PR Newswire
London, June 17
17th June 2011
PANTHEON INTERNATIONAL PARTICIPATIONS PLC RESUMPTION OF INVESTMENT PROGRAMME AND EXECUTION OF A NEW BANK LOAN FACILITY AGREEMENT
Pantheon International Participations PLC ("PIP") today announces that it hasresumed its investment programme with the acquisition of a global secondaryportfolio alongside other Pantheon clients. Furthermore, the Company announcesthat it has entered into a new multi-currency revolving credit facilityagreement ("Loan Facility") that will expire in June 2015 .
Secondary Acquisition
PIP has recently signed up to a commitment of up to US$40 million (approximately £25 million) in a large proprietary secondary transactionalongside other Pantheon clients. This consists of a high quality globalportfolio of 25 buyout funds with over 400 underlying companies.
The portfolio is projected to be 77% funded on closing and is being purchasedat a discount relative to September 2010 valuations. The portfolio is locatedapproximately 40% in the US, 40% in Europe and 20% in Asia and is welldiversified with exposure to a broad range of sectors. The purchase is expectedto be substantially completed by the end of June 2011 and is subject tocustomary closing conditions.
Amendment of Loan Facility
PIP's new Loan Facility expires in June 2015 , and has replaced itsmulti-currency revolving credit facility that was due to expire in May 2012 .Furthermore, the size of the new Loan Facility has been reduced to US$82m and €57m, (down from $117.4m and €85.9m in the previous facility). Interest on thenew Loan Facility, arranged by the Royal Bank of Scotland , will be charged at arate of LIBOR or EURIBOR +2.75% per annum (dependent on which currency isdrawn).
Since its last NAV announcement for the quarter ended 31st March 2011 , PIP hascontinued to generate significant levels of cash from its underlyinginvestments. The Company's cash balances have increased by £16m to £42m in thetwo months to 31st May 2011 . The Company also has available £150m of standbycommitments to subscribe for redeemable shares. It should be noted that, ifcalled, £100.5m of the proceeds from a redeemable share issue under the standbycommitments would be needed to repay outstanding unsecured subordinated loannotes in issue at 31st May 2011 .
Therefore, at 31st May 2011 , based on exchange rates on that date, PIP's totalavailable liquid financial resources, taking into account the terms of the newLoan Facility, were equivalent to £192m.
PIP's mature portfolio, with a weighted average fund age of approximately 6.5years, is in a cash generative phase and has benefited from improvingrealisation and investment activity. The Company therefore expects to financeits investments and to meet its unfunded commitments from its internallygenerated cash resources. The new loan facility gives additional reassurancethat the Company has the ability to finance its unfunded commitments in thefuture.
As previously stated in PIP's Half Yearly Report to 31st December 2010 , theCompany intends to focus any new commitments on the secondary market, theoutlook for which remains active.
NOTES
PIP
Pantheon International Participations ("PIP") is a London quoted investmenttrust, managed by Pantheon, one of the longest-established internationalprivate equity fund-of-funds manager, investing in both primary funds andsecondary transactions. With investments in private equity funds, covering latestage buyouts to early stage technology, PIP enables individuals as well asinstitutions to gain access to a substantial portfolio of unquoted companies inthe USA , the UK, Continental Europe and Asia , within funds managed byexperienced private equity managers. PIP may occasionally acquire directholdings in unquoted companies, usually where a vendor is seeking to sell acombined portfolio of funds and direct holdings. PIP's investment policy alsoextends to investing directly in companies where there is a private equitymanager well known to the Company investing on the same terms.
Pantheon
Pantheon has been active in private equity since 1982 and is now one of theworld's leading private equity fund-of-funds managers, with £15.1 billion undermanagement (as at 31st December 2010 ). Pantheon has offices in London , SanFrancisco , New York and Hong Kong , and has made investments in over 1,000 fundsglobally.
For more information please visit PIP's website at www.pipplc.com or contact:
Andrew LebusPantheon020 7484 6200
Neither the contents of the Company's website nor the contents of any websiteaccessible from hyperlinks on the Company's website (or any other website) isincorporated into, or forms part of this announcement.