Baltic Horizon Fund Seeks Consent for Meraki Project Refinancing

Baltic Horizon Fund has approached bondholders with a request for a waiver and subsequent consent under the terms and conditions of their existing bond agreement. The fund is aiming to refinance its Meraki project and, for this purpose, needs to adjust its financial obligations linked to the bonds issued. These bonds, specifically the 'Baltic Horizon Fund EUR 42 million 5-year floating rate bonds' that are due in 2028, carry the ISIN EE3300003235. As of the current status, the outstanding nominal amount of the bonds is EUR 29,999,999.40.

Understanding the Waiver and Consent Request

In seeking the waiver, Baltic Horizon Fund hopes to get an exemption from the negative pledge undertaking that is stipulated in the bond terms. Such a negative pledge typically prevents the issuer from securing any additional debt with its assets that could otherwise prioritize new creditors over existing bondholders. The consent of the bondholders is a crucial step in this process, as it would allow the fund to proceed with the refinancing measures it deems necessary for the success of its Meraki project.

Implications for Bondholders

The decision to grant the waiver and consent would be determined by the bondholders, who must weigh the potential benefits against the risks associated with altering the originally agreed-upon terms. The request indicates the evolving nature of Baltic Horizon Fund's financial strategy and its proactive approach to asset management and debt restructuring.