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Horizon Technology Finance Provides Investment Portfolio Update For First Quarter 2013

Stocks in this article: HRZN

FARMINGTON, Conn., April 3, 2013 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) (the "Company" or "Horizon"), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life science, healthcare information and services and clean-tech industries, today provided a portfolio update for the first quarter of 2013.

"During the first quarter, we continued to expand our earning assets and maintained the strong overall quality of our investment portfolio," said Gerald A. Michaud, President of Horizon. "We are pleased to have funded a total of $28.5 million in venture loans to a diverse mix of five new portfolio companies and two existing portfolio companies in the quarter. This performance, combined with scheduled amortization of investments and no loan prepayments in the first quarter, led to an ending loan portfolio balance of approximately $238 million, an increase of 7.7% over the prior quarter. While we continue to achieve steady growth amid strong competition and an uncertain macro environment, our focus remains on deploying capital in a disciplined manner, taking advantage of select market opportunities that meet our risk-return requirements, and strengthening Horizon's leading venture lending franchise."

New Loans Funded

New loans funded during the first quarter of 2013 totaled approximately $28.5 million. During the first quarter of 2013, Horizon provided funding to the following new and existing portfolio companies:

  • $4.0 million to Decisyon, Inc., a new portfolio company. Decisyon is a provider of collaborative enterprise software solutions to Global 1000 companies.
  • $4.0 million to Lotame Solutions, Inc., a new portfolio company. Lotame is the leading data management platform for publishers, ad networks and marketers.     
  • $5.0 million to Raydiance, Inc., a new portfolio company. Raydiance is a developer of precision manufacturing solutions enabled by femtosecond laser technology.
  • $7.0 million to a new portfolio company which is a healthcare information and services technology company focused on the sleep breathing disorders market.
  • $1.0 million to a new portfolio company that has developed a SaaS platform providing mobility management solutions for enterprises.
  • $2.5 million to an existing portfolio company which develops novel transcatheter heart valve technologies.
  • $5.0 million to an existing portfolio company which has developed a technology to process biomass into fuel for clean technology applications.  

Refinances, Principal Payments Received, Early Payoffs

During the quarter ended March 31, 2013, Horizon had no refinanced balances and no early pay-offs compared to the quarter ended December 31, 2012, wherein Horizon refinanced balances totaling $14.6 million and experienced early pay-offs totaling $26.6 million. During the quarter ended March 31, 2013, Horizon received principal payments on investments totaling approximately $10.0 million compared to the quarter ended December 31, 2012, wherein Horizon received principal payments on investments totaling $10.6 million.

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