Lending – Elixir Zdravi http://elixirzdravi.com/ Fri, 30 Apr 2021 11:14:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.1 https://elixirzdravi.com/wp-content/uploads/2021/04/cropped-icon-32x32.png Lending – Elixir Zdravi http://elixirzdravi.com/ 32 32 Qatari Royal among investors exposed to Credit Suisse supply chain funds https://elixirzdravi.com/qatari-royal-among-investors-exposed-to-credit-suisse-supply-chain-funds/ https://elixirzdravi.com/qatari-royal-among-investors-exposed-to-credit-suisse-supply-chain-funds/#respond Wed, 07 Apr 2021 23:13:59 +0000 https://elixirzdravi.com/qatari-royal-among-investors-exposed-to-credit-suisse-supply-chain-funds/

(Bloomberg) – The former prime minister of Qatar is one of the wealthy Middle Eastern investors exposed to the struggling supply chain finance funds of Credit Suisse Group AG, according to people familiar with the matter.

Vehicles linked to Sheikh Hamad bin Jassim Al Thani invested around $ 200 million in funds that bought loans from Greensill Capital, the financial firm that collapsed in early March, the people said, asking not to be named because they are not authorized to speak subject.

It’s unclear how much Sheikh Hamad, also a former head of Qatar’s sovereign wealth fund, stands to lose, and preliminary estimates of his exposure could change. Representatives for Credit Suisse and Sheikh Hamad declined to comment.

The bank is in a tough spot as it seeks to maintain the relationship with high net worth clients while also striving to let investors foot the bill if it cannot recover the full amount of loans held in the Greensill linked funds. Of the $ 10 billion managed by the funds, Credit Suisse had sold more than $ 1 billion through its private banking arm in the Middle East, Bloomberg reported earlier.

The Swiss lender has been deeply involved with Qatari investors for years and has a longstanding relationship with Sheikh Hamad. During his tenure as head of the Qatar Investment Authority, which ended in 2013, the sovereign wealth fund became one of the major shareholders of the Swiss bank and appointed Credit Suisse as advisor for certain transactions of foreground.

In 2012, they formed an asset management joint venture called Aventicum Capital Management. Sheikh Hamad also owns a stake in Deutsche Bank AG.

Last month, Credit Suisse froze its Greensill funds and began liquidating investments as Lex Greensill’s company filed for insolvency. Supply chain finance funds hold more than $ 1 billion in notes linked to the GFG Alliance of Sanjeev Gupta, a metallurgical group threatened with collapse, and hundreds of millions of notes to other companies backed by sales that had not yet taken place.

The bank plans to move hard-to-value assets into side pockets while returning money to investors. He paid $ 3.1 billion in March and said he would make another payment by mid-April.

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The Aussie reports record lending in March https://elixirzdravi.com/the-aussie-reports-record-lending-in-march/ https://elixirzdravi.com/the-aussie-reports-record-lending-in-march/#respond Wed, 07 Apr 2021 23:13:59 +0000 https://elixirzdravi.com/the-aussie-reports-record-lending-in-march/


6:35 am, April 8, 2021

4 minutes to read

The major brokerage reportedly hit record lending volumes in March and said it expects loan settlements to hit $ 10 billion for the first six months of 2021.

Aussie said it achieved “record” loan volumes in March 2021 worth about $ 2 billion in settlements and about $ 3 billion in loan application deposits.

According to the brokerage, it would hit $ 10 billion in loan settlements for the first six months of calendar year 2021 amid “strong growth” in loans.

Aussie attributed the growth in homeowner loans, which accounted for 35.3% of volumes. The other notable segments were refinancers (25.6 percent), first-time buyers (22.2 percent) and investors (16 percent down), according to the major brokerage.

The company also reported that the number of mortgage brokers increased by 188 in the fiscal year through March 31, 2021, which it said was up almost 70% from the previous corresponding period. .

Meanwhile, Aussie said he’s about to open 24 stores over the calendar year 2021, which would bring the total number of stores to 244.

The CBA group of brokers, which is to merge with Lendi online brokerage later this year, set a goal of having 300 stores and 1,250 brokers by 2023.

Commenting on lending trends, Australian CEO James Symond said: “We are looking to expand our successful retail network to meet the increased demand for home loans in an environment of historically low interest rates, homeowners – occupants and refinancers being the most prolific in their activity.

“We are looking for new brokers, not necessarily with a background in finance, who are customer-focused with face-to-face service, either through our store network or in the field.”

He concluded: “Low rates, growing house prices and stiff competition among lenders have created an unprecedented demand for expert mortgage advice from our brokers, and we expect loan volumes will continue to grow throughout 2021. “

[Related: Home values up 400% in 30 years: study]

The Aussie reports record lending in March

TheAdviser logo

Updated: April 7, 2021

Published: April 8, 2021

Australian home loan office

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New Mountain Finance Corporation Announces First Quarter 2021 Results Release and Dividend Announcement https://elixirzdravi.com/new-mountain-finance-corporation-announces-first-quarter-2021-results-release-and-dividend-announcement/ https://elixirzdravi.com/new-mountain-finance-corporation-announces-first-quarter-2021-results-release-and-dividend-announcement/#respond Wed, 07 Apr 2021 23:13:59 +0000 https://elixirzdravi.com/new-mountain-finance-corporation-announces-first-quarter-2021-results-release-and-dividend-announcement/

Enter Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

NEW YORK – (BUSINESS WIRE) – New Mountain Finance Corporation (Nasdaq: NMFC) (“NMFC” or “the Company”) announced today that it will release financial results for the quarter ended March 31, 2021 on Wednesday, May 5, 2021 after the close of US financial markets. Additionally, at that time, the Company will announce its second quarter 2021 dividend. The Company will host a earnings conference call and audio webcast at 10:00 am EST on Thursday, May 6, 2021.

During the conference call, company executives will review first quarter performance, discuss recent developments and hold a question and answer period.

To join the conference call:

Dial at least fifteen minutes before the start time.

Domestic: +1 (877) 443-9109

International: +1 (412) 317-1082

Play the conference call

Domestic: +1 (877) 344-7529

International: +1 (412) 317-0088

Access code: 10154261

Reading is available one hour after the end of the conference call until May 6, 2022 at 9:00 a.m. EST.


The conference call will also be available in the Investor Relations section of the company’s website at http://ir.newmountainfinance.com. To listen to the call live, please visit the company’s website at least 15 minutes before the call begins to register and download any necessary audio software. Following the call, you can access a replay of the event via an audio webcast on their website.


New Mountain Finance Corporation is an externally managed, non-diversified, closed-end investment company that elected to be regulated as a business development company under the Investment Companies Act of 1940, as as amended. The investment objective of the Company is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including debt. first and second rank, notes, bonds and mezzanine securities. The company’s senior debt may include traditional senior secured loans or unitranche loans. Unitranche loans combine the features of traditional senior secured loans as well as second and subordinated loans. Unitranche loans will expose the Company to the risks associated with second lien and subordinated loans to the extent that it invests in the “last out” tranche. In some cases, investments can also include small holdings. The investment activities of the Company are managed by its investment advisor, New Mountain Finance Advisers BDC, LLC, which is a registered investment adviser under the Investment Advisors Act of 1940, as amended. For more information about New Mountain Finance Corporation, visit the company’s website at http://www.newmountainfinance.com.


Statements included herein may contain “forward-looking statements”, which relate to our future business, future performance or financial condition. Forward-looking statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant volatility in our activities, portfolio companies, our industry, the global economy. Actual results and results may differ materially from those anticipated in forward-looking statements due to various factors, including those described from time to time in our filings with the Securities and Exchange Commission or factors beyond our control. New Mountain Finance Corporation assumes no obligation to publicly update or revise any forward-looking statements made herein, except as required by law. All forward-looking statements speak only at the time of this press release.

New Mountain Finance Corporation

Investor Relations

Shiraz Y. Kajee, authorized representative


(212) 220-3505

Source: New Mountain Finance Corporation

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Brighten creates a white label channel role https://elixirzdravi.com/brighten-creates-a-white-label-channel-role/ https://elixirzdravi.com/brighten-creates-a-white-label-channel-role/#respond Wed, 07 Apr 2021 23:13:59 +0000 https://elixirzdravi.com/brighten-creates-a-white-label-channel-role/

The non-bank lender has made an appointment for the newly created white label Channel Manager position.

Brighten Home Loans has appointed former Resicom COO Brad Tefft to his newly created white label channel manager role.

In this role, Mr. Tefft will assume responsibility for relationship management and training of Brighten’s portfolio of white label partners. He will also be responsible for identifying and onboarding new white label introducers for Brighten’s home mortgage loan products, the non-bank said.

Mr. Tefft was previously at Oak Capital, a non-bank company, where he provided operational support for its merger with specialist finance provider Resicom Financial over the past four months.

Previously, Mr. Tefft was Director of Operations at Resicom and was responsible for developing its network of reference partners by engaging with and integrating aggregators.

Commenting on her appointment, Brighten Home Loans chief distribution officer Natalie Sheehan said she would help the lender maintain its “high growth trajectory.”

“Brighten’s white label distribution channel is growing at a rapid pace, and Brad, with his proven business development skills, will help us maintain and build on that,” Ms. Sheehan said.

Mr Tefft also spoke about his appointment with the non-bank lender, saying he was eager to help Brighten increase sales volumes.

“I am delighted to be a part of this growing challenger brand,” said Mr. Tefft.

“One of the things that drew me to Brighten was its reputation for providing fast and accurate support to its partners, and I will do my best to improve that.”

Mr Tefft’s appointment follows other recent additions to Brighten, including the appointment of Stuart murray as new loan manager in February, and mortgage specialist Stephen murphy as the primary manager of business analysis and operations as she continued to grow her business.

At the time of Mr Murphy’s appointment, Brighten said he had expanded his domestic operations over the previous 12 months, having doubled the size of his team and reportedly increased origins volumes by more than 138%.

The lender also appointed Ms Sheehan as its first head of distribution in 2020, along with two Melbourne-based business development managers, a verification officer and a credit assessor for its Sydney team.

In September 2020, Brighten announced that it white label funds mortgage products offered by LJ Hooker Home Loans, a branch of LJ Hooker real estate company.

In January of last year, the non-bank lender got $ 250 million through a warehouse with global investment bank Goldman Sachs, which has revealed plans to expand its home loan offerings. This followed a $ 500 million warehouse facility obtained in 2018 from another undisclosed global investment bank.

[Related: Brighten appoints head of credit]

Brighten creates a white label channel role

TheAdviser logo

Updated: April 7, 2021

Published: April 8, 2021

brad tefft ta

Malavika Santhebennur

Malavika Santhebennur

Malavika Santhebennur is the Mortgage Securities Reporting Editor at Momentum Media.

Prior to joining the team in 2019, Malavika held positions at Money Management and Benchmark Media. She has been writing about financial services for six years.

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Non-significant banks waive annual fees for new refinancers https://elixirzdravi.com/non-significant-banks-waive-annual-fees-for-new-refinancers/ https://elixirzdravi.com/non-significant-banks-waive-annual-fees-for-new-refinancers/#respond Wed, 07 Apr 2021 23:13:59 +0000 https://elixirzdravi.com/non-significant-banks-waive-annual-fees-for-new-refinancers/


6:30 am, April 7, 2021

3 minutes to read

A non-major bank said it would waive the annual flat fee for new customers who transfer their owner-occupied or investor-occupied mortgage to the bank.

Suncorp Bank has announced that it will waive its annual fee of $ 375 for mortgages with a home loan valued at $ 250,000 or more (and a loan-to-value ratio of 90% or less, including mortgage insurance from the lender) who transfer their mortgage. at Suncorp.

According to the bank, the move could save customers up to $ 11,250 over the life of the loan (based on a 30-year loan term).

The offer is available on homeowner and investor loans with principal and interest, interest only or fixed repayments.

It is only available to new customers of the Suncorp Home Plus package.

The movement comes as refiners flock to the market to take advantage of historically low interest rates and steadily rising house prices.

Dylan Atherton, Head of Mortgage Lending Products at Suncorp, said, “We want customers to experience Suncorp Spirit throughout the life of their loan, which is why we have launched a refinancing offering that offers continuous benefits every year.

“This offer will reduce the associated ongoing home loan costs and allow customers to get money back in their pocket to pay bills, groceries or to increase their annual holiday savings account,” said Mr. Atherton.

He concluded: “Australians are looking for ways to save money every year, and this new offering, coupled with our competitive rates, will bring continued savings to customers,” Atherton concluded, highlighting the fixed rate of 1.89% of the bank over two years. loan offer.

[Related: The Refinance Rush]

Non-significant banks waive annual fees for new refinancers

TheAdviser logo

Updated: April 6, 2021

Published: April 7, 2021

suncorp bank

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World’s Best Investment Banks 2021: Deals of the Year https://elixirzdravi.com/worlds-best-investment-banks-2021-deals-of-the-year/ https://elixirzdravi.com/worlds-best-investment-banks-2021-deals-of-the-year/#respond Wed, 07 Apr 2021 23:13:59 +0000 https://elixirzdravi.com/worlds-best-investment-banks-2021-deals-of-the-year/

Global finance selects the world’s best investment banking operations in 2021.

The past year has been a good year for IPOs in general, and in particular for SPAC IPOs, which raised $ 82.4 billion in the United States, a six-fold increase from the year before, according to Dealogic. Traditional IPOs and PSPCs were featured in Global Finance’s selections for Best Investment Banking of the Year, judged for both interest and success in raising capital.

Kaspi.kz’s IPO, with an implied capitalization of $ 6.5 billion, was the largest on the London Stock Exchange in terms of market capitalization in 2020. The deal is expected to help fintech expand beyond his native Kazakhstan into the greater region of Central Asia and the Caucasus. He won the Equity Deal of the Year award.

It was a different story just a year earlier, when the Almaty-based company – which controls Kazakhstan’s third-largest bank – originally planned its offer in London. Then Kaspi was valued at just $ 5 billion and the owners of Kaspi, believing it to be worth more, retracted the offer. But then came the Covid-19 crisis, and Kaspi, whose mobile app combines financial services, purchases and payments, found itself in increased demand from institutional investors keen to acquire fintechs when the world was flooded with stimulus money linked to the pandemic.

Total Mozambique LNG has raised nearly $ 16 billion in financing to develop liquefied natural gas (LNG) in Mozambique, winning our Debt Deal of the Year. The deal included direct, covered loans from an unusually large group of creditors, including eight Export Credit Agencies (ECAs), including the United States Import-Export Bank and the Japanese Bank for international cooperation. It also included 19 commercial banking facilities and $ 400 million in senior loans from the African Development Bank. This project is the first onshore LNG development project in Mozambique, and initially struggled to find funding.


By essentially buying the unconventional renewable energy production assets of Italian parent company Enel Green Power (EGP) in Central and South America, Chilean company Enel Americas has consolidated its role as regional leader in renewable energy production and thus wins the infrastructure contract of the year.

The transaction, valued at $ 6 billion, will bring Enel Americas’ installed capacity for unconventional renewables to 7.8 gigawatts (GW) by 2024, when renewables, including hydropower , are expected to account for 73% of the company’s total capacity, up from 56% today, according to Fitch Ratings.

When the merger is completed in the first half of 2021, Enel Americas will take over EGP’s unconventional renewable energy business in Argentina, Brazil, Colombia, Costa Rica, Guatemala, Panama and Peru, but not Chile. . Overall, the agreement adds 5 GW of capacity to Enel Americas’ current 11.3 GW. The merger increases Enel’s production capacity by almost 50%.

“This merger will allow Enel Americas to have access to new growth opportunities in the production of renewable energies, diversifying its activities and thus strengthening its regional leadership in the energy transition”, declared Maurizio Bezzeccheri, CEO of Enel Americas , in a press release.

Special acquisitions

As noted, Special Purpose Acquisition Companies, or SPACs, were popular in 2020, so it’s no surprise that Global Finance’s M&A Deal of the Year was the merger of United Wholesale Mortgage (UWM) with Gores Holding IV.

Sometimes referred to as blank check companies, PSPCs are essentially publicly traded shell companies formed to make acquisitions. In this case, the SPAC, Gores Holding IV, formed by The Gores Group, acquired Michigan-based UWM. The deal was made in January with renamed UWM Holdings on the New York Stock Exchange.

Tech companies, including fintechs, were particularly popular targets for PSPCs in 2020, and in that sense UWM, while not a fintech, has launched technologies designed to make independent mortgage brokers more efficient, including UWM InTouch, a mobile app that brokers can use to track range activity from underwriting to closing.

Copenhagen Infrastructure Partners (CIP) ‘s $ 3 billion financing deal for the construction of offshore wind farms in Taiwan – ESG Deal of the Year – will add 589 megawatts (MW) of power to Taiwan’s power grid. The deal involved a combination of equity loans and senior loans provided by a syndicate of 21 banks, and would be the largest set of debt raised in the Taiwanese offshore wind market.

Asia-Pacific is currently one of the fastest growing regions in the world when it comes to renewable energy, and this project follows a series of recent syndicated deals in Taiwan’s offshore wind sector, including Formosa 1 and 2. But the reality is that national institutions “often lack the technology, capital and approved maintenance experts” to do it themselves, said a state official.

CIP, a fund management company specializing in energy infrastructure, including offshore wind, acquired the Changfang and Xidao project in 2017. With two Taiwanese insurance companies as minority owners, CIP entered into an agreement to ’20-year electricity purchase with the state-owned Taiwan Power Company in 2019. “This project, in addition to being a remarkable project in Taiwan where it marks the continuation of the construction of offshore wind, is part of the opening up the entire APAC region to offshore wind, ”says Anders, President of CIP APAC. Eldrup.

Equity of the Year

Initial public offering of Kaspi.kz – Europe

Financial advisers: Morgan Stanley and Citigroup were the global co-coordinators of the deal and also associated bookrunners with Renaissance Capital.

The offer, valued at $ 6.5 billion, was the London Stock Exchange’s largest IPO in terms of market capitalization in 2020 and is expected to help fintech – with its banking, payments and e-commerce interests – to expand beyond its native Kazakhstan into the greater Central Asia and Caucasus region.

M&A deal of the year

Merger of United Wholesale Mortgage with Gores Holding IV – North America

Financial advisers: Deutsche Bank Securities and Morgan Stanley acted as senior financial advisers, principal capital market advisers and exclusive private placement agents for Gores Holdings IV, Moelis & Company acting as financial advisor. Goldman Sachs acted as financial advisor for UWM. Gores’ acquisition of UWM, in a $ 16 billion deal with a special purpose acquisition company, was the largest PSPC transaction of 2020.

Infrastructure offer of the year

Merger of Enel Americas and Enel Green Power (EGP) Americas – South America

Financial advisers: BTG Pactual and Morgan Stanley were financial advisers to Enel Americas. Chilean Enel Americas incorporated the unconventional renewable energy production business and assets that Italian-owned EGP developed and owned in Central and South America (excluding Chile). With this transaction, valued at $ 6 billion, Enel Americas’ installed capacity for unconventional renewables is expected to reach 7.8 GW by 2024. It also extends the company’s reach to Brazil, Peru and in Panama.

Debt deal of the year

Total Mozambique LNG – Africa

Financial advisers: Societe Generale

Total Mozambique LNG has raised nearly $ 16 billion in financing to develop liquefied natural gas in Mozambique as part of the largest private debt in African history. The effort raised $ 600 million more than expected, despite the pandemic and uncertainty in the oil markets.

ESG offer of the year

Changfang and Xidao wind farm (Taiwan) – Asia

Financial advisers: Mitsubishi UFJ Financial Group, with CTBC Bank of Taiwan as local financial advisor.

Copenhagen Infrastructure Partners’ $ 3 billion financing deal to build offshore wind farms will play a key role in helping Taiwan meet its five-year goal of getting 20% ​​of energy production from sources renewable.

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Consortium acquires majority stake in Oxygen https://elixirzdravi.com/consortium-acquires-majority-stake-in-oxygen/ https://elixirzdravi.com/consortium-acquires-majority-stake-in-oxygen/#respond Wed, 07 Apr 2021 23:13:59 +0000 https://elixirzdravi.com/consortium-acquires-majority-stake-in-oxygen/

McGrath has entered into a transaction that will provide a consortium of financial services and technology investors with a Majority stake of 55% in the Oxygen Home Loans business.

McGrath Real Estate Group Ltd has announced that it has entered into an agreement to provide a new consortium of financial services and technology investors, Oxygen Investment Corp Pty Ltd, with a majority stake of 55% in its brokerage business, Oxygen Home Loans (Oxygen).

Oxygen Investment Corp is led by equity specialist and former CEO of consumer credit and vehicle company Eclipx, Doc Klotz; peer-to-peer lender Harmoney’s Australian chief operating officer, Ben Taylor; and the Sturt Capital Partners asset financing and investment business. Mr. Klotz and Mr. Taylor both worked together at financial services firm Flexigroup for several years, where they served as Head of Global Operations and Head of Innovation and Products, respectively.

As a result of the transaction, Oxygen will receive a capital injection of $ 2.5 million in cash, which would be used to “offer an improved scale and optimization of its Oxygen mortgage business ”.

McGrath, who reduced his stake in his 18-year-old mortgage brokerage business to 45%, will also receive a cash payment of $ 1.8 million in three years as part of the deal.

The real estate company will retain its sponsorship agreement with Oxygen and retain three of the seats on Oxygen’s board of directors.

It is not expected that there will be an immediate change in the activities of the brokerage firm, which currently operates with 26 brokers and has a loan portfolio of approximately $ 3.2 billion (as of December 31, 2020).

Instead, the deal is expected to “expand” the Oxygen home lending business.

According to McGrath, the new funding will be used to increase resources, accelerate digitization and add complementary fintech products to create a broader product offering for Oxygen.

In an ASX update, the group said the transaction would help “lEverage Oxygen’s digital expertise to unleash value ”for McGrath, providing a “compelling opportunity to enhance McGrath’s existing mortgage brokerage business to complement its real estate sales and management business” and enable it to “access a wider range of financial products for McGrath customers ”.

McGrath CEO Eddie Law said: “We are delighted to partner with the consortium to unlock the significant potential that the merged company will offer on our platform. As a result of the investment, Oxygen will be able to provide its mortgage brokers with an improved client-centric proposition, a streamlined process and an improved service proposition that will allow them to take on more loans and make it easier for our mortgage brokers. sales agents to facilitate the delivery of mortgages. to our buyers.

“There is no doubt that technology will play a key role in the future of mortgage brokerage and real estate sales, and this transaction, along with the direct investment we are making in technology, sets McGrath up for continued growth,” did he declare.

“Importantly, a more streamlined loan underwriting process will allow our sales agents to facilitate the delivery of mortgages to buyers,” he concluded.

The move is one of the first major structural changes made by the new CEO since taking office as CEO in August 2020.

Mr Law, who became CEO of McGrath after Geoff Lucas resigned in August last year, has held various positions in financial services, including as gGlobal Head of Institutional Real Estate at ANZ.

He also has experience in structured commercial real estate debt financing, having recently served as Executive Director of Newground Capital Partners and Chief Investment Officer of MaxCap Group.

[Related: Major brokerage appoints new CEO]

The consortium acquires a majority stake in Oxygen

TheAdviser logo

Updated: April 7, 2021

Published: April 7, 2021

handshake news

Annie kane

Annie kane

Annie Kane is editor-in-chief of The Adviser and Mortgage Business.

In addition to writing about the Australian brokerage industry, mortgage market, financial regulation, fintechs and the broader credit landscape – Annie is also the host of Elite Broker and In Focus podcasts and The Adviser Live webcasts. .

Email Annie at: This e-mail address is protected from spam. You must enable JavaScript to view it.

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Horizon Technology Finance Provides First Quarter 2021 Portfolio Update https://elixirzdravi.com/horizon-technology-finance-provides-first-quarter-2021-portfolio-update/ https://elixirzdravi.com/horizon-technology-finance-provides-first-quarter-2021-portfolio-update/#respond Wed, 07 Apr 2021 23:13:59 +0000 https://elixirzdravi.com/horizon-technology-finance-provides-first-quarter-2021-portfolio-update/

FARMINGTON, Conn., April 7, 2021 / PRNewswire / – Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”, “We”, “Our” or the “Company”), a leading specialist finance company that provides capital in the form of guaranteed loans to venture capital backed companies in the areas of technology, life sciences, information and health services, and sustainability industries, today presented its portfolio update for the first quarter ended March 31, 2021.

“The momentum that Horizon saw in terms of originations towards the end of 2020 did well in the first quarter, as Horizon again increased its portfolio, $ 51 million loans to new and existing portfolio companies, ”said Gerald A. Michaud, President of Horizon. “The increased visibility and capability of Horizon’s brand and subprime lending platform and its investment advisor, Horizon Technology Finance Management LLC (“ HTFM ”), have helped Horizon attract investment opportunities. quality investment in emerging companies with unique and innovative technologies, competent management and growth potential. Horizon also received $ 17 million prepayments of loans during the quarter, which accelerated Horizon’s revenue, further validated its predictive pricing strategy and included the full repayment of a loan on non-accrual. Horizon continues to maintain a strong order book and, with HTFM’s large portfolio of new investment opportunities, we plan to further drive portfolio growth and added value for our shareholders. ”

First quarter 2021 portfolio update


During the first quarter of 2021, a total of $ 69.5 million of loans financed via the HTFM platform, including eight loans totaling $ 51.0 million funded by Horizon as follows:

  • $ 10.0 million to a new holding company, an oral health company that designs and supplies professional dental products and services.
  • $ 7.5 million to a new holding company, a provider of end-to-end hardware and software contactless catering solutions.
  • $ 7.0 million to a new holding company, a developer of predictive analytics solutions for supply chain and logistics professionals.
  • $ 7.0 million to an existing holding company, Getaround, Inc., a peer-to-peer car sharing platform.
  • $ 6.0 million to a new holding company, Primary Kids, Inc., an online brand of baby and children’s clothing.
  • $ 5.0 million to a new holding company, Clara Foods, Inc., a developer of animal-free protein as ingredients for food and drink.
  • $ 5.0 million to an existing holding company, a developer of a software-defined composable infrastructure platform.
  • $ 3.5 million to a new holding company, InfoBionic, Inc., a developer of an FDA-approved SaaS remote monitoring system to help treat cardiac arrhythmia.

Liquidity events

Horizon experienced liquidity events from three portfolio companies in the first quarter of 2021, including early principal repayments of $ 17.2 million and justify the totaling product $ 0.8 million, compared to $ 17.3 million prepayments of principal and $ 1.4 million success fees, warrants proceeds and equity during the fourth quarter of 2020:

  • In February, Horizon received revenue totaling $ 0.8 million when exercising and selling warrants, in OnTrak, Inc.
  • In March, a holding company prepaid its outstanding principal balance of $ 9.7 million on his subprime loan, plus interest, end-of-term payment and prepayment charges. Horizon continues to hold warrants in the company.
  • In March, IgnitionOne, Inc. prepaid its outstanding principal balance of $ 7.5 million on his subprime loan, plus interest, end-of-term payment and prepayment charges.

Main payments received

During the first quarter of 2021, Horizon received regular capital payments on investments totaling $ 4.7 million, compared to regularly scheduled principal payments totaling $ 4.5 million during the fourth quarter of 2020.


During the first quarter ended March 31, 2021, Horizon closed new loan commitments totaling $ 48.5 million to six companies, in relation to new commitments of $ 103.1 million to eight companies in the fourth quarter of 2020.

Pipeline and term sheets

From March 31, 2021, Horizon’s unfunded loan approvals and commitments (“committed backlog”), all valued at variable interest rates, were $ 94.0 million to 18 companies. This compares to an engaged Backlog of $ 106.5 million to 16 companies as of December 31, 2020. While Horizon’s portfolio companies have the discretion to withdraw such commitments, a portfolio company’s right to reduce its liability is often contingent on the completion of specific milestones and other borrowing conditions. .

During the quarter, HTFM signed condition sheets to potentially provide up to $ 92.0 million new investments in debt and ended the quarter with $ 102.5 million unfunded loan approvals and commitments. These opportunities are subject to subscription conditions including, but not limited to, performance of due diligence, negotiation of final documentation and approval of the investment committee, as well as compliance with the allocation policy. by HTFM. Therefore, there can be no assurance that any or all of these transactions will be entered into or funded by Horizon.

Capital Markets Activity – Warrants and Equity Portfolio

From March 31, 2021, Horizon held a portfolio of warrants and equity securities in 68 portfolio companies, including 60 private companies, which offers potential for additional future returns to Horizon shareholders.

About Horizon Technology Finance

Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company providing guaranteed loan capital to venture-backed companies in the technology, life sciences, information and healthcare industries and sustainability. Horizon’s investment objective is to maximize the return on its investment portfolio by generating current income from the debt investments it makes and capital appreciation from the warrants it receives. when making these investments in debt. Horizon is headquartered at Farmington, Connecticut, with a regional office in Pleasanton, Californiaand investment professionals located in Portland, Maine, Austin, Texasand Reston, Virginia. For more information, please visit www.horizontechfinance.com.

Forward-looking statements

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


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

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

SOURCE Horizon Technology Finance Corporation

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Texas Energy Fund adviser accused of defrauding more than 100 investors https://elixirzdravi.com/texas-energy-fund-adviser-accused-of-defrauding-more-than-100-investors/ https://elixirzdravi.com/texas-energy-fund-adviser-accused-of-defrauding-more-than-100-investors/#respond Wed, 07 Apr 2021 23:13:59 +0000 https://elixirzdravi.com/texas-energy-fund-adviser-accused-of-defrauding-more-than-100-investors/

The United States Securities and Exchange Commission (SEC) has accused a Texas investment advisory firm of fraudulently raising more than $ 17 million from more than 100 investors for an oil and gas investment fund, including its owners are said to have “filled their pockets with nearly $ 2.7 million.” . “

According to the SEC complaint, APEG Energy GP and its owners, Patrick Duke and Paul Haarman, have raised more than $ 17.4 million from 115 investors through the sale of limited partnership securities in APEG Energy LP. The SEC alleges that the two men personally profited “from a series of misrepresentations and omissions, a deceptive scheme and total disregard of the defendants’ fiduciary duty to the fund.”

The stated objective of the fund was “to engage only in the activity of acquiring, holding, holding and disposing of investments in the energy sector, as may be identified from time to time” . The fund sought to achieve an overall annual return of 25% to investors over a period of three to four years.

Duke and Haarman allegedly made inaccurate representations and omissions in their offering documents, written communications and oral representations regarding the risks of the investments, Duke’s alleged expertise in the oil and gas industry and their compensation for management fund. As the sole managers of APEG, the complaint states that Haarman and Duke had sole control over the company, that they reviewed and approved the fund’s private placement memorandum that was sent to investors, and that they have approved every potential investment for the fund.

The SEC alleges that Haarman promised investors in writing and over the phone that the fund provided risk-free returns because the investments were hedged against future drops in oil prices. But that was false, according to the complaint, that the fund faced “significant risks” such as uncertainties over revenues from oil and gas production and the impact of fluctuations in oil prices on promised returns from oil and gas. investors. And contrary to Haarman’s claims, the company did not use any mechanism to protect against such price fluctuations, according to the SEC.

The regulator also claims that Duke was presented to investors as “a sophisticated businessman with experience in oil and gas exploration” when in reality his only potentially relevant experience included a part-time high school job with a regulatory agency and an academic job. with an oil and gas company more than 25 years before the fund was offered. Nevertheless, it was on the basis of this “expertise” that he took the lead in identifying and verifying the oil and gas assets that the fund was to acquire.

In addition, the complaint states that the fund’s private placement memorandum and partnership agreement provided that APEG’s remuneration was limited to 2% of the fund’s management fees. However, Haarman and Duke are said to have structured asset acquisitions on behalf of the fund so that they personally receive nearly $ 2.7 million in bribes. The SEC said it also withheld these payments from the fund and its investors.

The lawsuit, which was filed in the Western District of Texas, accuses Duke, Haarman and APEG Energy GP of violating the anti-fraud provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. The complaint seeks permanent injunctions, restitution of ill-gotten gains with pre-trial interest and civil penalties against each defendant.

Related stories:

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FBI arrests founder of venture capital firm for suspected investment fraud

Cryptocurrency Company Co-Founder Sentenced To 8 Years For ICO Fraud

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The delays in settling claims are mainly due to disagreements between hospitals and insurance companies over the amount of claims and the fees charged. As of April 28, 1.1 million Covid-19 health claims worth Rs 15,568 crore have been filed with insurers. Of this total, 930,729 claims worth Rs 8,918.57 crore were settled.

COVID-19: Amid scuffle between hospitals and insurers, 171,000 claims await settlement

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