By Cristal Cody
Tupelo, Miss., Aug. 5 – Horizon Technology Finance Corp. subsidiary Horizon Funding Trust 2019-1 LLC (Morningstar: A+) priced a $160 million asset-backed loan securitization transaction, according to a news release and a market source on Monday.
The $100 million securitization deal has a maturity of Sept. 15, 2027 and carries a 4.21% coupon.
The company expects to receive proceeds of $98.8 million before fees and expenses following the sale of the $160 million pool of loans, which are across the full credit spectrum.
Horizon Technology Finance said it intends to fund a reserve account in an amount equal to 0.75% of the principal balance as additional credit enhancement for the rated notes.
KeyBanc Capital Markets Inc. was the deal arranger.
The Farmington, Conn.-based specialty finance company 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.
| Issuer: | Horizon Funding Trust 2019-1 LLC
|
| Amount: | $100 million
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| Securities: | Loans
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| Maturity: | Sept. 15, 2027
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| Structure: | Asset-backed loan securitization
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| Placement agent: | KeyBanc Capital Markets Inc.
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| Manager: | Horizon Technology Finance Corp.
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| Coupon: | 4.21%
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| Announcement date: | Aug. 5
|
| Settlement date: | Aug. 13
|
| Rating: | Morningstar: A+
|
| Distribution: | Rule 144A and Regulation S
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