QuotedData’s morning briefing 12 January 2024 – PIN, SERE

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.
  • Schroder European REIT (SERE) has reported a drop in the value of its portfolio over the quarter to 31 December 2023. The property portfolio was independently valued at €210.2m, a like-for-like decrease over the quarter of 1.8%. This was driven by continued outward yield movement, particularly for offices (down 2.5%) and select industrial (down 1.2%). Based on the valuation, and following a recent loan refinancing and de-leveraging, the portfolio LTV is around 33% – based on gross asset value and 24% net of cash.

Shareholding disclosures for the following companies have been issued since we published yesterday’s morning briefing:

  • JPMorgan European Discovery (JEDT) – Saba Capital Management LLP increased its holding from 12.86% to 12.97% (inclusive of financial instruments).
  • Schroder Japan (SJG) – Allspring Global Investments increased its holding from 12.96% to 13.06% (all equity – no financial instruments held).
  • NB Global Monthly Income (NBMI) – Almitas Capital LLC has a 16.99% holding (inclusive of financial instruments).

 

Investment company news brought to you by QuotedData by Marten & Co.