Pantheon International PLC Additional Bank Loan Facility Agreement (2196N)
October 21 2016 - 11:19AM
UK Regulatory
TIDMPIN
RNS Number : 2196N
Pantheon International PLC
21 October 2016
21 October 2016
Pantheon International Plc
ADDITIONAL BANK LOAN FACILITY AGREEMENT
Pantheon International Plc ("PIP" or "the Company"), an
investment trust that invests in private equity funds globally,
today announces that it has agreed an additional multi-currency
revolving credit facility agreement ("Loan Facility") of GBP50m.
The Loan Facility is an extension to the current 4-year facility
that is in place until November 2018. The existing facility has
been denominated to US$100m and EUR46m, equivalent to GBP116m as at
31(st) August 2016, and remains fully undrawn. The additional Loan
Facility, arranged by the Royal Bank of Scotland plc and Lloyds
Banking Group plc, will be redenominated to US dollars and euros in
line with the existing facility, and also has a maturity date of
November 2018.
PIP's mature portfolio, with a weighted average fund age of
approximately 7.3 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 31(st) August 2016, PIP had cash balances of GBP135m.
Therefore, based on current exchange rates, PIP's total available
liquid financial resources, taking into account the terms of the
new Loan Facility, and the existing facility and cash balances as
at 31(st) August 2016, are equivalent to GBP301m.
The extended 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 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
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.
For more information please visit PIP's website at www.piplc.com
or contact:
Andrew Lebus or Vicki Bradley
Pantheon
020 3356 1800
This information is provided by RNS
The company news service from the London Stock Exchange
END
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