Increase of Loan Facility

Patria Private Equity Trust PLC

27 January 2025

 

Patria Private Equity Trust plc

Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13

27 January 2025

Increase of Loan Facility

The Board of Patria Private Equity Trust plc ("the Company" or "PPET") is pleased to announce an extension of its syndicated revolving multi-credit facility agreement ("Loan Facility") which will take effect on 3 February 2025.  The Loan Facility has been extended by three years and the amount available increased from £300.0 million to £400.0 million with Banco Santander, S.A. and State Street Bank & Trust Company joining the syndicate of banks as new lenders alongside current providers The Royal Bank of Scotland International Limited (London Branch), Société Générale, London Branch and State Street Bank International GMBH.  NatWest Markets plc continues to act as facility agent and will now also act as security agent to the syndicate of banks. 

The Loan Facility now matures on 3 February 2028 (with options to extend for up to a further two years) was drawn to a total amount of £90.1 million as at 31 December 2024.  The remaining undrawn balance of the Loan Facility at 31 December 2024 was £209.9 million, which will increase to £309.9 million.

The margin on the Loan Facility is 2.6%, and the commitment fee payable on non-utilisation is 0.8% or 0.9% per annum, reducing depending upon utilisation. An annual fee of 0.35% is also payable.

Alan Devine, the Chair of the Board, said "PPET continues to have a strong pipeline of investment opportunities to support portfolio growth in primary funds, fund secondaries and direct investments.  The extended Loan Facility enables PPET's Manager to manage the Company's cash flows and, if need be, draw on the sums available to take advantage of new investment opportunities.  The Board is delighted with the continued support from RBSI, Société Générale and State Street, and welcomes Banco Santander to the syndicate."

For further information please contact:

Patria Private Equity Trust plc	[e-mail]
Alan Devine (Chair)
Alan Gauld (Lead Manager) Paul Evitt (Company Secretary)
Investec Bank plc	[phone]
Lucy Lewis
Tom Skinner
Denis Flanagan
SEC Newgate	[phone]
Sally Walton

Notes:

This announcement is released by the Company and the information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Article 7 of the UK version of the EU Market Abuse Regulation (Regulation (EU) No.596/2014) which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a Regulatory Information Service, such information is now considered to be in the public domain.

Patria Private Equity Trust plc (Ticker: PPET) is an investment trust and its shares are admitted to listing on the FCA's Official List and to trading on the main market of the London Stock Exchange.

PPET provides investors with exposure to leading private equity funds and private companies, mainly in Europe. It invests in private equity funds by making primary commitments and secondary purchases, and it makes direct investments into private companies. Its investment objective is to achieve long-term total returns for investors and its policy is to maintain a broadly diversified portfolio by country, industry sector, maturity and number of underlying investments.

Patria Capital Partners LLP, a wholly owned subsidiary of Patria Investments Limited, is PPET's alternative investment fund manager ('AIFM') and Manager (the 'Investment Manager' or the 'Manager').

Further information on the Company can be found on its website at: https://patriaprivateequitytrust.com/

 

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