October 2, 2017

Horizon Tech to redeem $33M in notes

Farmington specialty financier Horizon Technology Finance Corp. says it will redeem later this month all $33 million of outstanding senior debt using proceeds from its latest debt issue.

Horizon set Oct. 30 as the redemption date for its 7.375 percent senior notes due 2019, after which it said they will be delisted from the New York Stock Exchange.

The redemption price will be $25 per note, plus accrued and unpaid interest, the lender said. The redemption is expected to yield interest savings through the original maturity date of the notes.

Horizon a week ago issued at least $30 million in bond notes due 2022 to replace its outstanding debt.

In addition, Horizon said it offered underwriters a 30-day option to buy up to an additional $4.5 million in notes to cover any over-allotments.

Horizon specializes in secured lending to venture capital-backed companies in the technology, life science, healthcare information and services, and cleantech industries.

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