Horizon Technology Terminates Fortress Term Loan
Horizon Technology Finance announced the termination of its term loan credit facility with Fortress Credit, an affiliate of Fortress Investment Group and the company’s prepayment of all outstanding amounts due there under.
Horizon said it maintains borrowing capacity under its existing $50 million revolving credit facility with Key Equipment Finance, which contains an accordion feature allowing for an increase in the total loan commitment up to an aggregate commitment of $150 million.
The Key facility has a current interest rate of 4.00%, as compared to an interest rate of 7.00% under the term loan facility. Horizon currently has no outstanding borrowings under the Key facility, but expects to borrow under the facility by the end of the second quarter.