We advised Northern Horizon Capital in issuing EUR 42 million corporate bonds of Baltic Horizon Fund to refinance outstanding bonds.
Baltic Horizon Fund is a real estate fund with a focus on commercial properties in the capitals of the Baltic States. It is managed by licensed alternative investment fund manager Northern Horizon Capital.
Investment in the future
In total, the fund issued 420 bonds at a price of EUR 100,000 each. The money received will be used in full to refinance the fund’s bonds redeemed on May 8, 2023.
Although the new bonds have a 5-year term, Baltic Horizon Fund will partially redeem them for EUR 20 million within one year. The fund also has the right to prematurely redeem the remaining EUR 22 million of bonds. Baltic Horizon Fund will also submit an application for the listing of bonds on the Nasdaq Tallinn Stock Exchange.
According to Tarmo Karotam, the Fund Manager of Baltic Horizon Fund, the fund aims to reduce the financial capacity of its portfolio below 50% and continually wishes to invest in the renovation of its real estate objects.
Our services and client team
We assisted the fund manager throughout the process of issue of the bonds and continue advising the client on admitting the bonds to be listed for trading on Nasdaq Tallinn.
Our client team was led by partner Kätlin Krisak and also included counsel Jane Eespõld and associate Oliver Ämarik.