Pantheon International gets £500 million upsized replacement revolver

By Marisa Wong

Los Angeles, Aug. 2 – Pantheon International plc announced it has agreed to a new £500 million multi-tranche, multicurrency revolving credit facility agreement that replaces its existing £300 million credit facility set to expire in May 2024, according to a news release.

The facility was arranged by three lenders comprising a new partner in the lending syndicate, Credit Suisse AG, London Branch, and two existing lenders, Lloyds Bank Corporate Markets plc and State Street Bank International GmbH.

The new £500 million loan expires in July 2027. The company has an ongoing option to extend the maturity date by an additional year at a time.

The facility has been denominated as $512.9 million and €89.2 million to more closely match the principal currencies in which the company’s undrawn commitments are denominated.

The company will pay a blended commitment fee of 95 basis points per annum on the wholly undrawn loan facility. Depending on utilization, the margin payable would be equivalent to the relevant benchmark rate plus 235 bps to 257.5 bps.

The loan, which is secured by some of the company’s assets, is subject to market standard loan-to-value and liquidity covenants.

Based on current exchange rates, the company’s total liquid financial resources, taking into account the terms of the new loan and net available cash as of June 30, are equivalent to £694 million.

Pantheon is a private equity investor based in the United Kingdom.

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