The board of UK-based Pantheon Infrastructure (PINT) has approved a $66.56 million increase to its revolving credit facility (RCF).
This increase will bring the total to $145.8 million, enabling additional liquidity for infrastructure assets from PINT’s investment pipelines. As of yet, the loan facility remains undrawn.
RCFs are a type of credit that enables you to withdraw money, use it to fund your business, repay it and then redraw the funding again if and when it is needed. Pantheon is building a portfolio of co-investments in infrastructure, including data centers, fiber networks, towers, power and utilities, transport and logistics, and renewable energy sources.
In the digital infrastructure sector, the company has invested in DigitalBridge, National Broadband Ireland, Vantage Data Centers in which the company invested $35 million in July 2022, Delta Fiber, CyrusOne, and VerticalBridge. In total, the company has over $70 billion of assets under management. Earlier this year, Pantheon Infrastructure completed the majority acquisition of GD Towers from Deutsche Telekom after investing $53 million into the tower company.
As part of the RCF increase, PINT has also diversified its lenders to include the Royal Bank of Scotland International, alongside existing lender Lloyds Bank Corporate Markets plc. As part of the deal, PINT can increase the RCF to $234.5m through an “uncommitted accordion feature.”
Richard Sem, partner at Pantheon, said: “We welcome another distinguished financial institution to the Loan Facility, reflecting the high-quality investment portfolio and credit quality of PINT. The increased capacity will allow PINT to execute on near-term opportunities from a strong pipeline of attractive infrastructure assets as we continue building out our diversified portfolio."
According to the company, the Loan Facility terms remain mostly unchanged, with PINT paying an initial margin of 2.84 percent per annum over the currency benchmark rate, reducing to 2.65 percent after expansion thresholds are met. The Loan Facility will expire on December 19, 2025.