Resumed Investment Programme & New Bank Loa...
17th June 2011
PANTHEON INTERNATIONAL PARTICIPATIONS PLC
RESUMPTION OF INVESTMENT PROGRAMME AND EXECUTION
OF A NEW BANK LOAN FACILITY AGREEMENT
Pantheon International Participations PLC ("PIP") today announces that it has
resumed its investment programme with the acquisition of a global secondary
portfolio alongside other Pantheon clients. Furthermore, the Company announces
that it has entered into a new multi-currency revolving credit facility
agreement ("Loan Facility") that will expire in June 2015.
Secondary Acquisition
PIP has recently signed up to a commitment of up to US$40 million
(approximately £25 million) in a large proprietary secondary transaction
alongside other Pantheon clients. This consists of a high quality global
portfolio of 25 buyout funds with over 400 underlying companies.
The portfolio is projected to be 77% funded on closing and is being purchased
at a discount relative to September 2010 valuations. The portfolio is located
approximately 40% in the US, 40% in Europe and 20% in Asia and is well
diversified with exposure to a broad range of sectors. The purchase is expected
to be substantially completed by the end of June 2011 and is subject to
customary closing conditions.
Amendment of Loan Facility
PIP's new Loan Facility expires in June 2015, and has replaced its
multi-currency revolving credit facility that was due to expire in May 2012.
Furthermore, the size of the new Loan Facility has been reduced to US$82m and
€57m, (down from $117.4m and €85.9m in the previous facility). Interest on the
new Loan Facility, arranged by the Royal Bank of Scotland, will be charged at a
rate of LIBOR or EURIBOR +2.75% per annum (dependent on which currency is
drawn).
Since its last NAV announcement for the quarter ended 31st March 2011, PIP has
continued to generate significant levels of cash from its underlying
investments. The Company's cash balances have increased by £16m to £42m in the
two months to 31st May 2011. The Company also has available £150m of standby
commitments to subscribe for redeemable shares. It should be noted that, if
called, £100.5m of the proceeds from a redeemable share issue under the standby
commitments would be needed to repay outstanding unsecured subordinated loan
notes in issue at 31st May 2011.
Therefore, at 31st May 2011, based on exchange rates on that date, PIP's total
available liquid financial resources, taking into account the terms of the new
Loan Facility, were equivalent to £192m.
PIP's mature portfolio, with a weighted average fund age of approximately 6.5
years, is in a cash generative phase and has benefited from improving
realisation and investment activity. The Company therefore expects to finance
its investments and to meet its unfunded commitments from its internally
generated cash resources. The new loan facility gives additional reassurance
that the Company has the ability to finance its unfunded commitments in the
future.
As previously stated in PIP's Half Yearly Report to 31st December 2010, the
Company intends to focus any new commitments on the secondary market, the
outlook for which remains active.
NOTES
PIP
Pantheon International Participations ("PIP") is a London quoted investment
trust, managed by Pantheon, one of the longest-established international
private equity fund-of-funds manager, investing in both primary funds and
secondary transactions. With investments in private equity funds, covering late
stage buyouts to early stage technology, PIP enables individuals as well as
institutions to gain access to a substantial portfolio of unquoted companies in
the USA, the UK, Continental Europe and Asia, within funds managed by
experienced private equity managers. PIP may occasionally acquire direct
holdings in unquoted companies, usually where a vendor is seeking to sell a
combined portfolio of funds and direct holdings. PIP's investment policy also
extends to investing directly in companies where there is a private equity
manager well known to the Company investing on the same terms.
Pantheon
Pantheon has been active in private equity since 1982 and is now one of the
world's leading private equity fund-of-funds managers, with £15.1 billion under
management (as at 31st December 2010). Pantheon has offices in London, San
Francisco, New York and Hong Kong, and has made investments in over 1,000 funds
globally.
For more information please visit PIP's website at www.pipplc.com or contact:
Andrew Lebus
Pantheon
020 7484 6200
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of this announcement.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund