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Sorainen Advises Baltic Horizon Fund on EUR 42 Million Corporate Bond Issuance

Sorainen Advises Baltic Horizon Fund on EUR 42 Million Corporate Bond Issuance

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Sorainen has advised Northern Horizon Capital on issuing EUR 42 million in Baltic Horizon Fund corporate bonds to refinance outstanding bond debt.

The 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.

According to Sorainen, “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 five-year term, the 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. The Baltic Horizon Fund will also submit an application for the listing of the bonds on the Nasdaq Tallinn Stock Exchange.”

According to Baltic Horizon Fund Fund Manager Tarmo Karotam, "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."

Back in 2020, Sorainen advised Northern Horizon Capital on a secondary public offering on Nasdaq Tallinn and Nasdaq Stockholm (as reported by CEE Legal Matters on November 3, 2020).

Sorainen’s team included Partner Katlin Krisak, Counsel Jane Eespold, and Associate Oliver Amarik.

Sorainen did not respond to our inquiry on the matter.

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