Category: Finance Companies

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Ferroglobe Finance Company, PLC — Moody’s affirms Ferroglobe’s Caa1 CFR, changes outlook to positive

Rating Action: Moody’s affirms Ferroglobe’s Caa1 CFR, changes outlook to positiveGlobal Credit Research – 17 Jan 2022London, 17 January 2022 — Moody’s Investors Service (“Moody’s”) has today affirmed Ferroglobe PLC’s (“Ferroglobe”, or “the company”) Caa1 corporate family rating (CFR) and the company’s Caa1-PD probability of default rating (PDR). Concurrently, Moody’s affirmed the Caa3 instrument rating of Ferroglobe’s $350 million backed senior unsecured notes due in March 2022, the B2 instrument rating of the company’s $60 million backed senior secured notes due in 2025, and the Caa2 rating of the $345 million backed senior secured notes due in 2025 both issued by Ferroglobe Finance Company, PLC. The outlook on all ratings was changed to positive from stable.RATINGS RATIONALEThe affirmation of the Caa1 CFR and Caa1-PD PDR ratings reflects Moody’s view that Ferroglobe’s liquidity is currently not commensurate with a higher rating despite improving profitability and significantly upward adjusted base case projections for 2022.Ferroglobe’s Q3 2021 results affirmed that the company continues its turnaround in terms of reported EBITDA generation with $35 million generated in Q3 2021 compared with $32 million in Q2 2021 and a loss of $12 million in Q3 2020. At the same time, the company needed to invest materially into its working capital with an associated cash outflow of $72 million in Q3 2021. Despite additional liquidity of $60 million in Q3 2021 from the issuance of $20 million of senior secured notes (this was the final tranche of the $60 million senior secured notes) and $40 million of equity, both part of the earlier exchange of the March 2022 notes, the company’s unrestricted cash balance reduced to $89 million at the end of September 2021 from $100 million at the end of June 2021. Moody’s believes that Ferroglobe’s liquidity likely needs to be strengthened over the next few months to accommodate further working capital requirements driven by rising raw material prices, higher prices of the company’s finished goods as well as rising production volume.Moody’s has revised upward its base case projections for Ferroglobe for 2022 driven by significantly higher prices of silicon metal, silicon-based alloys, and manganese-based alloys. Especially silicon metal prices have increased multiple times in recent months and now stand at an all-time high level. We believe that Ferroglobe will start benefitting materially from these higher price levels in 2022 when annual contracts at lower fixed prices are being adjusted to the current high prices. Rising contracted prices are expected to more than offset increasing production cost driven by higher energy and raw material cost resulting in substantially improving earnings in 2022-23.Accordingly, Moody’s forecasts the company’s sales to rise by around 40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to $2.3 billion from an estimated $1.6 billion in 2021 with Moody’s adjusted EBITDA increasing to above $400 million from an expected $150 million in 2021. Despite substantial working capital cash outflow and higher capital investments than in recent years, the rating agency projects Ferroglobe to achieve positive free cash flow (FCF) generation in 2022. These projection result in materially stronger credit metrics at year-end 2022 with Moody’s adjusted debt / EBITDA falling to around 2x from around 11x as of the last twelve months (LTM) to September 2021.Despite the forecast for positive FCF generation in 2022, Moody’s remains concerned about Ferroglobe’s liquidity during the first half of 2022 as the larger working capital might require funding at the start of the year.LIQUIDITYFerroglobe’s liquidity remains weak despite the materially improved debt maturity profile driven by the exchange of the March 2022 $350 million backed senior unsecured notes in 2021 with only around $5 million still outstanding. As of September 2021, the company reported unrestricted cash and cash equivalents of only $89 million. The company does not have a committed credit facility.Although the exchange of the notes alongside the injection of fresh capital in 2021 improved Ferroglobe’s liquidity to some extent and despite the rating agency’s projection of positive FCF generation in 2022, Moody’s still considers the company’s liquidity position as weak. This assessment is driven by the expected significant cash outflow in H1 2022 related to working capital funding. As there is a wide range of scenarios for the company’s working capital requirements in 2022, Moody’s highlights that Ferroglobe might need to raise additional capital to fund working capital.STRUCTURAL CONSIDERATIONSThe B2 rating of the $60 million backed senior secured notes reflects the senior ranking in the capital structure ahead of the $345 million backed senior secured 2025 notes which are rated Caa2. Ferroglobe’s senior unsecured notes due in March 2022 are rated Caa3, two notches below the CFR. This reflects the severe subordination driven by the $60 million backed senior secured notes as well as the $345 million backed senior secured notes, which both rank senior to the 2022 notes. The B2 rating of the new $60 million backed senior secured notes takes into account the possibility of Ferroglobe entering into a new asset based loan which is permitted under the debt documentation.RATIONALE FOR OUTLOOKThe positive outlook reflects the gradual recovery of the company’s earnings during the first three quarters of 2021 and Moody’s expectation of a material improvement of Ferroglobe’s financial performance in 2022 driven by better market conditions and the company’s cost efficiency measures.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSPositive pressure on the ratings could develop if the company:» Improves its operating profitability and credit metrics with Moody’s-adjusted gross debt/EBITDA falling to less than 6.0x and positive free cash flow (FCF) generation on a sustained basis» further improves its liquidity position such that it can be considered adequateThe ratings could be downgraded in case of a renewed market downturn, preventing further meaningful recovery in the company’s profitability in the next twelve months. In particular, a downgrade could be triggered if its Moody’s-adjusted gross debt/EBITDA remains above 8.0x for a prolonged period.PRINCIPAL METHODOLOGYThe principal methodology used in these ratings was Manufacturing published in September 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1287885. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.COMPANY PROFILEHeadquartered in London, Ferroglobe PLC is a leading producer of silicon metal and silicon/manganese alloys, with revenue of $1.1 billion in 2020. Ferroglobe, which is 49.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} owned by Grupo Villar Mir, S.A.U. (Grupo Villar Mir), was formed in December 2015 through the combination of the Europe-based Ferroatlántica, a subsidiary of the Spanish Villar Mir industrial conglomerate, and the US-based competitor Globe Specialty Metals Inc. The company is listed on the NASDAQ and had a market capitalisation of $1.1 billion as of 13 January 2022.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Sven Reinke Senior Vice President Corporate Finance Group Moody’s Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Mario Santangelo Associate Managing Director Corporate Finance Group JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Releasing Office: Moody’s Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. 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MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. 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Credit Suisse says its revamp intact despite chairman’s exit over COVID-19 breaches

  • Chairman Antonio Horta-Osorio apologises for individual actions
  • Quits in just one particular 12 months right after using charge
  • Bank appoints previous UBS executive Axel Lehmann as chairman
  • Lehmann claims bank’s system is not underneath dialogue
  • Credit Suisse introduced massive revamp in November

SINGAPORE/ZURICH, Jan 17 (Reuters) – Credit rating Suisse will stick to its strategic overhaul irrespective of the abrupt departure of its mastermind Antonio Horta-Osorio adhering to an inside probe into his personal carry out, together with breaches of COVID-19 procedures, the embattled bank’s new chairman claimed on Monday.

Horta-Osorio leaves fewer than a calendar year following he was hired to aid the financial institution offer with the implosion of collapsed financial investment firm Archegos and the insolvency of British supply chain finance company Greensill Money, even as it was however reeling from the 2020 exit of CEO Tidjane Thiam over a spying scandal.

Combined these triggered multi-billion greenback losses and sackings at Switzerland’s No. 2 lender, and Horta-Osorio unveiled a new technique in November to target on wealth administration, rein in its investment bankers and suppress a freewheeling lifestyle. browse much more

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“In the decades in advance the method will be reviewed consistently, but at the instant it truly is not an concern at all,” Axel Lehmann, a Credit history Suisse board member picked to substitute Horta-Osorio, explained to Reuters in a phone job interview, his firstwith the media considering the fact that his appointment.

The bank’s shares have been down about 1.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in mid-morning trade.

The Portuguese banker’s private carry out has a short while ago come beneath scrutiny, following he breached COVID-19 quarantine procedures twice in 2021 – an humiliation for a man who experienced pressured each individual banker required to be a possibility supervisor. read far more

“I regret that a range of my own steps have led to difficulties for the lender and compromised my capacity to characterize the bank internally and externally,” Horta-Osorio said in a statement issued by Credit rating Suisse on Monday.

“I thus consider that my resignation is in the curiosity of the lender and its stakeholders at this important time,” the previous CEO of Lloyds said.(LLOY.L).

Credit history Suisse explained Horta-Osorio resigned following an investigation commissioned by the board, and that Lehmann experienced taken around with instant influence.

It gave no specifics on the investigation.

Two persons acquainted with the predicament stated Horta-Osorio’s behaviour, including his use of corporation non-public jets, was at the centre of the probe.

A spokesperson for Horta-Osorio mentioned he was not speaking to the media.

Lehmann, a Swiss citizen who had labored for rival UBS (UBSG.S) and invested nearly two decades at Zurich Coverage Team (ZURN.S), stated no modify of program was planned for Credit score Suisse as it attempts to steer its way back into calmer waters. go through extra

He stated customer business enterprise remained excellent in spite of the hottest upheaval and no large management improvements ended up in the will work, incorporating that Chief Government Thomas Gottstein was “central to our capability to continue the transformation together”.

The board concluded that it was time for Horta-Osorio to go, he said.

“We identified about the weekend – and he also thought about it – that it’s just in the greatest curiosity for him but definitely for the financial institution as effectively to place this tale powering us and he resigns.”

Destroyed Merchandise

The logo of Swiss bank Credit rating Suisse is noticed at a department business in Zurich, Switzerland, November 3, 2021. Picture taken November 3, 2021. REUTERS/Arnd WIegmann/File Photo

“It has been in the ‘damaged goods’ section for a while now,” Justin Tang, head of Asian analysis at financial commitment adviser United 1st Companions in Singapore, reported about the financial institution.

“The irony of it is that Horta was hired to correct the reputational destruction to Credit history Suisse and revamp its danger using society in the financial institution,” Tang added.

In December, Reuters described that a preliminary interior bank investigation experienced located that Horta-Osorio attended the Wimbledon tennis finals in London in July without the need of adhering to Britain’s quarantine guidelines. read through a lot more

Horta-Osorio also broke Swiss COVID-19 guidelines in November by leaving the region during a 10-working day quarantine period of time, the lender said past thirty day period. read through additional

Public scrutiny of the steps of politicians and athletes has increased amid COVID-19 curbs as governments drive to get their population vaccinated.

Tennis celebrity Novak Djokovicleft Australia on Sunday right after a courtroom upheld the government’s conclusion to terminate his visa, capping times of drama about the country’s COVID-19 entry principles and his unvaccinated standing.

In Britain, Prime Minister Boris Johnson is under stress to resign right after admitting he attended team drinks throughout a lockdown. study extra

Traders had been hoping the bank’s strategic adjustments would enable raise the ailing Swiss bank’s share price.

David Herro, portfolio manager at Harris Associates, Credit history Suisse’s 3rd-biggest shareholder, explained to Reuters right before Horta-Osorio’s departure was declared that he thought the infractions were being “small”. study extra

“A single of the reasons to invest in the business currently, a single of the most essential explanations, is that there is a quite able and fully commited man or woman in that seat that will transform this ship around,” Harris advised Reuters previously this month.

“So, which is a extremely vital explanation to spend in the corporation. And if that person leaves, that pretty critical reason leaves”.

‘WHAT A WASTE’

Reeling from a disastrous 12 months, Credit score Suisse posted a 21{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} tumble in its third-quarter profit last year and warned of a decline for the final 3 months of 2021. examine far more

UBS, Switzerland’s premier financial institution, nevertheless described its optimum quarterly gain in 6 a long time in the 3rd quarter. examine more

Credit score Suisse shares have lose 23{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} about the earlier yr, though UBS shares have soared 33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to a 4-yr significant.

Horta-Osorio’s unexpected exit demoralised personnel at Credit history Suisse, with some questioning what was next for the lender.

“What a waste and once more we make the headlines for the wrong purpose,” a senior Credit history Suisse private banker reported on issue of anonymity as he was not permitted to talk to media.

“In amongst we froze for 1 calendar year waiting around for the new approach from the new gentleman,” he claimed.

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Reporting by Anshuman Daga and Oliver Hirt Further reporting by Sumeet Chatterjee in Hong Kong, Simon Jessop and Rachel Armstrong in London, John O’Donnell in Frankfurt, Brenna Hughes Neghaiwi in Zurich Editing by Himani Sarkar and Tomasz Janowski

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Home Credit Vietnam Finance Company Limited — Moody’s withdraws Home Credit Vietnam Finance Company’s ratings due to business reasons

Rating Motion: Moody’s withdraws Residence Credit score Vietnam Finance Firm’s scores thanks to company reasonsGlobal Credit history Investigate – 13 Jan 2022Singapore, January 13, 2022 — Moody’s Traders Support has right now withdrawn the adhering to rankings of Household Credit history Vietnam Finance Enterprise Constrained.- Extensive-time period Issuer Scores (Overseas and Local Currency) of B3- Company Relatives Ranking of B3The rating outlook was secure prior to the withdrawal.Ratings RATIONALEMoody’s has resolved to withdraw the ratings for its very own enterprise causes. You should refer to the Moody’s Traders Service Policy for Withdrawal of Credit history Rankings, readily available on its website, www.moodys.com.Home Credit score Vietnam Finance Organization Minimal (HCV), headquartered in Ho Chi Minh Metropolis, claimed full assets of VND22 trillion as of 31 December 2020.REGULATORY DISCLOSURESFor any influenced securities or rated entities obtaining immediate credit history assist from the principal entity(ies) of this credit rating rating motion, and whose ratings might adjust as a final result of this credit score rating motion, the affiliated regulatory disclosures will be those people of the guarantor entity. Exceptions to this solution exist for the adhering to disclosures, if applicable to jurisdiction: Ancillary Providers, Disclosure to rated entity, Disclosure from rated entity.The scores have been disclosed to the rated entity or its specified agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Make sure you refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Rankings readily available on its website www.moodys.com.Regulatory disclosures contained in this press launch use to the credit rating rating and, if applicable, the linked rating outlook or score evaluation.Moody’s normal concepts for evaluating environmental, social and governance (ESG) risks in our credit rating assessment can be observed at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The World Scale Credit Ranking on this Credit Rating Announcement was issued by a person of Moody’s affiliates outside the house the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Key 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit score Rating Agencies. More facts on the EU endorsement standing and on the Moody’s business office that issued the credit score rating is obtainable on www.moodys.com.The International Scale Credit score Score on this Credit Score Announcement was issued by 1 of Moody’s affiliate marketers outside the house the British isles and is endorsed by Moody’s Buyers Services Limited, One Canada Sq., Canary Wharf, London E14 5FA under the law applicable to credit ranking agencies in the British isles. Further more facts on the British isles endorsement position and on the Moody’s business office that issued the credit score score is available on www.moodys.com.Be sure to see www.moodys.com for any updates on variations to the direct rating analyst and to the Moody’s legal entity that has issued the ranking.Remember to see the rankings tab on the issuer/entity web page on www.moodys.com for more regulatory disclosures for each credit history score. Rebecca Tan VP-Senior Analyst/CSR Monetary Institutions Group Moody’s Traders Services Singapore Pte. Ltd. 50 Raffles Location #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: 852 3758 1350 Consumer Support: 852 3551 3077 Graeme Knowd MD – Banking Fiscal Establishments Group JOURNALISTS: 852 3758 1350 Shopper Provider: 852 3551 3077 Releasing Office environment: Moody’s Buyers Support Singapore Pte. Ltd. 50 Raffles Position #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: 852 3758 1350 Consumer Support: 852 3551 3077 © 2022 Moody’s Corporation, Moody’s Investors Assistance, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). 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Horizon Technology Finance Provides Fourth Quarter 2021 Portfolio Update

FARMINGTON, Conn., Jan. 12, 2022 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ: HRZN) (“HRZN” or the “Company”), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, today provided its portfolio update for the fourth quarter ended December 31, 2021 and an update on the lending platform (“Horizon Platform”) of Horizon Technology Finance Management LLC (“HTFM”), its investment adviser.

“We had another exceptional quarter, closing $118 million of loans originated through our lending platform, including $80 million of loans for HRZN,” said Gerald A. Michaud, President of HTFM. “For the year, the Horizon Platform originated over $425 million in new loans, including a record-high $297 million for the HRZN portfolio.”

“In addition, the committed backlog originated by the Horizon Platform grew to $153 million of debt investments, including $125 million in HRZN commitments, while the Horizon Platform maintained a considerable pipeline of new investment opportunities at the end of 2021,” added Mr. Michaud. “This positions the Horizon Platform and HRZN for additional growth in 2022 and further evidences the increasing power of the Horizon brand to attract unique, diverse and transformative companies.”

“Also in the fourth quarter, HRZN received $55 million in loan prepayments – validating our predictive pricing strategy and providing HRZN with additional fee income and accelerated interest income. Entering 2022, we are excited by the opportunity to further grow the Horizon Platform and HRZN loan portfolio and to deliver more value to HRZN’s shareholders,” concluded Mr. Michaud.

Fourth Quarter 2021 Portfolio Update

Originations

During the fourth quarter of 2021, a total of $118.2 million of loans funded through the Horizon Platform, including 17 loans totaling $79.9 million funded by HRZN as follows:

  • $12.5 million to a new portfolio company, Interior Define, Inc., an e-commerce platform that designs, sells and markets customized furniture direct to consumers.
  • $8.5 million to an existing portfolio company, Branded Online, Inc. (d/b/a Nogin), a company offering commerce-as-a-service to consumer and lifestyle brands.
  • $7.5 million to a new portfolio company, GreenLight Biosciences, Inc., a biopharmaceutical company focused on developing ribonucleic acid (RNA) solutions for human health and agricultural challenges.
  • $7.5 million to a new portfolio company, IMV Inc. (NASDAQ: IMV), a clinical-stage biopharmaceutical company developing a new class of cancer immunotherapies and infectious disease vaccines.
  • $7.0 million to a new portfolio company, an online platform offering high quality used cars to consumers on a subscription basis.
  • $5.0 million to a new portfolio company, a builder of conservation memorial forests that offer sustainable alternatives to cemeteries.
  • $5.0 million to an existing portfolio company, Emalex Biosciences, Inc., a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system movement disorders and fluency disorders.
  • $5.0 million to an existing portfolio company, Supply Network Visibility Holdings LLC (d/b/a Everstream Analytics), a provider of supply chain risk management software.
  • $5.0 million to an existing portfolio company, Provivi, Inc., a developer of cost-effective natural crop protection products which utilize pheromones to disrupt the typical insect mating cycle.
  • $5.0 million to an existing portfolio company, Ceribell, Inc., a developer of an FDA-cleared rapid response electroencephalography (EEG) medical device, which measures the amount of electrical activity in different regions of the brain in order to diagnose seizures.
  • $3.5 million to a new portfolio company, a family experience creator that combines play, media and merchandise designed to inspire and engage families.
  • $2.5 million to an existing portfolio company, a developer of technology that can identify microbes in order to accelerate treatment and improve public health.
  • $2.5 million to a new portfolio company, a data platform that enables marketers to build personalized digital experiences and 1-to-1 marketing campaigns by focusing on behavioral data.
  • $1.25 million to an existing portfolio company, Unagi, Inc., a developer of premium portable electric scooters that are offered for sale and on an affordable monthly subscription program.
  • $1.0 million to an existing portfolio company, Alula, Inc., a designer and manufacturer of security systems sold exclusively to professional distributors and dealers.
  • $1.0 million to an existing company, InfoBionic, Inc., a developer of an FDA-cleared SaaS remote monitoring system to help treat cardiac arrhythmia.

Liquidity Events

HRZN experienced liquidity events from seven portfolio companies in the fourth quarter of 2021, including principal prepayments of $55.0 million and receipt of warrant and equity proceeds totaling $0.4 million, compared to $50.4 million of principal prepayments and $1.6 million of warrant proceeds during the third quarter of 2021: 

  • In October, Getaround, Inc. prepaid its outstanding principal balance of $25.0 million on its venture loan, plus interest, end-of-term payment and prepayment fee.  HRZN continues to hold warrants in the company.
  • In October, Topia Mobility, Inc. prepaid its outstanding principal balance of $10.0 million on its venture loan, plus interest, end-of-term payment and prepayment fee.  HRZN continues to hold warrants in the company.
  • In October, HRZN received warrant proceeds of $0.1 million from its investment in Education Elements, Inc.
  • In November, CVRx, Inc. prepaid its outstanding principal balance of $20.0 million on its venture loan, plus interest, end-of-term payment and prepayment fee.  HRZN continues to hold warrants in the company.
  • In November, MVI (ABC), LLC (assignee of Stereovision Inc.) paid its outstanding principal balance of $3.5 million on its venture loan, plus interest. 
  • In December, HRZN received $7.0 million from the sale of its debt investment in Betabrand Corporation.  
  • In December, HRZN received cash proceeds of $0.3 million from the sale of shares in Qualtrics International Inc., which HRZN received in connection with the sale of Clarabridge, Inc.

Principal Payments Received

During the fourth quarter of 2021, HRZN received regularly scheduled principal payments on investments totaling $2.9 million, compared to regularly scheduled principal payments totaling $3.2 million during the third quarter of 2021.

Commitments

During the quarter ended December 31, 2021, HRZN closed new loan commitments totaling $114.9 million to 10 companies, compared to new loan commitments of $91.0 million to 11 companies in the third quarter of 2021. HTFM’s other managed funds, during the quarter, closed new loan commitments totaling $38.8 million of unfunded loan approvals and commitments.

Pipeline and Term Sheets

As of December 31, 2021, HRZN’s unfunded loan approvals and commitments (“Committed Backlog”) were $124.5 million to 23 companies. This compares to a Committed Backlog of $100.6 million to 21 companies as of September 30, 2021. HRZN’s portfolio companies have discretion whether to draw down such commitments and the right of a portfolio company to draw down its commitment is often subject to achievement of specific milestones and other conditions to borrowing.  Accordingly, there is no assurance that any or all of these transactions will be funded by HRZN. HTFM’s other managed funds ended the quarter with a total of $28.0 million of unfunded loan approvals and commitments.

During the quarter, HTFM received signed term sheets that are in the approval process, which may result in the Horizon Platform providing up to an aggregate of $135 million of new debt investments.  These opportunities are subject to underwriting conditions including, but not limited to, the completion of due diligence, negotiation of definitive documentation and investment committee approval, as well as compliance with HTFM’s allocation policy. Accordingly, there is no assurance that any or all of these transactions will be completed or funded by HRZN.

Capital Markets Activity – Warrant and Equity Portfolio

As of December 31, 2021, HRZN held a portfolio of warrant and equity positions in 77 portfolio companies, including 64 private companies, which provides the potential for future additional returns to HRZN’s shareholders.

About Horizon Technology Finance

Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of HRZN is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.

Forward-Looking Statements

 Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizon’s filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contacts:

Investor Relations:
ICR
Garrett Edson
[email protected]
(860) 284-6450

Media Relations:
ICR
Chris Gillick
[email protected] 
(646) 677-1819

SOURCE Horizon Technology Finance Corporation

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Novo Seeds Provides Business Update on a Record Year

– About US$ 550 million lifted by portfolio businesses in 2021

– IO Biotech IPO on US NASDAQ

– Forendo Pharma obtained for just about US$ 1 billion

– Muna released with world-main science to progress most up-to-date scientific breakthroughs in neuroscience

– Adcendo elevated US$ 60 million Sequence A to deliver following-generation Antibody-Drug Conjugates

– Hemab elevated US$ 50 million Sequence A to acquire bispecific antibodies for the procedure of rare bleeding conditions

– Novo Seeds expanded its bioindustrials portfolio with Bactolife and 21st Bio

COPENHAGEN, Denmark, Jan. 12, 2022 /PRNewswire/ — Novo Seeds, the early stage investment and company development crew of Novo Holdings, now publishes its review of 2021 – an exceptional yr for enterprise generation and the portfolio. For more information, please see in this article.

Novo Seeds’ dedication to early-stage funding and undertaking creation resulted in an unparalleled amount of capital and curiosity from fellow VCs throughout Europe and the US in 2021, with above US$ 550 million raised by Novo Seeds’ portfolio organizations. Targeted on maximising the prospective of scientific breakthroughs, Novo Seeds ongoing to see an growing range of thrilling financial investment possibilities. Muna Therapeutics, Adcendo and Hemab, a few providers that Novo Seeds helped create, every single elevated sizeable Series A rounds in excessive of US$ 50 million. Meanwhile, 2021 observed the NASDAQ IPO of IO Biotech, a portfolio organization for which Novo Seeds was the 1st trader and continued to be a main investor during the firm’s advancement and progress. Pharma M&A was a big topic in 2021 with portfolio firm, Forendo Pharma, staying obtained by Organon for US$ 954 million, but yet another example of Nordic price development.

Commenting on a hugely profitable calendar year, Søren Møller, Controlling Companion at Novo Seeds, claimed: “2021 has shown the enormous prospective of our industry to translate scientific breakthroughs into greater therapies addressing significant world unmet clinical requirements. Novo Seeds gained a by no means-viewed-ahead of volume of money and fascination from European and US buyers, and we are very pleased to have co-led new investments with extraordinary fellow VCs and to have labored with experts and founders across the most renowned tutorial establishments in the Nordics and all-around the environment.”

“Our ambition proceeds to be to nurture and incubate untapped innovation in the Nordic region and globally, with the intention of constructing and facilitating synergistic collaborations across the lifetime science ecosystem, and we are uniquely positioned to do this. 2021 was definitely a document calendar year and we anticipate a lot more thrilling company creation and substantial developments across our portfolio in 2022.”

Novo Seeds’ knowledge in constructing biotech corporations, alongside one another with its monetary sources, network, and group of business people-in-residence, will make it a person of the major venture creators in Europe. The crew can help build lifestyle science ventures to real inflection factors, attracting international traders to considerable financing rounds and supporting portfolio companies in productive exits.

About Novo Holdings A/S

Novo Holdings A/S is a non-public minimal liability firm wholly owned by the Novo Nordisk Basis. It is the keeping corporation of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is dependable for controlling the Novo Nordisk Foundation’s property.

Novo Holdings is recognized as a primary intercontinental daily life science investor, with a target on creating lengthy-phrase value. As a daily life science trader, Novo Holdings presents seed and undertaking funds to enhancement-stage organizations and normally takes considerable ownership positions in growth and properly-set up providers. Novo Holdings also manages a wide portfolio of diversified economical belongings. Even more info: www.novoholdings.dk.

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Guidehouse Insights Names ChargePoint and Enel X the Leading Electric Vehicle Charger Networking Companies

Leading providers have differentiated themselves from the competitors by securing sturdy positions in multiple charging apps in many geographies

BOULDER, Colo., Jan. 11, 2022 /PRNewswire/ — A new report from Guidehouse Insights assesses the tactic and execution of 20 leading suppliers of electric car or truck (EV) cost issue networking providers, with ChargePoint and Enel X ranked as the market place leaders.

(PRNewsfoto/Guidehouse Insights)

(PRNewsfoto/Guidehouse Insights)

The fleet of plug-in EVs is on program to grow massively as governments and businesses employ new targets for greenhouse gasoline (GHG) emissions. Networking platforms are essential to hook up a lot of entities in the EV charging ecosystem by discovering out there demand points, accessing pricing data, taking care of transactions, and collaborating in grid operator demand from customers management courses. According to a Leaderboard report from Guidehouse Insights, ChargePoint and Enel X are the major EV charger networking organizations.

“Estimates display that in excess of 185 million EVs will be in use by 2030 alongside with approximately 170 million charge factors to help this fleet,” suggests Scott Shepard, principal research analyst with Guidehouse Insights. “This desire is making a large prospect for charge position networking platforms.”

A lot of of the businesses that path these leaders are in a strong position to foster solid partnerships with regional industry gatekeepers but have to have to develop their present organization to serve a wider selection of charging programs and achieve a broader international footprint.

The report, Guidehouse Insights Leaderboard: EV Charger Networking Corporations, examines the tactic and execution of 20 major companies of EV demand issue networking corporations. These suppliers are rated on eight conditions: Go-to-Market place Strategy, Associates, Item Method, Geographic Get to, Income, Merchandise Portfolio, Keeping Power, and Innovation. Using Guidehouse Insights’ proprietary Leaderboard methodology, suppliers are profiled, rated, and ranked with the objective of offering field members with an aim evaluation of these companies’ relative strengths and weaknesses in the EV charge position networking current market. An govt summary of the report is accessible for absolutely free obtain on the Guidehouse Insights website.

About Guidehouse Insights
Guidehouse Insights, the focused current market intelligence arm of Guidehouse, delivers investigation, data, and benchmarking solutions for today’s fast switching and hugely controlled industries. Our insights are developed on in-depth examination of world clean up know-how marketplaces. The team’s exploration methodology brings together source-aspect sector evaluation, conclude-user most important exploration, and desire evaluation, paired with a deep assessment of technological know-how developments, to give a extensive watch of emerging resilient infrastructure methods. Further info about Guidehouse Insights can be identified at www.guidehouseinsights.com.

About Guidehouse
Guidehouse is a top worldwide supplier of consulting products and services to the public sector and professional markets, with broad abilities in management, know-how, and hazard consulting. By combining our general public and non-public sector abilities, we enable clients deal with their most elaborate challenges and navigate important regulatory pressures focusing on transformational improve, enterprise resiliency, and engineering-pushed innovation. Throughout a variety of advisory, consulting, outsourcing, and electronic providers, we develop scalable, progressive methods that enable our customers outwit complexity and placement them for upcoming advancement and achievement. The company has additional than 12,000 professionals in above 50 locations globally. Guidehouse is a Veritas Cash portfolio firm, led by seasoned gurus with demonstrated and numerous knowledge in common and emerging systems, marketplaces, and agenda-location problems driving countrywide and international economies. For far more details, you should take a look at www.guidehouse.com.

* The data contained in this push launch relating to the report, Guidehouse Insights Leaderboard: EV Charger Networking Firms, is a summary and displays the present-day expectations of Guidehouse Insights dependent on market info and trend analysis. Current market predictions and expectations are inherently unsure and actual outcomes could vary materially from those people contained in this press release or the report. Be sure to refer to the complete report for a finish being familiar with of the assumptions fundamental the report’s conclusions and the methodologies employed to make the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this push release or the report.

For a lot more facts, make contact with:

Jennifer Peacock
+1.404.575.3859
jpeacock@guidehouse.com

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