Private Placement Debt Issue
12/01/2024 07:00
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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 (£118m*
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 £500m 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 £20m of net available cash and
drawings of £136m 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 capture 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 (http://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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