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WhiteHorse Finance, Inc. Prices Initial Public Offering

WhiteHorse Finance, Inc. (the “Company”) (NASDAQ: WHF) announced today the pricing of the initial public offering of 6,666,667 shares of its common stock at a public offering price of $15.00 per share, raising $100 million in gross proceeds. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 1,000,000 shares of common stock. The Company’s common stock is expected to begin trading on The Nasdaq Global Select Market under the symbol “WHF” on December 5, 2012. Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Barclays Capital Inc. are acting as joint book-running managers. Robert W. Baird & Co. Incorporated, RBC Capital Markets, LLC and Stifel, Nicolaus & Company, Incorporated are acting as co-lead managers. BB&T Capital Markets, a division of Scott & Stringfellow, LLC, Sterne, Agee & Leach, Inc., Wunderlich Securities, Inc. and Natixis Securities Americas LLC are acting as co-managers. The shares are expected to be delivered to investors on December 10, 2012.

The Company plans to invest the net proceeds of the offering in accordance with its investment objective, which is to generate attractive risk-adjusted returns for investors by originating loans to privately held small-cap companies across a broad range of industries, and for general corporate purposes.

Investors are advised to consider carefully the investment objectives, risks and charges and expenses of the Company before investing. The preliminary prospectus dated November 26, 2012 contains this and other information about the Company and should be read carefully before investing.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the shares referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement relating to these securities was filed and has been declared effective by the Securities and Exchange Commission on December 4, 2012. This offering is being made solely by means of a written prospectus forming part of the effective registration statement. A copy of the final prospectus relating to the offering may be obtained, when available, from any of the following joint book-running managers: Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836 or by e-mailing prospectus.cpdg@db.com or by calling (800) 503-4611; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling toll-free (866) 803-9204; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling (800) 831-9146; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by e-mailing barclaysprospectus@broadridge.com or by calling (888) 603-5847.

ABOUT WHITEHORSE FINANCE, INC.

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