FARMINGTON, Conn., Jan. 13, 2021 /PRNewswire/ — Horizon Expertise Finance Company (NASDAQ: HRZN) (“Horizon,” “We,” “Our” or the “Firm”), a number one specialty finance firm that gives capital within the type of secured loans to enterprise capital backed corporations within the know-how, life science, healthcare data and providers, and sustainability industries, as we speak supplied its portfolio replace for the fourth quarter ended December 31, 2020.
“We’re happy to have completed a really sturdy quarter of portfolio progress, originating $77 million of loans to each new and current portfolio corporations,” mentioned Gerald A. Michaud, President of Horizon. “Despite a difficult atmosphere, Horizon’s model and platform have been capable of entice and determine high quality funding alternatives in corporations with distinctive and progressive applied sciences, adept administration and glorious progress potential. Moreover, the $17 million in mortgage prepayments we obtained in the course of the quarter displays the power of our high quality portfolio corporations to finish exit transactions, which give accelerated revenue to Horizon. We keep a sturdy backlog and increasing pipeline of latest funding alternatives, positioning Horizon for continued progress as we begin the brand new 12 months.”
Fourth Quarter 2020 Portfolio Replace
Horizon funded 9 loans in the course of the fourth quarter of 2020 totaling $76.6 million, together with:
- $18.0 million to a brand new portfolio firm, Getaround, Inc., a peer-to-peer automotive sharing platform.
- $13.0 million to a brand new portfolio firm, Alula, Inc., a designer and producer of safety techniques offered completely to skilled distributors and sellers.
- $10.0 million to a brand new portfolio firm, a developer of a software-defined composable infrastructure platform.
- $10.0 million to a brand new portfolio firm, a developer of know-how that may determine any microbe as a way to speed up therapy and enhance public well being.
- $10.0 million to an current portfolio firm, Magnolia Medical Applied sciences, Inc., a developer of an FDA-cleared high-precision blood tradition assortment medical machine.
- $7.5 million to a brand new portfolio firm, Sonex Well being, Inc., a developer of know-how, schooling and coaching applications for ultrasound guided procedures.
- $5.0 million to a brand new portfolio firm, Corinth Medtech, Inc., a developer of an FDA-cleared machine for treating signs associated to Benign Prostatic Hyperplasia (BPH).
- $2.5 million to a brand new portfolio firm, Canary Medical, Inc., a medical information firm bettering healthcare outcomes with its proprietary good medical units.
- $0.6 million to an current Horizon portfolio firm.
Horizon skilled liquidity occasions from three portfolio corporations within the fourth quarter of 2020, together with principal prepayments of $17.3 million, in addition to successful payment, warrant proceeds and fairness totaling $1.4 million, in comparison with $43.1 million of principal prepayments and $1.8 million of warrant proceeds in the course of the third quarter of 2020:
- In November, Horizon obtained proceeds and fairness totaling $1.3 million upon the train and sale of warrants, in addition to the popularity of successful payment totaling $0.1 million, in ShopKeep, Inc. (“ShopKeep”). Horizon continues to carry warrants in ShopKeep.
- In December, Mohawk Group Holdings (“Mohawk”) (NASDAQ: MWK) pay as you go its excellent principal stability of $13.0 million on its enterprise mortgage, plus curiosity, end-of-term cost and prepayment payment. Horizon continues to carry warrants in Mohawk.
- In December, Vero Biotech, LLC (“Vero”) pay as you go its excellent principal stability of $4.3 million on its enterprise mortgage, plus curiosity, end-of-term cost and prepayment payment. Horizon continues to carry warrants in Vero.
Principal Funds Acquired
Through the fourth quarter of 2020, Horizon obtained often scheduled principal funds on investments totaling $4.5 million, in comparison with often scheduled principal funds totaling $5.9 million in the course of the third quarter of 2020.
Through the fourth quarter ended December 31, 2020, Horizon closed new mortgage commitments totaling $103.1 million to eight corporations, in comparison with new mortgage commitments of $21.0 million to 4 corporations within the third quarter of 2020.
As of December 31, 2020, Horizon’s unfunded mortgage approvals and commitments (“Dedicated Backlog”), all priced at floating rates of interest, have been $106.5 million to 16 corporations. This compares to a Dedicated Backlog of $95.9 million to 13 corporations as of September 30, 2020. Whereas Horizon’s portfolio corporations have discretion whether or not to attract down such commitments, the best of a portfolio firm to attract down its dedication is commonly topic to achievement of particular milestones and different circumstances to borrowing.
Capital Markets Exercise – Warrant and Fairness Portfolio
As of December 31, 2020, Horizon held a portfolio of warrant and fairness positions in 69 portfolio corporations, together with 58 personal corporations, which supplies the potential for future further returns to Horizon’s shareholders.
About Horizon Expertise Finance
Horizon Expertise Finance Company (NASDAQ: HRZN) is a number one specialty finance firm that gives capital within the type of secured loans to enterprise capital backed corporations within the know-how, life science, healthcare data and providers, and sustainability industries. The funding goal of Horizon is to maximise its funding portfolio’s return by producing present revenue from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Headquartered in Farmington, Connecticut, Horizon additionally has regional workplaces in Pleasanton, California and Reston, Virginia. To be taught extra, please go to www.horizontechfinance.com.
Statements included herein might represent “forward-looking statements” inside the that means of the Non-public Securities Litigation Reform Act of 1995. Statements aside from statements of historic information included on this press launch might represent forward-looking statements and will not be ensures of future efficiency, situation or outcomes and contain a variety of dangers and uncertainties. Precise outcomes might differ materially from these within the forward-looking statements on account of a variety of components, together with these described once in a while in Horizon’s filings with the Securities and Trade Fee. Horizon undertakes no responsibility to replace any forward-looking assertion made herein. All forward-looking statements communicate solely as of the date of this press launch.
SOURCE Horizon Expertise Finance Company