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Pantheon refinances with £500 million multi-tranche revolver
By Marisa Wong
Los Angeles, Oct. 19 – Pantheon International plc has entered into a new £500 million equivalent multi-tranche, multi-currency revolving credit facility agreement, according to a news release.
The agreement replaces an existing £500 million equivalent credit facility with Credit Suisse AG London Branch as a lender.
As of Oct. 19, the company had £125 million of drawings under the existing credit facility, which will be refinanced by the new loan.
The new loan, which is secured by certain assets of the company, will be split as follows:
• £400 million facility A expiring in October 2026 with an ongoing option to extend the maturity date by 364 days at a time; and
• £100 million facility B expiring in October 2024.
The structure permits facility A to be increased to £700 million from £400 million via an uncommitted accordion option, subject to the consent of the participating lenders.
The new facility was oversubscribed, with a number of new relationship-focused lenders, State Street Bank & Trust Co., RBS International plc, Mizuho Bank Ltd. and RBC Europe Ltd., joining the syndicate alongside two existing relationship lenders, Lloyds Bank Corporate Markets plc and State Street Bank International GmbH.
Existing lender Credit Suisse will no longer be a lender to the company.
The loan has been denominated as $487.7 million and €115.7 million to match more closely the principal currencies in which the company’s undrawn commitments are denominated.
The interest rate margin is either 295 basis points or 225 bps, depending on whether facility A or facility B is utilized, respectively.
The company will pay a commitment fee of between 70 bps and 115 bps, also depending on utilization, on the undrawn portion of the loan.
The refinanced credit facility includes a covenant package that better supports utilization under the loan facility, a previously announced tender offer for the company’s ordinary shares and its ongoing share buyback program.
Pantheon is a United Kingdom-based closed-end investment company.
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