Pantheon International PLC on Friday said it intends to raise $150 million through a private placement of loan notes to North American investors.
The Exeter, England-based private equity investment trust said the notes have maturities of five, seven and ten years.
As of January 11, Pantheon had £20 million of net available cash and drawings of £136 million under its existing £500 million loan facility.
Proceeds from the fundraise will be used to repay and covert these drawings into ‘longer term funding’ at a blended interest rate of around 6.5%, Pantheon said. The blended coupon is lower than the all-in interest cost currently payable on the loan facility. Pantheon also intends to use the funds to finance its new investments.
The funding date of the notes is expected to be February 1.
Pantheon Chair John Singer said: ‘We are delighted to have completed this issuance of loan notes, which further optimise PIP’s capital structure. They provide further underpinning of our investment reallocation strategy as we aim to capture value and improve returns for our shareholders over the long term.’
Shares in Pantheon were untraded at 309.93 pence each in London on Friday morning.
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