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The Secured Lender
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October 19, 2023
Source: Marketscreener
Pantheon International PLC announced that it has agreed a new £500 million equivalent multi-tranche, multi-currency revolving credit facility agreement (the "Loan Facility"), which replaces the existing £500 million equivalent credit facility and Credit Suisse AG London Branch as a Lender. The new Loan Facility, which is secured by certain assets of the Company, will be split as follows: Facility A:£400 million, expiring in October 2026 with an ongoing option to extend, by agreement, the maturity date by 364 days at a time; and Facility B:£100 million, expiring in October 2024. The Company has sought to build a long-term, sustainable, more flexible, and diverse capital structure as part of this process, further strengthening the Company's balance sheet.
The structure permits Facility A to be increased from £400 million to £700 million via an uncommitted accordion option, subject to the consent of the participating Lenders, with a covenant package that better supports utilisation under the Loan Facility, the announced tender offer and the ongoing share buyback programme. The new Loan Facility was oversubscribed, with a number of new relationship-focused lenders, State Street Bank & Trust Company, RBS International plc, Mizuho Bank Ltd. and RBC Europe Limited, joining the syndicate alongside two existing relationship lenders, Lloyds Bank Corporate Markets plc and State Street Bank International GmbH. Existing lender, Credit Suisse AG London Branch, will no longer be a lender to the Company.
The Loan Facility has been denominated as to USD 487.7 million and?115.7 million to match more closely the principal currencies in which PIP's undrawn commitments are denominated. Depending on the utilisation of the Loan Facility, PIP will pay a commitment fee of between 0.70% and 1.15% per annum on the undrawn portion of the Loan Facility. The rate of interest payable on the drawn portion is the aggregate of the relevant benchmark rate plus 2.95% or 2.25% depending on whether Facility A or B is utilised respectively.
The Loan Facility is subject to market standard loan to value and liquidity covenants. PIP's portfolio, which had a weighted average age of 4.8 years as at 31 May 2023, is cash generative. 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 Loan Facility as PIP optimises its capital structure.
As at 19 October 2023, PIP had £125 million of drawings under the existing £500m equivalent credit facility which will be refinanced by the new Loan Facility.
