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Horizon Technology Finance Provides Investment Portfolio Update For Third Quarter 2013

FARMINGTON, Conn., Oct. 2, 2013 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) ("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 third quarter of 2013.

"Our investment activity during the third quarter reflects management's disciplined approach to capitalizing on high-quality venture debt opportunities within our target markets," said Gerald A. Michaud, President of Horizon. "We are pleased to continue our success in providing important growth capital for well-sponsored technology companies. Management remains committed to deploying capital efficiently and profitably into a diverse mix of earning assets while maintaining the potential for upside returns from warrant gains."

New Loans Funded

New loans funded during the third quarter of 2013 totaled approximately $11.5 million. During the third quarter of 2013, Horizon provided funding to the following new and existing portfolio companies:

  • $2.0 million to a new portfolio company, eASIC Corporation, a fabless semiconductor company offering breakthrough ASIC devices that reduce the overall fabrication cost and time-to-production of customized semiconductor devices. 
  • $1.5 million to a new portfolio company, Ekahau Inc., a provider of RFID-over-Wi-Fi™ Real-Time Location Systems which enables enterprises to locate, track and manage assets, inventory, staff and visitors.
  • $1.5 million to an existing portfolio company, Lotame Solutions, Inc., the leading data management platform for publishers, ad networks and marketers.
  • $2.0 million to an existing portfolio company, NexPlanar Corporation, a developer of next generation chemical mechanical planarization (CMP) pads for the semiconductor device industry.
  • $3.0 million to a new portfolio company, Tryton Medical, Inc., a leading developer of stents designed to treat bifurcation lesions.
  • $1.5 million to an existing portfolio company, a provider of cloud-based financial assurance and predictive analytics solutions for communications service providers.

Refinanced Principal Balances, Early Principal Payoffs, and Principal Payments Received

During the quarter ended September 30, 2013, Horizon had no refinanced principal balances and experienced early pay-offs of principal totaling $7.5 million, compared to no refinanced balances and pay-offs of principal totaling $19.3 million during the second quarter of 2013. During the quarter ended September 30, 2013, Horizon received principal payments on investments totaling $10.5 million compared to the quarter ended June 30, 2013, wherein Horizon received principal payments on investments totaling $8.7 million.

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