Execution of a New Bank Loan Facility
18th November 2014
PANTHEON INTERNATIONAL PARTICIPATIONS PLC
EXECUTION OF A NEW BANK LOAN FACILITY AGREEMENT
Pantheon International Participations PLC ("PIP" or "the Company")
today announces that it has renewed its 4-year multi-currency revolving
credit facility agreement ("Loan Facility") with improved terms and a
revised maturity date of November 2018.
Amendment of Loan Facility
The size of the new Loan Facility, arranged by the Royal Bank of Scotland
plc, remains unchanged at £100m equivalent which, using current exchange
rates, has been redenominated to US$100m and €46m. The new Loan Facility
also contains an accordion feature that would allow the total facility to
expand by a further £50m, subject to the Company obtaining additional
commitments to the accordion facility and complying with financial covenants.
PIP's mature portfolio, with a weighted average fund age of approximately
7.8 years, is in a cash generative phase. The Company expects to finance
its investments and to meet its unfunded commitments principally from internally
generated cash resources.
As at 30th September 2014, PIP had cash balances of £96m. Therefore,
based on current exchange rates, PIP's total available liquid financial
resources, taking into account the terms of the new Loan Facility and 30th
September cash balances, are equivalent to £196m.
The new loan facility gives additional reassurance that the Company has
the ability to finance its unfunded commitments in the future.
ENDS
NOTES
PIP
PIP is a London quoted investment trust, managed by Pantheon Ventures (UK)
LLP ("Pantheon"), a leading global private 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 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.
Pantheon
Pantheon is a leading global private equity fund investor that invests on
behalf of over 400 institutional investors. Established over 30 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 £18.3 billion in AUM** (as at 31st March 2014), 195 employees, including
over 70 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.
For more information please visit PIP's website at www.pipplc.com or contact:
Andrew Lebus or Alexis Barling
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