Horizon Technology completes $75 million term loan led by Fortress

By Sara Rosenberg

New York, Aug. 23 - Horizon Technology Finance Corp. closed on Thursday on a new $75 million three-year term loan, according to an 8-K filed with the Securities and Exchange Commission.

Fortress Credit Co. LLC is the administrative agent on the deal.

Pricing on the loan is Libor plus 600 basis points with a 1% Libor floor. There is a 100 bps unused fee beginning Oct. 1.

The loan has two one-year extensions with a draw period of up to four years.

Proceeds will be used to leverage existing investments as well as deploy additional capital for new investments.

At closing, there was $10 million drawn under the loan.

Horizon Technology is a Farmington, Conn.-based provider of secured loans to development-stage companies backed by venture capital and private equity firms within the technology, life science, health-care information and services, and clean-tech industries.

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