HILLSBORO, OR, Developer of chemical mechanical planarization (CMP) pads used by semiconductor manufacturers raised financing from Horizon Technology Finance Corporation.
Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life science, healthcare information and services, and clean-tech industries, provided a $5 million venture loan facility to NexPlanar Corporation ("NexPlanar"), a developer of chemical mechanical planarization (CMP) pads used by semiconductor manufacturers, on May 29, 2013. The funds provided under the venture loan facility will be used for working capital purposes.
"We are pleased to provide this debt facility to NexPlanar as we continue to take advantage of attractive lending opportunities to well-sponsored technology companies," stated Gerald A. Michaud, President of Horizon. "NexPlanar has experienced considerable growth by developing a proprietary technology that improves the quality of chips and the yield obtained by their customers. Our venture loan, combined with NexPlanar's recent equity financing, puts NexPlanar in a strong position to meet the demand from semiconductor manufacturers for its advanced products and continue to expand globally."
Jim LaCasse, President & CEO of NexPlanar, stated, "We appreciate Horizon's support and confidence in NexPlanar. Horizon provided growth capital that matched NexPlanar's financing needs with an appropriate structure and attractive terms. In addition, Horizon's team of venture lending experts worked diligently to ensure a smooth closing. We look forward to working with Horizon as we maintain our focus on expanding production and driving future growth."
About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, Connecticut, with regional offices in Walnut Creek, California and Reston, Virginia, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon's common stock trades on the NASDAQ Global Select Market under the ticker symbol, "HRZN." In addition, the Company's 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol "HTF." To learn more, please visit www.horizontechnologyfinancecorp.com
NexPlanar builds the next generation of chemical mechanical planarization (CMP) pads for the semiconductor device industry. Their proprietary polymer technology coupled with patented molded grooves and the unique ability to tune the pads results in dramatically improved yields and lower cost of ownership with extended pad life. For more information, please visit www.nexplanar.com.
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