TIDMPIN
RNS Number : 5225Z
Pantheon International PLC
12 January 2024
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12 January 2024
Pantheon International Plc
("PIP" or the "Company")
Private Placement Debt Issue
The Company announces that it has agreed a private placement of
$150m (GBP118m* equivalent) of loan notes ("the Notes"). The Notes
have been structured over different maturities of 5, 7 and 10
years, resulting in a weighted average maturity of 6.9 years. The
Notes were three times oversubscribed at the pricing point and
purchased by five North American institutional investors. When
considered alongside the existing GBP500m equivalent multi-currency
revolving credit facility ("Loan Facility"), the issuance of the
Notes means that PIP now has access to an even more diverse supply
of liquidity from high quality counterparties.
As at 11 January 2024, the Company had GBP20m of net available
cash and drawings of GBP136m under the Loan Facility. Proceeds from
the issuance of the Notes will be used to partially repay and
convert these drawings into longer term funding at a blended US
Dollar coupon of 6.4945%. This blended coupon is lower than the
all-in interest cost currently payable on the Loan Facility.
Following the issuance of the Notes, PIP's net debt to NAV will
remain conservative and unchanged at 5%. The Company expects to
finance its new investments and meet its unfunded commitments
principally from the cash that continues to be generated by the
Company's portfolio and from short-term utilisations under the Loan
Facility.
The funding date of the Notes is expected to be 1 February 2024,
subject to customary closing conditions being satisfied.
John Singer CBE, Chair of PIP, commented: " We are delighted to
have completed this issuance of loan notes which further optimise
PIP's capital structure. They provide further underpinning of our
investment reallocation strategy as we aim to c apture value and
improve returns for our shareholders over the long term."
This announcement contains inside information.
*As at 11 January 2024, the GBP/USD exchange rate was
1.27360.
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
some of the best managers in the world. The Company has a track
record of NAV outperformance over the long term and manages risk
strategically 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 specialist global
private markets investor. Pantheon has been at the forefront of
private markets investing for more than 40 years, earning a
reputation for providing innovative solutions covering the full
lifecycle of investments, from primary fund commitments to
co-investments and secondary purchases, across private equity, real
assets and private credit. The firm has partnered with more than
1,000 clients, including institutional investors of all sizes as
well as a growing number of private wealth advisers and investors,
with approximately $62bn in discretionary assets under management
(as at 30 June 2023). Using creative approaches informed by
specialised experience and delivered by a global team of
professionals based in offices across Europe, the Americas and
Asia, Pantheon invests with purpose and leads with expertise to
build secure financial futures.
Disclaimer
The Notes have not been and will not be registered under the
U.S. Securities Act of 1933, as amended (the "Act") and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the Act.
This notice is for information only, does not constitute an offer
to sell or the solicitation of an offer to buy any security and
shall not constitute an offer, solicitation or sale of any
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
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
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