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Horizon Technology Finance Corp. says its lending syndicate has added $20 million more to the Farmington specialty lender’s revolving line of credit.
The Horizon Credit II LLC unit boosted its credit line to $70 million with the extra $20 million funding commitment from AloStar Bank of Commerce, of Birmingham, Ala., parent Horizon Tech’s finance chief Christopher M. Mathieu saidThursday.
Midwest regional giant KeyBank, of Cleveland, Ohio, leads the lender syndicate funding Horizon, Mathieu said.
The amended credit facility retains an “accordion” feature which allows for an increase in the total loan commitment to $150 million, although there is no guarantee the syndicate will do so, Mathieu said.
Horizon’s business model relies on leveraging borrowed capital to make loans to fledgling or expanding firms mostly in the life-sciences and information-technology sectors in exchange for debt-repayment terms and equity stakes from its borrowers.
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