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Stock Market & Financial Investment News

News Breaks
June 17, 2014
16:23 EDTHRZNHorizon Technology announces prepayment, termination of term loan facility
Horizon Technology Finance announced the termination of its term loan credit facility with Fortress Credit Co, an affiliate of Fortress Investment Group and the company's prepayment of all outstanding amounts due thereunder. Horizon maintains borrowing capacity pursuant to its existing $50M revolving credit facility with Key Equipment Finance which contains an accordion feature allowing for an increase in the total loan commitment up to an aggregate commitment of $150M. In connection with the prepayment and termination of the Term Loan Facility, Horizon expects to record a one-time interest expense charge of $1.9M for the quarter ended June 30. These nonrecurring expenses consist of a non-cash expense of $1.1M from the acceleration of unamortized debt issuance costs, and a cash expense of $800,000 incurred by the payment of a prepayment fee. The non-recurring expenses are expected to be partially offset by a reduction of approximately $700,000 in incentive fees that would otherwise have been due to the company's advisor in Q2 if the Term Loan Facility had not been terminated. As a result, the net impact from the prepayment and termination of the Term Loan Facility on Horizon's net investment income is expected to be approximately $1.2M, or 12c per share, for the quarter ended June 30. There will be no ongoing obligations or expenses associated with the termination and prepayment of the Term Loan Facility. As a result of the termination and prepayment of the Term Loan Facility, commencing with the Q3, Horizon expects to reduce its quarterly interest expense by approximately $300,000, or 3c per share.
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July 28, 2014
10:02 EDTHRZNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AcelRx (ACRX) downgraded to Hold from Buy at Canaccord... Anglo American (AAUKY) downgraded to Neutral from Buy at UBS... Aon plc (AON) downgraded to Hold from Buy at Sandler ONeill... Cabot Oil & Gas (COG) downgraded at Oppenheimer... Cisco (CSCO) downgraded to Sector Perform from Outperform at Pacific Crest... Coeur Mining (CDE) downgraded to Market Perform from Outperform at Raymond James... DSW (DSW) downgraded at Sterne Agee... DuPont Fabros (DFT) downgraded to Neutral from Buy at Citigroup... El Paso Electric (EE) downgraded to Hold from Buy at Jefferies... Enphase Energy (ENPH) downgraded to Hold from Buy at Deutsche Bank... GlaxoSmithKline (GSK) downgraded to Neutral from Buy at BofA/Merrill... Horizon Technology (HRZN) downgraded to Hold from Buy at Wunderlich... Lear (LEA) downgraded to Hold from Buy at Deutsche Bank... Life Time Fitness (LTM) downgraded at Wedbush... Monster Beverage (MNST) downgraded to Neutral from Buy at UBS... NRG Energy (NRG) downgraded to Buy from Conviction Buy at Goldman... PG&E (PCG) downgraded to Sell from Neutral at Goldman... Pfizer (PFE) downgraded at BMO Capital... Post Properties (PPS) downgraded to Neutral from Buy at Citigroup... Publicis (PUBGY) downgraded to Sell from Neutral at Citigroup... Selmer Scientific (SMLR) downgraded to Hold from Buy at Aegis... TransCanada (TRP) downgraded to Neutral from Outperform at Credit Suisse... Travelers (TRV) downgraded to Hold from Buy at Sandler O'Neill... Zurich Insurance (ZURVY) downgraded to Underperform from Market Perform at Bernstein.
06:29 EDTHRZNHorizon Technology downgraded to Hold from Buy at Wunderlich
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