Pantheon International extends maturity of multi-currency facility

(Sharecast News) - Pantheon International announced on Monday that it has extended the maturity of its multi-currency revolving credit facility by a further year to October 2029, maintaining its £400m equivalent commitment while securing lower borrowing costs. The London-listed firm said the extension reflected what it described as a "continuing prudent approach" to balance sheet management and lender confidence in the performance of its private equity portfolio.

It said the facility retained flexibility to increase to £700m under the existing structure, subject to lender consent, and provided "extended liquidity coverage whilst appropriately managing costs".

The facility was re-denominated as $402.3m and €115.1m to better match the currencies of the company's undrawn investment commitments.

It said the new terms included a reduced drawn margin of benchmark plus 2.65%, down from 2.95%, and a commitment fee of 0.65% on undrawn balances, compared with 0.80% previously.

Pantheon said its portfolio remained cash generative, with a weighted average age of 5.6 years as of 30 September.

As of 24 October, the company held £34m in cash, $164m of drawings under the facility, and $150m in private placement debt, giving a net debt-to-NAV ratio of 9%.

The firm said it would continue to "proactively manage its financing arrangements to ensure alignment with its capital allocation objectives whereby gearing is both a source of capital when the company is in a net debt position, and a use when the company is in a net cash position".

At 1139 GMT, shares in Pantheon International were down 0.28% at 360.5p.

Reporting by Josh White for Sharecast.com.