OREANDA-NEWS. February 02, 2010. Estonia’s only packaging paper producer Horizon Pulp & Paper fully redeemed its bond issue worth EEK 21.6 million (US 2 million). Horizon issued these bonds in late 2007, as Baltic Business reported.

The company said that proceeds were used to part finance capital expenditure related with two environmental compliance projects, for an efficient management of the waste water and reduction of the emissions to the air. The implementation of the projects started two years ago and was successfully completed in the first half of 2009 making Horizon fully compliant with all environment related regulations.

“We are glad that despite challenging economic environment amidst global credit and industrial commodities demand crisis in 2008 and early 2009 Horizon is amongst only a couple of companies that successfully managed to fulfil repayment commitments related to bond issue in recent past,” commented Mr Ashwani Sharma, CEO of Horizon.

Horizon, fully owned by Singaporean global company Tolaram Group, possesses substantially modernised production facilities with a total investment of over one billion kroons in last ten years. Since 1995 when Tolaram Group acquired the mill it has invested significantly in achieving better standards in quality, efficiency and environmental protection.

Horizon exports 100% of its output.