Last checked at 
22 Jul 2011 15:21
22nd July 2011
Drawdown of Redeemable Share Subscription Commitments and Repayment of Loan Notes
Pantheon International Participations PLC ("PIP" or the "Company") today announces that it will drawdown commitments to subscribe for £100.5 million of new redeemable shares of £0.01 each in the capital of the Company ("New Redeemable Shares") from the institutions with whom the Company has entered into standby subscription agreements ("Standby Agreements"). Simultaneously the Company will repay £100.5 million of outstanding unsecured subordinated loan notes ("Loan Notes") held by those institutions. These actions will effectively exchange the full balance of the Company's Loan Notes for New Redeemable Shares.
Between 2005 and 2008, PIP entered into the Standby Agreements with a number of institutions ("Standby Investors"). Under the terms of the Standby Agreements, the Standby Investors agreed to subscribe an aggregate amount of £150 million for redeemable shares in the Company when called upon by the Company to do so and at an issue price equal to the most recently published net asset value per share (the "Standby Commitments").
In 2008 and 2010, PIP issued to Standby Investors two series of Loan Notes with an aggregate principal amount of £100.5 million. Under the terms upon which the Loan Notes were subscribed, a drawdown on the Standby Commitments requires an equivalent amount of the Loan Notes to be repaid. The Loan Notes mature on 15th November 2011 and the Board has determined to exchange the Loan Notes for redeemable shares in the Company by drawing down on the Standby Commitments.
The New Redeemable Shares will be issued at a price equal to the net asset value per share of the Company as at 30th June 2011, which is expected to be published on or around 28th July 2011. The Company intends to complete the issue of the New Redeemable Shares and the repayment of the Loan Notes on 24th August 2011. The Company has submitted an application for the New Redeemable Shares to be admitted to the Official List of the United Kingdom Listing Authority and to be admitted to trading on the London Stock Exchange plc's main market for listed securities ("Admission"). It is expected that Admission will become effective, and that dealings in the New Redeemable Shares will commence, on 24th August 2011.
Following the execution of a new multi-currency credit facility in June 2011, the Board does not expect to utilise the remaining £49.5 million of Standby Commitments.
Ends NOTESPIP
Pantheon International Participations (`PIP') is a London quoted investment trust, managed by Pantheon, one of the longest-established international private equity fund-of-funds manager, investing in both primary funds and secondary transactions. With investments in private equity funds, covering late stage buyouts to early stage technology, PIP enables individuals as well as institutions to gain access to a substantial portfolio of unquoted companies in the USA, the UK, Continental Europe and Asia, within funds managed by experienced private equity managers. PIP may occasionally acquire direct holdings in unquoted companies, usually where a vendor is seeking to sell a combined portfolio of funds and direct holdings. PIP's investment policy also extends to investing directly in companies where there is a private equity manager well known to the Company investing on the same terms.
Pantheon
Pantheon has been active in private equity since 1982 and is now one of the world's leading private equity fund-of-funds managers, with £15.1 billion under management (as at 31st March 2011). Pantheon has offices in London, San Francisco, New York and Hong Kong, and has made investments in over 1,000 funds globally.
For more information please visit PIP's website at www.pipplc.com or contact:
Andrew Lebus or Alexis Barling
Pantheon
020 7484 6200
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of this announcement.
XLON