Horizon Technology Finance Enhances Capital Resources and Increases Capacity via New $100 Million Credit Facility
24 Junho 2024 - 5:15PM
Business Wire
Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”
or the “Company”), an affiliate of Monroe Capital, and a leading
specialty finance company that provides capital in the form of
secured loans to venture capital-backed companies in the
technology, life science, healthcare information and services, and
sustainability industries, today announced that Horizon Funding II,
LLC, Horizon’s wholly-owned subsidiary (“HFII”), has closed a $100
million senior secured credit facility led by a large U.S. based
insurance company pursuant to which HFII may issue up to $100
million of secured notes. The capacity under the credit facility
may be increased to $200 million with the mutual agreement of
Horizon and the lenders.
Horizon intends to use the credit facility to leverage its
existing investments, as well as deploy additional capital for new
investments. The new credit facility complements the Company’s
existing credit facilities.
The new credit facility has a one-year funding period, during
which time HFII may make additional borrowings under the credit
facility, and a three-year investment period, during which time
HFII may make additional loans. The credit facility has a maximum
advance rate of 67.5% based on the number of distinct obligors
whose loans serve as collateral for the credit facility. Borrowings
bear interest, payable monthly, determined at a rate per annum
equal to the greater of (i) the yield for the United States
Treasury constant maturity 3-year and 5-year in the most recent
statistical release published by the Board of Governors of the
Federal Reserve System designated as “Selected Interest Rates
(Daily) – H.15” interpolated to a 4.88-year weighted average life
plus 3.15% and (ii) 5.00%. The credit facility is collateralized by
certain of the Company’s assets and matures in June 2033.
“We are pleased to close our new credit facility, further
expanding the borrowing capacity on our balance sheet and
bolstering our ability to offer venture debt solutions to
high-quality companies,” stated Daniel R. Trolio, Executive Vice
President and Chief Financial Officer of Horizon. “Along with
underscoring the continued support of Horizon from the debt
markets, we believe this additional facility will enable Horizon to
prudently grow its venture debt portfolio and generate further
shareholder value.”
About Horizon Technology Finance Horizon Technology
Finance Corporation (NASDAQ: HRZN), externally managed by Horizon
Technology Finance Management LLC, an affiliate of Monroe Capital,
is a leading specialty finance company that provides capital in the
form of secured loans to venture capital backed companies in the
technology, life science, healthcare information and services, and
sustainability industries. The investment objective of Horizon is
to maximize its investment portfolio’s return by generating current
income from the debt investments it makes and capital appreciation
from the warrants it receives when making such debt investments.
Horizon is headquartered in Farmington, Connecticut, with a
regional office in Pleasanton, California, and investment
professionals located throughout the U.S. Monroe Capital is an $18
billion asset management firm specializing in private credit
markets across various strategies, including direct lending,
technology finance, venture debt, opportunistic, structured credit,
real estate and equity. To learn more, please visit
horizontechfinance.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 Horizon’s
filings with the Securities and Exchange Commission. Horizon
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240624453843/en/
Investor Relations: ICR Garrett Edson ir@horizontechfinance.com
(646) 200-8885
Media Relations: ICR Chris Gillick HorizonPR@icrinc.com (646)
677-1819
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