TIDMPIN
RNS Number : 5910Q
Pantheon International PLC
19 October 2023
19 October 2023
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is not for publication, release or distribution in the United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")
Refinanced credit facility with additional flexibility
The Company announces that it has agreed a new GBP500m
equivalent multi-tranche, multi-currency revolving credit facility
agreement (the "Loan Facility"), which replaces the existing
GBP500m equivalent credit facility and Credit Suisse AG London
Branch as a Lender. The new Loan Facility, which is secured by
certain assets of the Company, will be split as follows:
-- Facility A: GBP400m, expiring in October 2026 with an ongoing
option to extend, by agreement, the maturity date by 364 days at a
time; and
-- Facility B: GBP100m, expiring in October 2024.
The Company has sought to build a long-term, sustainable, more
flexible, and diverse capital structure as part of this process,
further strengthening the Company's balance sheet. The structure
permits Facility A to be increased from GBP400m to GBP700m via an
uncommitted accordion option, subject to the consent of the
participating Lenders, with a covenant package that better supports
utilisation under the Loan Facility, the announced tender offer and
the ongoing share buyback programme.
The new Loan Facility was oversubscribed, with a number of new
relationship-focused lenders, State Street Bank & Trust
Company, RBS International plc, Mizuho Bank Ltd. and RBC Europe
Limited, joining the syndicate alongside two existing relationship
lenders, Lloyds Bank Corporate Markets plc and State Street Bank
International GmbH. Existing lender, Credit Suisse AG London
Branch, will no longer be a lender to the Company. The Loan
Facility has been denominated as to US$ 487.7m and EUR 115.7m to
match more closely the principal currencies in which PIP's undrawn
commitments are denominated.
Depending on the utilisation of the Loan Facility, PIP will pay
a commitment fee of between 0.70% and 1.15% per annum on the
undrawn portion of the Loan Facility. The rate of interest payable
on the drawn portion is the aggregate of the relevant benchmark
rate plus 2.95% or 2.25% depending on whether Facility A or B is
utilised respectively. The Loan Facility is subject to market
standard loan to value and liquidity covenants.
PIP's portfolio, which had a weighted average age of 4.8 years
as at 31 May 2023, is cash generative. The Company expects to
continue to finance its new investments and meet its unfunded
commitments principally from cash generated by the Company's
portfolio, and also from short-term utilisations under the Loan
Facility as PIP optimises its capital structure. As at 19 October
2023, PIP had GBP125m of drawings under the existing GBP500m
equivalent credit facility which will be refinanced by the new Loan
Facility.
Commenting on the Loan Facility, John Singer CBE, Chair of PIP,
said: "The Board is delighted to have secured the new Loan Facility
on competitive terms in the current environment, with a combination
of new and existing international relationship-focused lenders. We
believe that this demonstrates the quality of PIP's portfolio of
private equity investments and the increased flexibility further
underpins the strength of PIP's balance sheet."
This announcement has been determined to contain inside
information for the purposes of the market abuse regulation (EU)
No.596/2014 (EU MAR) and of the UK version of EU MAR as it forms
part of UK law by virtue of the European Union (Withdrawal) Act (as
amended).
Ends
LEI: 2138001B3CE5S5PEE928
For more information, please visit PIP's website at
www.piplc.com or contact:
Pantheon
Helen Steers / Vicki Bradley
Tel: +44 (0)20 3356 1800
Jie Gong
Tel: +852 3718 9605
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
many of the best managers in the world. The Company has a track
record of NAV outperformance over the long term and manages risk
through diversification and rigorous selection based on Pantheon's
extensive experience and international platform, and robust
investment due diligence and decision-making processes.
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 $93.4
billion in AUM^^^^ (as at 31 March 2023) and employs approximately
455 staff including 134 investment professionals (as at 30 June
2023) across offices in London, San Francisco, New York, Chicago,
Hong Kong, Seoul, Bogotá, Tokyo, Dublin, Berlin and Geneva with
representation in a number of other key markets.
^^^^ 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.
John Singer CBE
Chair, Pantheon International Plc
Broadwalk House, Southernhay West, Exeter, Devon, EX1 1TS
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END
MSCFFMFWAEDSELS
(END) Dow Jones Newswires
October 19, 2023 02:00 ET (06:00 GMT)
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