Horizon Technology Finance (HRZN) Unit Closes $75M Term Loan

Horizon Technology Finance Corporation (Nasdaq: HRZN) announced that its wholly owned subsidiary, Horizon Credit III LLC, has closed a new term loan credit facility of $75 million with Fortress Credit Co LLC, an affiliate of Fortress Investment Group LLC (NYSE: FIG) ("Fortress Credit"). The Company received an initial advance of $10 million at closing.

Horizon intends to use the credit facility to leverage its existing investments, as well as deploy additional capital for new investments. The credit facility has a three-year term subject to two one-year extensions with a draw period of up to four years. Amounts borrowed will bear interest at LIBOR plus 6.0%, with a LIBOR floor of 1%. The effective loan advance rate is 66% of eligible loans. The new credit facility with Fortress Credit complements the Company's existing credit facilities with Wells Fargo Capital Finance, LLC and WestLB, AG, both of which continue to provide leverage to the Company.

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