Baltic Horizon Fund applied for bondholders’ approval for certain amendments to the terms and conditions (the Terms and Conditions) of the Baltic Horizon Fund EUR 42 million 5-year floating rate bonds maturing in 2028 (ISIN EE3300003235, the Bonds) and temporary waiver of debt service coverage ratio covenant in relation to the Bonds by way of written procedure on 26 September 2024.

Bondholders who were entered in the registry of bond-holders maintained by Nasdaq CSD SE on 25 September 2024 were entitled to vote in the written procedure (the Holders). A notice by Triniti Collateral Agent IX OÜ acting as the agent for Holders was sent to the Holders on 26 September 2024. Altogether Holders holding in aggregate Bonds with the nominal value of EUR 22,000,000 which constitutes 100% of the aggregate nominal value of all Bonds, participated in the written procedure for amending the Terms and Conditions. Therefore, the quorum for adopting the decision by way of written procedure was reached.

The Holders voted unanimously for the following decisions:

  1. to amend the undertaking set out in Clause 13.3.1(b) of the Terms and Conditions in the following wording: the Debt Service Coverage Ratio of the Group (i) is above above one point ten (1.10) until 31 December 2023 (inclusive), (ii) is above zero point eighty five (0.85) for the period of 1 January 2024 (inclusive) until 29 September 2024 (inclusive), (iii) is above zero point seventy five (0.75) for the period of 30 September 2024 (inclusive) until 30 June 2025 (inclusive), (iv) is above one point zero (1.00) for the period of 1 July 2025 (inclusive) until 30 September 2026 (inclusive), and (v) thereafter as of 1 October 2026 is above one point twenty (1.20);
  2. to amend the undertaking set out in Clause 12.4.1 and to stipulate an additional obligation for mandatory early redemption of the Bonds under Clause 12.4.1(c) of the Terms and Conditions concerning Bonds with a total nominal value of EUR 3,000,000 by 7 November 2025;
  3. to introduce an amendment fee to the Terms and Conditions payable by the Issuer to the Holders for granting consent to request no 1 as described above in total amount of EUR 95,000 (i.e., total amount payable to all Holders jointly) and payable within 10 business days as of the decision for the amendment of the Terms and Conditions.
  4. to introduce an amendment fee to the Terms and Conditions payable by the Issuer to the Holders for granting consent to request no 2 as described above in total amount of EUR 200,000 (i.e., total amount payable to all Holders jointly) and payable together with the completion of the additional mandatory early redemption (i.e., at or before 7 November 2025).

Therefore, the required majority for adopting a decision by way of written procedure was reached and the decisions were adopted by the Holders.

The amended Terms and Conditions will be published on the website of the Baltic Horizon Fund within three business days as of publishing of this notice.

For additional information, please contact:

Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
www.baltichorizon.com

Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. Both the Fund and the Management Company are supervised by the Estonian Financial Supervision Authority.

Distribution: Nasdaq, GlobeNewswire, www.baltichorizon.com

To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.