Last checked at 
17 Sep 2010 16:46
17th September 2010
PANTHEON INTERNATIONAL PARTICIPATIONS PLC
ISSUE OF LOAN NOTES
The Board of Pantheon International Participations PLC ("PIP"), the quoted private equity fund-of-funds, today announced that agreements have been entered into with institutional investors to subscribe for up to £51m in aggregate for unsecured subordinated loan notes (the "Notes").
Under these agreements, the Notes are to be subscribed for in cash on 30th September 2010 and, if not repaid earlier, will have a maturity date of 15th November 2011. The Notes will pay a rate of interest equal to LIBOR plus 1.5% p.a. In addition, existing notes issued by the Company in December 2008 and due to mature on 15th November 2010 have had their maturity date extended to 15th November 2011. The agreements have been entered into with all of the institutional investors who have previously entered into "standby" commitments to subscribe, if called upon by the Company to do so, for redeemable shares. Standby commitments amounting in aggregate to £50 million which were due to expire on 31st December 2010 have been extended so that they expire on 31st December 2011. In the event of a drawdown by the Company under a "standby" commitment from an institutional investor who is a Noteholder, the Company shall repay an equivalent amount on the Notes held by such investor (or such lesser amount as is outstanding).
The Board remains confident that the Company has sufficient financing in place to meet future cash calls from its unfunded investment commitments.
Ends NOTESPIP
Pantheon International Participations ("PIP") is a London quoted investment trust, managed by Pantheon Ventures Ltd., 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. www.pipplc.com
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 £14.6 billion under management (as at 31st March 2010), investments in over 500 private equity funds in over 30 countries and offices in London, San Francisco, New York and Hong Kong.
For more information please contact:
Andrew Lebus 020 7484 6200
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