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Horizon Technology Finance Provides Investment Portfolio Update For Fourth Quarter 2013

Stocks in this article: HRZN

FARMINGTON, Conn., Jan. 8, 2014 (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 fourth quarter of 2013.

"We experienced a notable increase in investment activity during the fourth quarter as compared to the prior quarter, as we added eight loans to our portfolio and increased our committed backlog to $19 million," said Gerald A. Michaud, President of Horizon. "We also continued to benefit from the dynamic nature of our venture loan portfolio based on successful liquidity events from four portfolio companies in the quarter, including one that was on non-accrual. As a result of our ongoing efforts, we believe the overall quality of our current investment portfolio is strong and we remain focused on efficiently deploying capital into high yielding loan assets and creating opportunities to monetize our warrant portfolio."

New Loans Funded

New loans funded during the fourth quarter of 2013 totaled $19.0 million. During the fourth quarter of 2013, Horizon provided funding to the following new and existing portfolio companies:

  • $6.0 million to a new portfolio company, Mederi Therapeutics, Inc., a developer of minimally invasive treatments for gastroesophageal reflux disease and bowel control disorder.
  • $3.0 million to a new portfolio company, VBrick Systems, Inc., a provider of enterprise IP video platforms.
  • $2.5 million to an existing portfolio company, Avalanche Technology, Inc., a developer of next-generation storage products utilizing its proprietary Spin Programmable Memory technology.
  • $2.5 million to an existing portfolio company, a provider of Carrier Ethernet solutions for communications service providers and network operators.
  • $2.5 million to an existing portfolio company, Recondo Technology, a software company that develops cloud computing solutions throughout the healthcare revenue cycle.
  • $1.0 million to a new portfolio company, Nanocomp Technologies, Inc., a developer of high performance materials and component products made from carbon nanotubes.
  • $1.0 million to an existing portfolio company, a provider of cloud-based financial assurance and predictive analytics solutions for communications service providers.
  • $0.5 million to an existing 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.

Liquidity Events

During the quarter ended December 31, 2013, Horizon experienced liquidity events from four portfolio companies, increasing the total number of liquidity events to 11 for the year ended December 31, 2013. Liquidity events for Horizon may consist of the exercise of warrants in portfolio companies, loan prepayments or receipt of success fees.

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