Renewal of Credit Facility

RNS Number : 1652Q
Pantheon International PLC
04 June 2018

4 June 2018





Pantheon International Plc ("PIP" or "the Company") is pleased to announce that it has agreed a new £175m multi-currency revolving credit facility agreement ("Loan Facility"), arranged by Lloyds Bank and NatWest Markets.  This replaces the £150m loan facility agreement which was due to expire in November 2018.


The new £175m four-year Loan Facility has been redenominated using current exchange rates to $163.0m and €59.8m.  The terms of the new facility are materially the same as those of the existing facility but will expire in June 2022 with an option after one year to extend, by agreement, the maturity date by another year. 


PIP's mature portfolio, which at the half-year end of 30 November 2017 was reported to have an average fund vintage maturity of 5.8 years, is in a cash generative phase. The Company expects to continue to finance its new investments and meet its unfunded commitments, amounting to £436m as at 30 April 2018, principally from internally generated cash resources.  As at 30 April 2018, PIP had available cash balances of £144m. Therefore, based on current exchange rates, PIP's total liquid financial resources, taking into account the terms of the new Loan Facility and 30 April 2018 available cash balances, are equivalent to £319m.


The new Loan Facility provides a margin of additional assurance that the Company has the ability to finance its unfunded commitments in the future.







PIP, a constituent of the FTSE 250, is a London quoted investment trust, managed by Pantheon Ventures (UK) LLP ("Pantheon"), a leading global private equity fund investor, investing in both primary funds and secondary transactions, and from time to time capitalising further on its fund investment activities by acquiring direct holdings in unquoted companies, usually either where a vendor is seeking to sell a combined portfolio of fund interests and direct holdings or where there is a private equity manager, well known to Pantheon, investing on substantially the same terms. With investments in private equity funds, covering multiple private equity strategies ranging from investments in late stage buyouts to early stage venture, 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.




Pantheon is a leading global private equity fund investor that invests on behalf of over 400 institutional investors. Established over 35 years ago, Pantheon has developed a strong reputation and track record in primary, secondary and co-investments and across all stages and geographies. Pantheon has £28.7 billion in AUM* (as at 31 December 2017), 248 employees, including over 75 investment professionals, located across offices in London, San Francisco, New York, Hong Kong, Seoul and Bogotá.


*This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function.


LEI: 2138001B3CE5S5PEE928


For more information please visit PIP's website at or contact:


Andrew Lebus or Vicki Bradley                                 


020 3356 1800


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.

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