Revolving Credit Facility

RNS Number : 2363K

Pantheon Infrastructure PLC

20 December 2022

 

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This Announcement has been determined to contain inside information.

PANTHEON INFRASTRUCTURE PLC

Revolving Credit Facility

20 December 2022

The Board of Pantheon Infrastructure PLC ("PINT" or the "Company"), the listed global infrastructure fund, is pleased to announce that the Company has agreed a new multicurrency revolving credit facility for an aggregate commitment of £62.5m ("the Loan Facility") with Lloyds Bank Corporate Markets plc ("Lloyds Bank"). The Loan Facility, which is secured on certain assets of the Company, includes an uncommitted accordion feature, which will be accessible subject to approval by additional lenders, and is intended to increase over time in line with the Company's NAV and its borrowing policy.

The Loan Facility is denominated in pounds sterling, with the optionality to be utilised in other major currencies. PINT will pay an initial margin of 2.85% per annum over the relevant currency benchmark rate or compounded reference rate on drawn amounts under the Loan Facility, reducing to 2.65% per annum once certain expansion thresholds have been met. A commitment fee of 1.00% per annum is payable on undrawn amounts, and the tenor of the Loan Facility is three years, with optionality to extend this further subject to lender approval.

The purpose of the Loan Facility includes the provision of additional liquidity for working capital, and to support further investment in high-quality infrastructure assets from PINT's near-term investment pipeline.  The Loan Facility includes a loan to value and a net asset value financial covenant.

Richard Sem, Partner at Pantheon, PINT's investment manager, commented:

"We are pleased to partner with a top-tier financial institution to secure this Loan Facility, which will allow PINT to execute on near-term opportunities from a high quality pipeline of infrastructure assets."

Legal Entity Identifier (LEI)

213800CKJXQX64XMRK69

For further information, contact: 

Pantheon Ventures (UK) LLP Investment Manager Richard Sem, Partner Harriet Alexander, Vice President	[phone] [e-mail]
Investec Bank plc Sole Sponsor, Financial Adviser and Bookrunner Tom Skinner (Corporate Broking) Lucy Lewis, Denis Flanagan (Corporate Finance) Will Barnett, Neil Brierley, Alice Douglas, Jack Kershaw (Sales)	[phone]
TB Cardew Public relations advisor Ed Orlebar Tania Wild Max Gibson	[phone] [e-mail] [phone] [phone] [phone]

Notes to editors

Pantheon Infrastructure PLC (PINT)

Pantheon Infrastructure PLC is a closed-ended investment company and an approved UK Investment Trust, listed on the Premium Segment of the London Stock Exchange's Main Market. Its Ordinary Shares trade under the ticker 'PINT'. The independent Board of Directors of PINT have appointed Pantheon, one of the leading private markets investment managers globally, as investment manager. PINT aims to provide exposure to a global, diversified portfolio of high-quality infrastructure assets through building a portfolio of direct co-investments in infrastructure assets with strong defensive characteristics, typically benefitting from contracted cash flows, inflation protection and conservative leverage profiles. Further details can be found at www.pantheoninfrastructure.com

Pantheon

Pantheon is a leading global private equity, infrastructure & real assets, private debt and real estate investor with 40 years' experience sourcing and executing private market investment opportunities on behalf of clients. Pantheon has US$88.0 billion in assets under management and advice (as at 30 June 2022) and employs over 440 staff, including more than 130 investment professionals, across offices in London, San Francisco, New York, Chicago, Hong Kong, Seoul, Bogotá, Tokyo, Dublin and Berlin. Further details can be found at www.pantheon.com

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