UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 16, 2011
HORIZON TECHNOLOGY FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware (State or other jurisdiction of incorporation) |
814-00802 (Commission File Number) |
27-2114934 (I.R.S. Employer Identification No.) |
312 Farmington Avenue
Farmington, CT 06032
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (860) 676-8654
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Section 8 | Other Events |
| Item 8.01 | Other Events |
On June 20, 2011, Horizon Technology Finance Corporation (the “Company”) issued a press release to
announce that it has received a commitment for a new credit facility of up to $150 million with an
initial commitment of $75 million from Wells Fargo Capital Finance, part of Wells Fargo & Company.
A copy of the press release is attached hereto as exhibit 99.1.
| Section 9 | Financial Statements and Exhibits |
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
| 99.1 |
Press Release of the Company dated June 20, 2011. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: June 20, 2011 | HORIZON TECHNOLOGY FINANCE CORPORATION |
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| By: | /s/ Robert D. Pomeroy, Jr. | |||
| Robert D. Pomeroy, Jr. | ||||
| Chief Executive Officer | ||||
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Exhibit 99.1
Horizon Technology Finance Receives Commitment for New
$150 Million Accordion Credit Facility with Initial $75 Million Commitment
from Wells Fargo Capital Finance
$150 Million Accordion Credit Facility with Initial $75 Million Commitment
from Wells Fargo Capital Finance
FARMINGTON, Conn., June 20, 2011 — 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 announced that it has
received a commitment for a new credit facility up to $150 million with an initial commitment of
$75 million from Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE:WFC). The credit
facility contains an “accordion” feature which would allow additional lenders to join the facility
with increased commitments up to an aggregate of $150 million. After consummation of the credit
facility, there can be no assurances that additional lenders would join the credit facility.
Amounts borrowed under the credit facility will bear interest at LIBOR plus 4.00%, with a floor of
5.00% and an advance rate of 50% against eligible loans.
Robert D. Pomeroy, Jr., Chairman and Chief Executive Officer, commented, “We are pleased to receive
a commitment for a new credit facility of up to $150 million. Upon closing, the facility will
immediately allow us to leverage existing investments and provide us with additional capital to
deploy into new portfolio assets. By continuing to execute on our leverage strategy, we expect to
grow our high-quality portfolio and enhance our future earnings and dividend growth.”
The credit facility is subject to customary closing conditions and the execution of definitive
documentation. No assurance can be given that the Company will execute definitive documentation,
that the definitive documentation will reflect the terms described herein or that the credit
facility will be entered into at all.
About Horizon Technology Finance Corporation
Horizon Technology Finance Corporation is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, CT, with a regional office in Walnut Creek, CA, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. To learn more, please visit www.horizontechnologyfinancecorp.com.
Horizon Technology Finance Corporation is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, CT, with a regional office in Walnut Creek, CA, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. To learn more, please visit www.horizontechnologyfinancecorp.com.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities
Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities
and Exchange Commission. The Company undertakes no duty to update any forward-looking statement
made herein. All forward-looking statements speak only as of the date of this press release.
Horizon Technology Finance Corporation
|
Investor Relations and Media Contacts: | |
Christopher M. Mathieu
|
The IGB Group | |
Chief Financial Officer
|
Leon Berman / Michael Cimini | |
(860) 676-8653
|
(212) 477-8438 / (212) 477-8261 | |
chris@horizontechfinance.com
|
lberman@igbir.com / mcimini@igbir.com |