Sorainen has advised the Baltic Horizon Fund on listing its 5-year unsecured bonds on Nasdaq Baltic Bond List.
The bond issue, with a total value of EUR 30 million, was a private placement carried through in spring 2018 and was subscribed mainly by Baltic institutional investors, among them pension funds, asset managers, insurance companies, and banks.
Proceeds from the bonds will be used for the refinancing of loans and for general corporate purposes, including investment activities.
“After the bond issue, the fund now has a more diversified capital structure and better access to different sources of capital: equity, bank loan, and bonds," said Tarmo Karotam, Fund Manager at Baltic Horizon Fund, in a press release. "We will use the proceeds from the bond issue to refinance a portion of our existing bank loans. In addition to the 30 million euros we raised via this bond offering, we have raised 77 million euros from investors since our initial listing in 2016. The fund’s gross asset value has increased from 90 million to 250 million euros during these two years."
Sorainen’s team was led by Estonia Partner Reimo Hammerberg and Senior Associate Katlin Hein.
