Horizon Secured Loan Fund I, a wholly-owned subsidiary of Horizon Technology Finance, amended its senior secured debt facility with a U.S.-based insurance company. Under the amended agreement, the commitment to Horizon Secured Loan Fund I was increased by $50 million, allowing it to issue up to $250 million of secured notes, of which it currently has outstanding $177 million.
The amendment to the credit facility also extends the investment period to June 2024. In addition, the amendment, among other things, changes the pricing structure for future borrowings to the three-year I-curve rate plus 3.5%. The facility is collateralized by the assets of Horizon Secured Loan Fund I, which consist of cash and debt investments.
“We are pleased to further expand our borrowing capacity, which increases our ability to provide quality companies with venture debt solutions and allows us to thoughtfully grow our venture debt portfolio,” Daniel R. Trolio, executive vice president and CFO of Horizon Technology Finance, said. “The continued support of our lenders is a testament to our discipline with respect to underwriting and our focused efforts to strengthen our balance sheet. We believe Horizon remains well-positioned to deliver additional value to its shareholders.”
