Pantheon International locks in cheaper credit 

Pantheon International (PIN ) is extending its multi-currency revolving credit facility (RCF), supporting its recent pledge to deploy capital more consistently and accelerate buybacks. 

The board of the £1.6bn private equity trust has agreed to extend the facility by a year, moving the maturity from October 2028 to October 2029.

The RCF remains sized at £400m, with the flexibility to rise to £700m under the existing structure, subject to lender consent.

The commitments have been redenominated to $402.3m and €115.1m to reflect a stronger pound against the dollar and better match the currencies of PIN’s undrawn obligations.

The extension also comes with cheaper terms, reducing both the cost of drawn funds and the commitment fee on undrawn amounts.

The margin on drawn amounts is the relevant benchmark plus 2.65%, falling from 2.95% previously, while the commitment fee now stands at 0.65%, down from 0.80%.

PIN described these as ‘competitive terms… offering significant finance cost savings over the 4-year tenor.’

Despite the weighted average age of the portfolio being 5.6 years, the board assured investors that PIN remains ‘cash generative’ and highlighted that the trust’s revolving credit facility sits alongside $150m of longer-term private debt.

As of 24 October 2025, PIN had £34m in cash and $164m drawn from the facility, leaving net debt at a modest 9% of NAV.

‘The company will continue to proactively manage its financing arrangements to ensure alignment with its capital allocation objectives, whereby gearing is both a source of capital — when the company is in a net debt position — and a use when the company is in a net cash position,’ the update added.

As of yesterday, PIN’s shares were trading at a 29% discount to NAV.