2nd Nov 2020 09:53
(Alliance News) - Pantheon International PLC on Tuesday said it has agreed an amendment and extension to its GBP300 million loan facility agreement, which had been due to expire in June 2022.
The private equity investor said terms of the multi-currency revolving credit facility agreement remain "materially the same". The amended facility consists of a GBP225 million tranche that expires in May 2024 and a GBP75 million tranche that still expires in June 2022.
Additionally, the amended agreement allows the FTSE 250-listed investment trust to up its committed facilities to GBP350 million through additional loans.
At present, the loan facility remains undrawn, and Pantheon plans to continue financing new investments and meeting underfunded commitments - amounting to GBP495 million on September 30 - using mostly internally generated cash resources.
At September end, Pantheon International had GBP123 million of available cash balances. Based on current exchange rates, and when taking into account the new terms of its loan facility and cash balances, its total liquid financial resources were equivalent to GBP424 million.
Chair Laurie Magnus said: "The board is pleased to have secured this amendment to the loan facility, particularly in the current challenging economic conditions. [Pantheon International's] strong balance sheet means that the company is able comfortably to finance its unfunded commitments while remaining alert to compelling new investment opportunities as they arise."
Shares in Pantheon International were up 0.2% at 2,180.00 pence in London on Monday morning.
By Anna Farley; [email protected]
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