REG - Pantheon Intl PLC - Extension of Credit Facility

Pantheon InternationalAnnouncement

28/10/2024 07:00

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RNS Number : 7639J  Pantheon International PLC  28 October 2024

28 October 2024

 

For immediate release

The information contained in this announcement is restricted and is not for
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Australia (other than to persons who are both wholesale clients and
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distribution is or may be unlawful.

Pantheon International Plc

 

("PIP" or the "Company")

 

Extension of Credit Facility

 

As a result of its continuing prudent approach to the management of its own
balance sheet, and the confidence of its lenders in the performance of its
portfolio, PIP announces that it has agreed to extend its multi-currency
revolving credit facility ("Credit Facility"), which was due to expire in
October 2026, by a further two years. Following the extension, the Credit
Facility will have a four-year tenor and a new maturity date of October 2028.
The Credit Facility has been right sized at a £400m equivalent commitment
(from £500m equivalent), with the flexibility to be increased to £700m under
the existing structure, subject to the consent of the participating lenders.
This ensures extended liquidity coverage whilst appropriately managing costs
associated with the Credit Facility. The Credit Facility commitments have been
re-denominated as to US$393.0m and €120.0m at signing to account for a
strengthening in GBP and to match more closely the principal currencies in
which PIP's undrawn commitments are denominated.

 

The Company has secured competitive terms in the market, with the financing
subject to market standard loan to value and liquidity covenants. A summary of
PIP's Financing Structure is shown below:

 

 Credit Facility                       Maturity       Drawn Margin                Commitment Fee
 $393.0m Tranche A1 Credit Facility    October 2028   Relevant Benchmark + 2.95%  0.80% currently payable on undrawn and available balances.

                                                                                  (Rate ranges between 0.70% and 1.15% per annum)
 €120.0m Tranche A2 Credit Facility    October 2028
 Private Placement Loan Notes
 $52.5m Five-Year Loan Notes           February 2029  6.49% blended coupon        N/A
 $67.5m Seven-Year Loan Notes          February 2031                              N/A
 $30m Ten-Year Loan Notes              February 2034                              N/A

 

PIP's portfolio, which had a weighted average age of 5.3 years as at 30
September 2024, remains cash generative. As at 25 October 2024, PIP had
£23.7m in cash, $152m (£117.0m) of drawings under the Credit Facility and
$150m (£115.5m) Private Placement debt, resulting in a net debt to NAV ratio
of 9.5%. 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 Credit Facility.

 

This announcement contains inside information.

 

Ends

 

LEI: 2138001B3CE5S5PEE928

 

For more information please visit PIP's website at www.piplc.com or contact:

 

Pantheon

Helen Steers / Charlotte Morris / Vicki Bradley

Tel: +44 20 3356 1800

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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, across private equity, real assets
and private credit. The firm has partnered with more than 650 clients, with
approximately $67bn in discretionary assets under management (as at 31 March
2024).

 

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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