Horizon Technology amends revolver, assigns rights to Key Equipment

By Jennifer Chiou

New York, Nov. 5 - Horizon Technology Finance Corp. entered into on Monday a renewal of and amendment to its prior $75 million revolving credit facility, which was previously through Wells Fargo Capital Finance, LLC, according to an 8-K filing with the Securities and Exchange Commission.

The now $50 million commitment is provided by Key Equipment Finance, Inc.

There is an accordion feature allowing for up to $150 million of commitments.

There is a Libor floor of 75 basis points, compared to a prior floor of 100 bps.

The filing said that the stated interest rate is one-month Libor plus 325 bps for a current interest rate applied on outstanding balances of 4%. This compares to a previous interest rate of 4.25%.

Horizon noted that there is a three-year draw period beginning on Nov. 4, followed by a two-year term-out option.

Farmington, Conn.-based Horizon is a specialty finance company that lends to and invests in development-stage companies in the technology, life science, clean-tech and health care information and services industries.

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