Horizon Technology Finance (NASDAQ: HRZN) plans $57.5M 7.00% notes for debt repayment

Rhea-AI Filing Summary

Horizon Technology Finance Corporation entered into an underwriting agreement to issue and sell $57.5 million aggregate principal amount of its 7.00% Notes due 2028. The offering is expected to close on December 15, 2025, subject to customary closing conditions.

The company intends to use the net proceeds to repay indebtedness, including repayment of its 4.875% Notes due 2028, and for general corporate purposes. The notes are being offered under Horizon’s effective shelf registration statement on Form N-2, as supplemented by a prospectus supplement dated December 11, 2025. In practical terms, Horizon is raising new fixed-rate debt and plans to use it mainly to reduce existing borrowings.

Insights

Credit and capital structure analyst

Horizon is adding $57.5M of 7.00% notes, mainly to refinance debt.

Horizon Technology Finance has agreed to issue $57.5 million aggregate principal amount of 7.00% Notes due 2028 under an underwriting agreement with Oppenheimer & Co. Inc. The deal is expected to close on December 15, 2025, adding a new fixed-rate debt instrument to the balance sheet.

The company plans to use the net proceeds to repay indebtedness, specifically including its 4.875% Notes due 2028, and for general corporate purposes. Because the new notes carry a 7.00% coupon versus 4.875% on the notes referenced for repayment, cash interest expense could rise if total debt remains similar, even though maturities and terms may be optimized.

The transaction is conducted under an existing shelf registration on Form N-2, supplemented on December 11, 2025. Future financial statements will show how much of the prior indebtedness, including the 4.875% Notes due 2028, has been reduced and how the new coupon affects interest coverage and net investment income.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 11, 2025 (December 11, 2025)

HORIZON TECHNOLOGY FINANCE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		814-00802		27-2114934
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

312 Farmington Avenue

Farmington, CT 06032

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (860) 676-8654

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Title of each class		Ticker symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		HRZN		The Nasdaq Stock Market LLC
4.875% Notes due 2026		HTFB		The New York Stock Exchange
6.25% Notes due 2027		HTFC		The New York Stock Exchange

Section 1         Registrant’s Business and Operations

Item 1.01          Entry into a Material Definitive Agreement

Underwriting Agreement

On December 11, 2025, Horizon Technology Finance Corporation (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) by and among the Company, Horizon Technology Finance Management LLC and Oppenheimer & Co. Inc. in connection with the issuance and sale of $57.5 million aggregate principal amount of the Company’s 7.00% Notes due 2028 (the “Offering”). The closing of the Offering is expected to occur on December 15, 2025, subject to customary closing conditions. The Company intends to use the net proceeds from the Offering to repay indebtedness, including the repayment of the Company’s 4.875% Notes due 2028, and for general corporate purposes.

The Offering was made pursuant to the Company’s effective shelf registration statement on Form N-2 (Registration No. 333-278396) which was declared effective by the Securities and Exchange Commission on June 20, 2024 and which was supplemented by a prospectus supplement dated December 11, 2025. This Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, which is filed as Exhibit 1.1 to this Current Report on Form 8-K and incorporated by reference herein.

The information set forth under Item 1.01 is hereby incorporated by reference into this Item 2.03.

Section 9         Financial Statements and Exhibits

Item 9.01          Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number		Description
1.1		Underwriting Agreement, dated as of December 11, 2025, by and among Horizon Technology Finance Corporation, Horizon Technology Finance Management LLC and Oppenheimer & Co. Inc.
99.1		Press Release
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 11, 2025	HORIZON TECHNOLOGY FINANCE CORPORATION
	By:	/s/ Michael P. Balkin
		Michael P. Balkin
		Chief Executive Officer

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FAQ

What did Horizon Technology Finance Corporation (HRZN) announce in this 8-K?

Horizon Technology Finance Corporation entered into an underwriting agreement to issue and sell $57.5 million aggregate principal amount of its 7.00% Notes due 2028.

How large is Horizon Technology Finance's new notes offering and what is the interest rate?

The company is offering $57.5 million aggregate principal amount of notes with a fixed interest rate of 7.00%, maturing in 2028.

What will Horizon Technology Finance (HRZN) use the net proceeds from the 7.00% Notes due 2028 for?

Horizon intends to use the net proceeds to repay indebtedness, including repayment of its 4.875% Notes due 2028, and for general corporate purposes.

When is the closing of Horizon Technology Finance's 7.00% Notes due 2028 offering expected?

The closing of the offering is expected to occur on December 15, 2025, subject to customary closing conditions.

Under what registration statement is Horizon Technology Finance issuing the 7.00% Notes due 2028?

The offering is being made under Horizon’s effective shelf registration statement on Form N-2 (Registration No. 333-278396), which was declared effective on June 20, 2024, and a prospectus supplement dated December 11, 2025.

Who is the underwriter for Horizon Technology Finance Corporation's new notes offering?

The underwriting agreement for the 7.00% Notes due 2028 is among Horizon Technology Finance Corporation, Horizon Technology Finance Management LLC, and Oppenheimer & Co. Inc..