Pantheon Infrastrct. - Revolving Credit Facility
20/12/2022 07:00
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RNS Number : 2363K Pantheon Infrastructure PLC 20 December 2022
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This Announcement has been determined to contain inside information.
PANTHEON INFRASTRUCTURE PLC
Revolving Credit Facility
20 December 2022
The Board of Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed
global infrastructure fund, is pleased to announce that the Company has agreed
a new multicurrency revolving credit facility for an aggregate commitment of
£62.5m ("the Loan Facility") with Lloyds Bank Corporate Markets plc ("Lloyds
Bank"). The Loan Facility, which is secured on certain assets of the Company,
includes an uncommitted accordion feature, which will be accessible subject to
approval by additional lenders, and is intended to increase over time in line
with the Company's NAV and its borrowing policy.
The Loan Facility is denominated in pounds sterling, with the optionality to
be utilised in other major currencies. PINT will pay an initial margin of
2.85% per annum over the relevant currency benchmark rate or compounded
reference rate on drawn amounts under the Loan Facility, reducing to 2.65% per
annum once certain expansion thresholds have been met. A commitment fee of
1.00% per annum is payable on undrawn amounts, and the tenor of the Loan
Facility is three years, with optionality to extend this further subject to
lender approval.
The purpose of the Loan Facility includes the provision of additional
liquidity for working capital, and to support further investment in
high-quality infrastructure assets from PINT's near-term investment pipeline.
The Loan Facility includes a loan to value and a net asset value financial
covenant.
Richard Sem, Partner at Pantheon, PINT's investment manager, commented:
"We are pleased to partner with a top-tier financial institution to secure
this Loan Facility, which will allow PINT to execute on near-term
opportunities from a high quality pipeline of infrastructure assets."
Legal Entity Identifier (LEI) 213800CKJXQX64XMRK69
For further information, contact:
Pantheon Ventures (UK) LLP +44 (0) 20 3356 1800
Investment Manager pint@pantheon.com (mailto:pint@pantheon.com)
Richard Sem, Partner
Harriet Alexander, Vice President
Investec Bank plc +44 (0) 20 7597 4000
Sole Sponsor, Financial Adviser and Bookrunner
Tom Skinner (Corporate Broking)
Lucy Lewis, Denis Flanagan (Corporate Finance)
Will Barnett, Neil Brierley, Alice Douglas, Jack Kershaw (Sales)
TB Cardew +44 (0) 20 7930 0777
Public relations advisor pint@tbcardew.com (mailto:pint@tbcardew.com)
Ed Orlebar +44 (0)7738 724 630
Tania Wild +44 (0)7425 536 903
Max Gibson +44 (0)7435 791 368
Notes to editors
Pantheon Infrastructure PLC (PINT)
Pantheon Infrastructure PLC is a closed-ended investment company and an
approved UK Investment Trust, listed on the Premium Segment of the London
Stock Exchange's Main Market. Its Ordinary Shares trade under the ticker
'PINT'. The independent Board of Directors of PINT have appointed Pantheon,
one of the leading private markets investment managers globally, as investment
manager. PINT aims to provide exposure to a global, diversified portfolio of
high-quality infrastructure assets through building a portfolio of direct
co-investments in infrastructure assets with strong defensive characteristics,
typically benefitting from contracted cash flows, inflation protection and
conservative leverage profiles. Further details can be found at
www.pantheoninfrastructure.com (http://www.pantheoninfrastructure.com)
Pantheon
Pantheon is a leading global private equity, infrastructure & real assets,
private debt and real estate investor with 40 years' experience sourcing and
executing private market investment opportunities on behalf of clients.
Pantheon has US$88.0 billion in assets under management and advice (as at
30 June 2022) and employs over 440 staff, including more than 130 investment
professionals, across offices in London, San Francisco, New York, Chicago,
Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin. Further details can
be found at www.pantheon.com
ENDS
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