Baltic Horizon Fund Seeks Approval for Bond Redemption Changes
Baltic Horizon Fund Proposes Amendments to Bond Conditions
Baltic Horizon Fund, known as the Issuer, has taken significant steps recently to enhance its operational flexibility. Specifically, the fund has initiated a written procedure to propose amendments to the terms and conditions governing its EUR 42 million 5-year floating rate bonds. These bonds, maturing in 2028, currently have an outstanding nominal amount of EUR 18,999,997.80 after previous redemptions amounting to EUR 23,000,002.20.
Strategy for Early Redemption Adjustments
The primary aim of this request for consent from bondholders is to allow voluntary early redemptions. This strategic change is designed to provide the Issuer with greater flexibility in managing the bonds, reflecting a proactive approach to financial management amidst changing market conditions.
Engagement with Bondholders
Northern Horizon Capital AS, the fund manager for Baltic Horizon Fund, has been actively communicating with bondholders to gauge their support for these proposed amendments. Preliminary consent has been received, and this now awaits formal confirmation through an official written consent procedure as stipulated in the bond terms and conditions. Bondholders registered in the official registry maintained by Nasdaq CSD SE on the cutoff date are eligible to participate in the voting process.
Voting Procedure for Holders
Every eligible bondholder will receive a notification from Triniti Collateral Agent IX OÜ, acting as the agent for holders. To facilitate voting on the proposed changes, bondholders can submit their filled-out voting forms via mail, courier, or email. The deadline for casting votes is set for 23:59 (EET) on the specified date in June.
Majority Requirement for Approval
For the proposed amendments to be approved, it is required that at least 55% of the nominal amount of the bonds vote in favor of the decision and that at least two-thirds of those participating in the voting support the amendments. Once the requisite consents have been collected, the decisions will be regarded as formal, even if the window for replies has not yet closed.
Implications of Approval
If the bondholders consent to these changes, the new conditions will be binding for all holders of the bonds, including those who did not participate in the voting or opposed the amendments. This clause ensures a unified approach to the bond terms, facilitating smoother operational flexibility for Baltic Horizon Fund.
Contact Information for Inquiries
For more details or inquiries regarding this procedure, stakeholders can contact Tarmo Karotam, the fund manager of Baltic Horizon Fund. He is available via email at tarmo.karotam@nh-cap.com.
About Baltic Horizon Fund
Baltic Horizon Fund operates as a registered contractual public closed-end real estate fund, diligently managed by Northern Horizon Capital AS, a licensed Alternative Investment Fund Manager. The fund is firmly committed to delivering value to its stakeholders through carefully considered investment strategies.
Stay Updated with Baltic Horizon Fund
To keep abreast of the latest announcements and updates from Baltic Horizon Fund regarding its ongoing projects and strategic plans, interested parties are encouraged to register on the fund's website. Following Baltic Horizon Fund on various social media platforms also ensures timely updates.
Frequently Asked Questions
What are the proposed amendments to the bond terms?
The proposed amendments aim to allow more flexibility for voluntary early redemptions of the bonds.
Who is eligible to vote on the bond amendments?
All bondholders recorded in the registry on the specified date are eligible to participate in the voting process.
How can bondholders submit their votes?
Votes can be submitted via mail, courier, or email by filling out the designated voting form before the deadline.
What is the majority required for approval of the amendments?
A minimum of 55% participation and a two-thirds majority in favor are required for the amendments to pass.
Where can more information about Baltic Horizon Fund be found?
More information can be found on their official website and respective social media platforms.
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