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
Date of Report (Date of earliest event reported): April 3, 2013
HORIZON TECHNOLOGY FINANCE CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 814-00802 | 27-2114934 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) | (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:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Section 2 | Financial Information | |
| Item 2.02 | Results of Operations and Financial Condition |
On April 3, 2013, Horizon Technology Finance Corporation (the “Company”) issued a press release announcing its investment portfolio update for the three months ended March 31, 2013. A copy of this press release is attached hereto as Exhibit 99.1.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Section 9 | Financial Statements and Exhibits | |
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
| 99.1 | Press release of the Company dated April 3, 2013. |
| 2 |
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: April 4, 2013 |
HORIZON TECHNOLOGY FINANCE CORPORATION
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|||
|
By: |
/s/ Robert D. Pomeroy, Jr. |
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| Robert D. Pomeroy, Jr. | ||||
| Chief Executive Officer | ||||
| 3 |
Exhibit Index
| Exhibit No. | Description | |
| 99.1 | Press release of the Company dated April 3, 2013 |
| 4 |
Horizon Technology Finance Provides
Investment Portfolio Update for First Quarter 2013
New Loans Funded Total $28.5 Million
FARMINGTON, Conn., April 3, 2013 – 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.
Commitments
During the quarter ended March 31, 2013, Horizon closed new loan commitments totaling $25.5 million to five companies, compared to the quarter ended December 31, 2012, wherein Horizon closed new loan commitments totaling $77.4 million to 11 companies.
Pipeline
As of March 31, 2013, Horizon’s unfunded loan approvals and commitments (“Committed Backlog”) were $14.6 million to 9 companies, compared to a Committed Backlog of $28.7 million to 10 companies as of December 31, 2012. While Horizon’s portfolio companies have discretion whether to draw down such commitments, in some cases, the right of a company to draw down its commitment is subject to the portfolio company achieving specific milestones.
About Horizon Technology Finance Corporation
Horizon Technology Finance Corporation is a business development company that 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, Connecticut, with regional offices in Walnut Creek, California and Reston, Virginia, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “HRZN.” In addition, the Company’s 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol “HTF.” To learn more, please visit www.horizontechnologyfinancecorp.com.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and 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 |