July 17, 2012

Farm'ton financier Horizon Tech offering 1.9M shares

Gerald A. Michaud, president of Horizon Technology Finance Corp.

Horizon Technology Finance Corp. launched an offering of as many as 1.9 million shares, proceeds that will position it to bolster its portfolio of tech startups and companies inside and outside Connecticut, authorities say.

On top of its primary issue of 1.66 million common shares, Horizon said Tuesday its underwriters have the option to buy another 249,000 shares.

Shares in the offering had not been priced as of late Tuesday.

However, its stock closed Tuesday at $16.84 a share, potentially valuing its offering at about $32.6 million.

Wells Fargo Securities LLC and Stifel, Nicolaus & Co. Inc. are joint book-running managers for the offering. BB&T Capital Markets, Sterne, Agee & Leach Inc., JMP Securities LLC, and Gilford Securities Inc. are co-managers.

Horizon said net proceeds will go to repay borrowings from its credit line with Wells Fargo Capital Finance LLC and then, through re-borrowing under the facility, invest the net proceeds into its tech portfolio.

Horizon's team of 16 employees, led by President Gerald A. Michaud, provides secured loans to venture capital and private equity-backed companies in the technology, lifescience, healthcare, information services and clean-tech industries.

Free E-Newsletters

Sign up now for our daily and weekly
e-newsletters! Click Here

Today's Poll When will the construction industry recover?<>
Most Popular on Facebook
Copyright 2017 New England Business Media