Pantheon International PLC (LSE:PIN) (PIP) said it has successfully refinanced its £500 million equivalent credit facility, adding more versatility to its financial structure and flexibility to bolster its share buyback programme.
The newly structured multi-tranche, multi-currency revolving loan from a number of new relationship-focused lenders replaces the previous credit facility.
It comprises one £400 million facility expiring in October 2026, which has an accordion option to be raised up to £700 million, and one of £100 million expiring in October 2024.
As of today, PIP had drawn £125 million under the existing loan that will be refinanced by the new facility.
PIP expects to fund new investments mainly through cash generated by its portfolio, which had a weighted average age of 4.8 years as of May 2023.
John Singer, chairman, said the new facility was secured on competitive terms in the current environment, with a combination of new and existing international relationship-focused lenders.
"We believe that this demonstrates the quality of PIP's portfolio of private equity investments and the increased flexibility further underpins the strength of PIP's balance sheet," he said.