– Horizon platform created 118 million dollars Of new loans in the fourth quarter, including 80 million dollars Number of new loans to HRZN –
-HRZN grows loan portfolio by 109 million dollars in 2021 –
Horizon expires in 2021 with backlog committed 153 million dollars, Including 125 million dollars In HRZN commitments –
Farmington, Connecticut.And January 12 2022 /PRNewswire/ – Horizon Technology Finance Corporation (NASDAQ: HRZN) (“HRZN” or the “Company”), a leading specialist financing company that provides capital in the form of secured loans to venture capital-backed companies in the technology and life sciences that today provided health care information and services to the industries Sustainable Developments Update Its Portfolio For The Ending Fourth Quarter December 31, 2021 and an update of the lending platform (“Horizon”) of Horizon Technology Finance Management LLC (“HTFM”), its investment advisor.
“We had another exceptional quarter, closed 118 million dollars of loans originated through our lending platform, including 80 million dollars From HRZN Loans Gerald A. Michaud, Head of HTFM. “For the year, the Horizon platform has resurrected 425 million dollars In new loans, including a record $297 million for HRZN’s portfolio.
In addition, the committed backlog that originated from the Horizon Platform has grown to 153 million dollars of debt investments, including 125 million dollars In HRZN commitments, while Horizon Platform maintained a wealth of new investment opportunities at the end of 2021,” Mr. Michaud added. This positions the Horizon Platform and HRZN for further growth in 2022 and is indicative of a stronger horizon. brand to attract unique, diversified and transformative businesses.”
Also in the fourth quarter, HRZN received 55 million dollars In Loan Prepayments – Verify our predictive pricing strategy and provide HRZN with additional fee income and accelerated interest income. Entering 2022, we are excited about the opportunity to further grow the Horizon Platform and HRZN loan portfolio and deliver even more value to HRZN shareholders.”
Fourth Quarter 2021 Portfolio Update
During the fourth quarter of 2021, a total of $118.2 million of loans funded through the Horizon platform, including 17 in total $79.9 million Funded by HRZN as follows:
12.5 million dollars To a new portfolio company, Interior Define, Inc. , an e-commerce platform that designs, sells and markets custom furniture directly to consumers.
$8.5 million To an existing portfolio company, Branded Online, Inc. (d/b/a Nogin), a company that provides commerce as a service for consumer and lifestyle brands.
$7.5 million To a new portfolio company, GreenLight Biosciences, Inc. , a biopharmaceutical company focused on developing RNA solutions for human health and agricultural challenges.
$7.5 million To a new portfolio company, IMV Inc. (NASDAQ:IMV), a clinical-stage biopharmaceutical company that is developing a new class of cancer immunotherapies and vaccines for infectious diseases.
$7.0 million To New Portfolio Company, an online platform that offers premium quality used cars to consumers on a subscription basis.
5.0 million dollars to a new portfolio company, a conservation memorial forest builder that offers sustainable alternatives to cemeteries.
5.0 million dollars For an existing company, Emalex Biosciences, Inc. , a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system movement disorders and fluency disorders.
5.0 million dollars To an existing portfolio company, Supply Network Visibility Holdings LLC (d/b/a Everstream Analytics), a provider of supply chain risk management software.
5.0 million dollars To an existing portfolio company, Provivi, Inc. , which is a developer of cost-effective natural crop protection products that use pheromones to disrupt the insects’ typical mating cycle.
5.0 million dollars To an existing company, Ceribell, Inc. , developer of a rapid-response electroencephalogram (EEG) medical device licensed by the Food and Drug Administration, which measures the amount of electrical activity in different areas of the brain in order to diagnose seizures.
3.5 million dollars into a new portfolio company, a family experience builder that combines gameplay, media, and merchandise designed to inspire and engage families.
2.5 million dollars to an existing portfolio company, a technology developer that can identify microbes in order to speed treatment and improve overall health.
2.5 million dollars into a new portfolio company, a data platform that enables marketers to build personalized digital experiences and one-to-one marketing campaigns by focusing on behavioral data.
$1.25 million To an existing portfolio company, Unagi, Inc. , developer of premium portable electric scooters for sale at an affordable monthly subscription.
$1.0 million For Alula, Inc. Current, a security systems designer and manufacturer that is sold exclusively to professional distributors and dealers.
$1.0 million To an existing company, InfoBionic, Inc. , developer of an FDA-approved SaaS remote monitoring system to help treat arrhythmias.
HRZN saw liquidity events from seven portfolio companies in the fourth quarter of 2021, including major prepayments for $55.0 million Receipt of guarantees and the total proceeds of ownership $0.4 million, compared to $50.4 million Out of advance payments and $1.6 million Of the guarantee revenues during the third quarter of 2021:
In October, Getaround, Inc. Her base balance in advance of the adult $25.0 million On his investment loan, plus interest, end-of-term payment and prepayment fees. HRZN continues to maintain orders in the company.
In October, Topia Mobility, Inc. Her basic outstanding balance is 10.0 million dollars On his investment loan, plus interest, end-of-term payment and prepayment fees. HRZN continues to maintain orders in the company.
In October, HRZN received warrant proceeds from 0.1 million dollars From its investment in Education Elements, Inc.
In November, CVRx, Inc. Her basic outstanding balance is $20.0 million On his investment loan, plus interest, end-of-term payment and prepayment fees. HRZN continues to maintain orders in the company.
In November, MVI (ABC), LLC (assignee of Stereovision Inc.) paid its outstanding principal balance of 3.5 million dollars On the project loan, plus interest.
In December, HRZN . received $7.0 million from selling her investment in her debt to the Bet king Corporation.
In December, HRZN received cash proceeds from 0.3 million dollars From the sale of shares in Qualtrics International Inc. , which HRZN received in connection with the sale of Claarabridge, Inc.
Principal payments received
During the fourth quarter of 2021, HRZN received regularly scheduled base payments on total investments $2.9 million, compared to the sum of regularly scheduled principal payments $3.2 million during the third quarter of 2021.
During the ending quarter December 31, 2021HRZN closed new loan commitments in total $114.9 million to 10 companies, compared to new loan commitments of $91.0 million to 11 companies in the third quarter of 2021. During the quarter, other HTFM managed funds closed new loan commitments totaling $38.8 million of approvals and commitments of unfunded loans.
Pipelines and Terminology Papers
From December 31, 2021, HRZN’s unfunded loan approvals and commitments (“Accumulative Obligated Commitments”) were $124.5 million 23 companies. This is compared to the backlog committed $100.6 million To 21 companies as of September 30, 2021. HRZN portfolio companies have discretion as to whether to withdraw these obligations, and the right of the portfolio company to withdraw its obligation is often subject to the achievement of specified milestones and other conditions of borrowing. Accordingly, there is no guarantee that HRZN will fund any or all of these transactions. Other HTFM Managed Funds ended the quarter with overall $28.0 million of approvals and commitments of unfunded loans.
During the quarter, HTFM has received signed term sheets that are in the approval process, which may result in the Horizon Platform providing up to a total of 135 million dollars of new debt investments. These opportunities are subject to the terms of the underwriting including, but not limited to, completion of due diligence, negotiation of final documentation and approval of the Investment Committee, as well as compliance with HTFM’s Allocation Policy. Accordingly, there is no guarantee that any or all of these transactions will be completed or funded by HRZN.
Capital Markets Activity – Collateral and Equity Portfolio
From December 31, 2021HRZN holds a portfolio of collateral and equity positions in 77 portfolio companies, including 64 private companies, providing the potential for additional future returns for HRZN shareholders.
About Horizon Technology Financing
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialist financing company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life sciences, healthcare information and services, and sustainability industries. HRZN’s investment objective is to maximize the return of its investment portfolio by generating current income from the debt investments it makes and by increasing the principal from the guarantees it receives when making such debt investments. Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, Californiaand investment professionals located in Portland, MaineAnd Austin, Texas, and Reston, Virginia. To find out more, please visit www.horizontechfinance.com.
Statements 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 in this press release may constitute forward-looking statements and are not guarantees of future performance, status or results and involve a number of risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizon filings with the Securities and Exchange Commission. Horizon assumes no duty to update any forward-looking statement made here. All forward-looking statements speak only as of the date of this press release.
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SOURCE Horizon Technology Finance Corporation