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Horizon Technology Finance Increases Credit Facility to $70MM

August 13, 2015, 07:56 AM
Filed Under: Lender Finance

Horizon Technology Finance Corporation announced that its wholly owned subsidiary, Horizon Credit II LLC, has amended its syndicated revolving credit facility led by KeyBank National Association.

The amendment increases the size of the credit facility to $70 million by adding a new $20 million commitment from AloStar Bank of Commerce. The amendment also extends: (1) the period during which the Company may request advances from November 4, 2016 to August 12, 2018 and (2) the date on which all outstanding advances under the credit facility are due and payable from November 4, 2018 to August 12, 2020. The credit facility continues to have an accordion feature which allows for an increase in the total loan commitment to $150 million.

"We are pleased to have extended and expanded our Credit Facility, which we intend to use to leverage our existing investments as well as fund new, high-quality loan opportunities," said Christopher M. Mathieu, Senior Vice President and Chief Financial Officer. "Our ongoing relationship with Key provides Horizon with continued favorable asset eligibility at a competitive interest rate and an extension in the revolving period to three years. The addition of AloStar's new commitment increases our borrowing capacity, which we expect will drive net investment income growth as we utilize the Credit Facility to strategically expand our investment portfolio in a disciplined manner."

Horizon Technology Finance Corporation is a leading specialty finance company that provides capital in the form of secured loans to companies backed by venture capital firms within the technology, life science, healthcare information and services and cleantech industries.

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