TIDMPIN
RNS Number : 6151U
Pantheon International PLC
02 August 2022
2 August 2022
For immediate release
The information contained in this announcement is restricted and
is not for publication, release or distribution in the United
States of America, Canada, Australia (other than to persons who are
both wholesale clients and professional or sophisticated investors
in Australia), Japan, the Republic of South Africa or any other
jurisdiction where its release, publication or distribution is or
may be unlawful.
Pantheon International Plc
("PIP" or the "Company")
Enlarged credit facility with maturity extension
The Company announces that it has agreed a new GBP500m
multi-tranche, multi-currency revolving credit facility agreement
(the "Loan Facility"), which replaces the existing GBP300m credit
facility agreement that was due to expire in May 2024. The new
GBP500m Loan Facility, which is secured by certain assets of the
Company, is due to expire in July 2027 with an ongoing option to
extend, by agreement, the maturity date by another year at a time.
The Loan Facility has been arranged by three lenders comprising a
new partner in the lending syndicate, Credit Suisse AG, London
Branch, and two existing lenders, Lloyds Bank Corporate Markets plc
and State Street Bank International GmbH. The Loan Facility has
been denominated as to US$ 512.9m and EUR 89.2m to more closely
match the principal currencies in which PIP's undrawn commitments
are denominated.
PIP will pay a blended commitment fee of 95 basis points per
annum on the wholly undrawn Loan Facility. Depending on the
utilisation of the Loan Facility, the margin payable would be
equivalent to the relevant benchmark rate plus 2.350% to 2.575%.
The Loan is subject to market standard loan to value and liquidity
covenants.
PIP's portfolio, which has a weighted average age of 4.9 years
as at 31 May 2022, is strongly cash generative. The Company expects
to continue to finance its new investments and meet its unfunded
commitments, amounting to GBP761m as at 30 June 2022 (at prevailing
exchange rates), principally from cash generated from the Company's
portfolio. As at 30 June 2022, PIP had net available cash of
GBP194m. Therefore, based on current exchange rates, PIP's total
liquid financial resources, taking into account the terms of the
new Loan Facility and net available cash as at 30 June 2022 are
equivalent to GBP694m.
Commenting on the Loan Facility, Sir Laurie Magnus CBE, Chair of
PIP, said: "The Board is delighted to have secured this enlarged
and extended Loan Facility on competitive terms in the current
environment. This is testimony to the quality of PIP's portfolio of
private equity investments and provides PIP with greater
flexibility in managing its asset base."
This announcement has been determined to contain inside
information for the purposes of the market abuse regulation (EU)
No.596/2014.
Ends
LEI: 2138001B3CE5S5PEE928
For more information, please visit PIP's website at
www.piplc.com or contact:
Pantheon
Helen Steers / Vicki Bradley
020 3356 1800
Follow us on LinkedIn:
https://www.linkedin.com/company/pantheon-international-plc
NOTES
PIP
PIP is a listed FTSE 250 private equity investment trust,
overseen by an independent Board of Directors and managed by
Pantheon, one of the leading private equity investment managers
globally. PIP offers investors a liquid, differentiated entry point
to the excellent growth potential of global private equity, with
access to the primary, secondary and co-investment opportunities of
some of the best managers in the world. The Company has a track
record of outperformance and manages risk through diversification
and rigorous selection based on Pantheon's extensive experience and
international platform.
Pantheon
PIP is managed and advised by Pantheon, a leading global private
equity, infrastructure & real assets and private debt investor
with 40 years' experience sourcing and executing private market
investment opportunities on behalf of clients. Pantheon has $84.6
billion in AUM^^^^ (as at 31 December 2021) and employs
approximately 417 staff including 121 investment professionals
across offices in London, San Francisco, New York, Chicago, Hong
Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin.
^^^^ This figure includes assets subject to discretionary or
non-discretionary management, advice or those limited to a
reporting function.
Important Information
A copy of this announcement will be available on the Company's
website at www.piplc.com . Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks
on its website for any other website, is incorporated into, or
forms part of, this announcement nor, unless previously published
by means of a recognised information service, should any such
content be relied upon in reaching a decision as to whether or not
to acquire, continue to hold, or dispose of, securities in the
Company.
Sir Laurie Magnus CBE
Chairman, Pantheon International Plc
Beaufort House, 51 New North Road, Exeter, Devon, EX4 4EP
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END
UPDKLLBBLVLXBBX
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August 02, 2022 05:34 ET (09:34 GMT)
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