In QuotedData’s morning briefing 12 January 2024:

• Pantheon International (PIN) has agreed a private placement of US$150m (£118m equivalent) of loan notes that have been structured over different maturities of 5, 7 and 10 years, resulting in a weighted average maturity of 6.9 years. PIN says that the loan notes were three times oversubscribed at the pricing point and purchased by five North American institutional investors. PIN says that, when considered alongside its existing £500m equivalent multi-currency revolving credit facility (RCF), the loan note issue means that it now has access to an even more diverse supply of liquidity from high quality counterparties. As at 11 January 2024, PIN had £20m of net available cash and drawings of £136m under the RCF and proceeds from loan note issue will be used to partially repay these drawings, shifting this debt into longer term funding at a blended US Dollar coupon of 6.4945% (the blended coupon is lower than the all-in interest cost currently payable on the RCF). Following the issuance of the Notes, PIP’s net debt to NAV will remain conservative and unchanged at 5%. The Company expects to finance its new investments and meet its unfunded commitments principally from the cash that continues to be generated by the Company’s portfolio and from short-term utilisations under the RCF. The funding date of the Notes is expected to be 1 February 2024, subject to customary closing conditions being satisfied.