Tallinn/Riga/Vilnius, Nasdaq Baltic Market, August 30, 2018 – Nasdaq (NDAQ) announces that the bonds of Baltic Horizon Fund, an Estonian investment fund, were listed on Nasdaq Baltic Bond List by Nasdaq Tallinn today, August 30.
The total value of the bond issue is EUR 30 million. The nominal value of one bond is EUR 1000. The bonds are 5-year unsecured bonds, which bear a fixed rate coupon of 4.25% that will be paid out quarterly.
“Baltic Horizon Fund units were listed on Nasdaq Tallinn stock exchange 2 years ago in July 2016. Since then, they have raised capital for investments via both offering fund units and now bonds. I am happy to see that for the Baltic Horizon Fund’s team it has been a natural step to list both the fund units and bonds on the local exchange. In addition to the increased visibility, this offers the most transparent and liquid marketplace for their current and to-be investors,” said Kaarel Ots, the CEO of Nasdaq Tallinn.
The bond issue was a private placement carried through in spring 2018 and the Baltic institutional investors, mainly pension funds, asset managers, insurance companies and banks, subscribed it. Baltic Horizon Fund will use the proceeds from the bonds for 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. We will use the proceeds from the bond issue to refinance a portion of our existing bank loans,” said Tarmo Karotam, the Fund Manager at Baltic Horizon Fund. “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.”
About Baltic Horizon Fund
Baltic Horizon Fund is a public closed-end contractual investment fund registered in Estonia. The management company of the fund is Northern Horizon Capital AS. Baltic Horizon Fund’s primary focus is to invest directly into commercial real estate located in Estonia, Latvia and Lithuania with a particular focus on the capitals – Tallinn, Riga and Vilnius. Read more at: https://www.baltichorizon.com/
Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 100 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to approximately 4,000 total listings with a market value of approximately $14 trillion. To learn more, visit: business.nasdaq.com.
Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more: nasdaqbaltic.com.
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