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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.
News For HRZN From The Last 14 Days
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April 8, 2015
16:22 EDTHRZNHorizon Technology reports Q1 new loans totaled $23.9M
Horizon Technology provided a portfolio update for Q1. Horizon funded new loans in Q1 totaling $23.9M to portfolio companies. Horizon experienced liquidity events from four portfolio companies. Liquidity events for Horizon may consist of the sale of warrants or equity in portfolio companies, loan prepayments, sale of owned assets or receipt of success fees. Horizon experienced Q1 early pay-offs totaling $18.0M vs. $14.2M in 4Q14. In Q1, Horizon received regularly scheduled principal payments on investments totaling $7.1M vs. $10.8M in 4Q14. Horizon closed new loan commitments totaling $24.4M to six companies in Q1, vs. $37.5M to 11 companies in 4Q14. As of March 31, Horizon's unfunded loan approvals and commitments were $37.2M to 13 companies, vs. $25.7M to 11 companies as of December 31, 2014. Horizon holds warrant positions in two portfolio companies that recently filed registration statements in connection with their potential initial public offerings: eASIC Corporation filed a Registration Statement on Form S-1 on February 19; and a portfolio company confidentially submitted a Draft Registration Statement on Form S-1 under the JOBS Act. On February 23, Inotek completed its IPO.

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