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Pantheon International PLC - investment trust focused on private equity - Agrees new £500 million multi-currency revolving credit facility agreement, which will replace its existing £300 million credit facility that was due to expire in May 2024. The new loan facility is due to expire in July 2027, with an ongoing option to extend the agreement by another year. The loan facility has been arranged by Credit Suisse Group AG, Lloyds Banking Group PLC and State Street Bank International GmbH. Pantheon International will pay a blended commitment fee of 95 basis points per annum on the undrawn loan facility and, depending on its utilisation, the margin payable would be equivalent to the relevant benchmark rate plus 2.4% to 2.6%.
Says it expects to continue to finance its new investments and meet its unfunded commitments, amounting to £761 million at June 30, principally from cash generated from the company's portfolio. As at 30 June 2022, Pantheon International had £194 million of net available cash.
Chair Laurie Magnus said: ‘The board is delighted to have secured this enlarged and extended loan facility on competitive terms in the current environment. This is testimony to the quality of PIP's portfolio of private equity investments and provides PIP with greater flexibility in managing its asset base.’
Current stock price: 263.10 pence
12-month change: down 0.5%
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