28 October 2024
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information contained in this announcement is restricted and is not
for publication, release or distribution in the United States of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")
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
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, 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. 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