runway Growth Capital has secured a senior secured term loan of $25 million for Vesta, a global transaction guarantee platform, to enhance its growth and operations. This non-dilutive financing will provide Vesta with essential working capital to drive its strategic product roadmap. Vesta utilizes machine learning to improve approval rates and reduce fraud-related costs in online purchases. Runway aims to support Vesta's expansion across various sectors, including telco and e-commerce, highlighting the collaborative relationship between the two companies.
Runway Growth Finance Corp. (Nasdaq: RWAY) announced a public offering of $45 million in notes due 2027, aiming for net proceeds of approximately $43.65 million. The notes, which will mature on December 31, 2027, will carry an interest rate of 8.00% per year, with the first payment on March 1, 2023. The offering closes on December 7, 2022. Proceeds will be used to repay debt under a Credit Facility, which had $365 million outstanding as of November 28, 2022, and for company operations. The notes will be listed on Nasdaq under the symbol RWAYZ.
Runway Growth Finance Corp. (Nasdaq: RWAY) announced an underwritten offering of unsecured notes to be listed on the Nasdaq Global Select Market. The offering's net proceeds will be used to repay $365 million in outstanding debt under its credit facility and for general corporate purposes. The interest rate for the notes will be determined at pricing. The credit facility, which has a current interest rate of 6.659%, matures on April 20, 2026. Investors are advised to consider risks and expenses before investing and should reference the preliminary prospectus for detailed information.
Runway Growth Capital has secured a $75 million senior secured credit facility for Brivo Systems, a leader in cloud-based access control technologies. This funding will support Brivo's innovative ecosystem of access control solutions critical for the PropTech sector. Brivo's SaaS platform enhances security and user experience, driving organic growth. Runway's Managing Director noted Brivo's consistent performance, while Brivo's CEO highlighted Runway's tailored approach as a key factor in their partnership.
Runway Growth Finance reported a record total investment income of $27.3 million and net investment income of $14.5 million, or $0.36 per share, for Q3 2022. The total investment portfolio grew to a record $910.2 million with a dollar-weighted annualized yield on debt investments of 14.4%. The company declared a 9% increase in its quarterly dividend to $0.36 per share, reflecting strong financial performance. As of September 30, 2022, net asset value per share was $14.12.