Horizon Technology gets commitment for up to $150 million facility

By Melissa Kory

Cleveland, June 20 - Horizon Technology Finance Corp. announced that it received a commitment for a credit facility of up to $150 million with an initial commitment of $75 million from Wells Fargo Capital Finance.

The credit facility contains an accordion feature that would allow additional lenders to join the facility with increased commitments up to $150 million.

Amounts borrowed under the credit facility will bear interest at Libor plus 400 basis points with a floor of 5% and an advance rate of 50% against eligible loans.

"Upon closing, the facility will immediately allow us to leverage existing investments and provide us with additional capital to deploy into new portfolio assets," Robert D. Pomeroy Jr., chairman and chief executive officer, said in a press release.

Horizon is a Farmington, Conn.-based specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life science, health-care information and services, and clean-tech industries.

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