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HRZN > SEC Filings for HRZN > Form 8-K on 3-Jun-2013All Recent SEC Filings

Show all filings for HORIZON TECHNOLOGY FINANCE CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for HORIZON TECHNOLOGY FINANCE CORP


3-Jun-2013

Entry into a Material Definitive Agreement, Creation of a Direct


Item 1.01 Entry into a Material Definitive Agreement.

On June 3, 2013, Horizon Technology Finance Corporation (the "Company") entered into a term loan in the original principal amount of $15 million (the "Term Loan") with Guggenheim Securities, LLC (the "Lender"). The Term Loan matures on the earlier of (1) any sale by the Company of any of its venture loans with the consent of Lender, (2) the failure of the Company to close a financing or refinancing of the Term Loan after taking substantial steps to do so, or (3) July 30, 2013. The Term Loan bears interest at an annual rate of 7.00%, which interest is required to be paid monthly in arrears. In connection with the Term Loan, the Company and the Lender entered into a Promissory Note (the "Promissory Note"), which, among other things, grants the Lender a security interest in all of the assets of the Company to secure the Term Loan. The Term Loan includes usual and customary covenants and events of default for loans of this nature, with the events of default including, without limitation, payment defaults, failure to perform, keep or observe certain covenants and bankruptcy. The Term Loan requires the Company to own venture loans with an aggregate principal balance of not less than $50 million at all times during the term of the Term Loan. The Company intends to use the proceeds of borrowings under the Term Loan to originate secured loans to life sciences companies and technology companies and for general working capital purposes.

The description above is only a summary of the material provisions of the Term Loan and is qualified in its entirety by reference to a copy of the Promissory Note, which is filed as Exhibit 10.1 to this current report on Form 8-K and by this reference incorporated herein.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is incorporated by reference to this Item 2.03.



Item 9.01 Financial Statements and Exhibits

(d) Exhibit.

10.1 Promissory Note, dated as of June 3, 2013, by and between Horizon Technology Finance Corporation, as the borrower, and Guggenheim Securities, LLC, as the lender.

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