Baltic Horizon Fund Secures Bondholders' Approval for Changes
Baltic Horizon Fund Secures Vital Bondholder Approval
Baltic Horizon Fund recently sought approval from its bondholders for amendments to the crucial terms and conditions of its EUR 42 million floating rate bonds, which are set to mature in 2028. This was done through a structured written process, showcasing the Fund's commitment to adapting its financial strategy effectively.
Unanimous Support from Bondholders Achieved
On the specified date, bondholders who were recorded in the maintained registry were eligible to participate in this vote. The response was overwhelming; bondholders holding a total nominal value of EUR 22 million, equivalent to 100% ownership of all Bonds, actively engaged in the voting process. This represented a substantial and unified front, confirming the quorum necessary for proceeding with the decision-making process.
Decisions Made by Holders
The bondholders expressed their collective voice, voting unanimously on several key amendments to the bond terms. These included specific adjustments to the Debt Service Coverage Ratio (DSCR) as outlined in the terms:
- The Group's DSCR must remain above 1.10 until the year's end, decreasing gradually to meet future targets.
- An adjustment concerning an early redemption clause was also established, mandating an early redemption of EUR 3 million by a specific deadline.
- Furthermore, an amendment fee of EUR 95,000 was introduced for the initial request approval, reinforcing financial stability.
- A separate amendment fee of EUR 200,000 was also noted, which applies to another consent related to the mandatory early redemption process.
These amendments were not merely procedural; they represented a strategic initiative to enhance the Fund's overall fiscal health.
Publication of Revised Terms
The updated terms and conditions are set to be made public soon. This transparency is crucial for maintaining trust and confidence among investors and stakeholders alike.
Contact Information for Further Queries
For those seeking more details about these developments, Tarmo Karotam, the Fund's manager, is available for inquiries. Interested parties can reach him through email at tarmo.karotam@nh-cap.com. The Fund encourages engagement and ensures all queries are addressed promptly.
Baltic Horizon Fund Overview
Baltic Horizon Fund operates as a contractual public closed-end real estate fund, under the skilled management of Northern Horizon Capital AS, an investment fund manager licensed to operate in this domain. Both the Fund and its Management Company are dutifully supervised by the respective financial regulatory authority to ensure compliance and responsible practices.
Frequently Asked Questions
What is Baltic Horizon Fund?
Baltic Horizon Fund is a public closed-end real estate fund focused on investments in real estate in the Baltic region.
What approvals were granted by bondholders?
Bondholders approved amendments to the bond terms, including changes to the Debt Service Coverage Ratio and specific early redemption obligations.
Who manages the Baltic Horizon Fund?
The fund is managed by Northern Horizon Capital AS, ensuring professional oversight and adherence to industry standards.
What are the fees associated with the bond amendments?
The approved amendments included two fees totaling EUR 295,000 for bondholders, aimed at facilitating bond adjustments.
How can investors keep informed about Baltic Horizon Fund updates?
Investors can register for announcements and follow the fund's updates on its official website and social media platforms.
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