Horizon Technology Finance (HRZN) prices 3.25 million share offering at $12.50/share

May 31, 2023 6:03 AM EDT

Horizon Technology Finance Corporation (Nasdaq: HRZN) announced that it has priced an underwritten public offering of 3,250,000 shares of its common stock at a price to the public of $12.50 per share for total gross proceeds of approximately $40,625000, before deducting underwriting commission and discounts and estimated offering expenses. The public offering is expected to close on or about June 2, 2023, subject to the customary closing conditions. In connection with the offering, the Company has granted the underwriters for the offering a 30-day option to purchase up to an additional 487,500 shares of the Company's common stock solely to cover overallotments, if any.

The joint-lead book-running managers for the offering are Morgan Stanley & Co. LLC, UBS Investment Bank, and Wells Fargo Securities. The co-managers for the offering are Janney Montgomery Scott LLC and Maxim Group LLC.

The Company intends to use the net proceeds of this offering to repay its outstanding debt borrowed under its revolving credit facility provided by KeyBank National Association (the "Key Facility"). However, through re-borrowing of the initial repayments under its Key Facility, the Company intends to use the net proceeds from this offering to make investments in accordance with its investment objective and strategies described in the prospectus supplement and the accompanying prospectus, to pay the Company's operating expenses and other cash obligations, and for general corporate purposes.

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