Patria Private Equity Trust (PPET) has agreed a three-year extension of its syndicated revolving multi-credit facility agreement (a loan facility) that takes effect from 3 February 2025 and also sees the amount available to borrow increasing from £300m £400m. Banco Santander, S.A. and State Street Bank & Trust Company are joining the syndicate of banks as new lenders alongside current providers The Royal Bank of Scotland International Limited (London Branch), Société Générale, London Branch and State Street Bank International GMBH. NatWest Markets Plc continues to act as facility agent and will now also act as security agent to the syndicate of banks.

Following the agreement to extend the loan facility, this now matures on 3 February 2028 (with options to extend for up to a further two years) and had a total drawdown of £90.1m as at 31 December 2024. The remaining undrawn balance of the facility was £209.9m as at 31 December 2024, which will increase to £309.9m once the extension takes effect. The margin on the facility is 2.6%, and the commitment fee payable on non-utilisation is 0.8% or 0.9% per annum, reducing depending upon utilisation. An annual fee of 0.35% is also payable.

Comments from Alan Devine, chair of PPET’s board

“PPET continues to have a strong pipeline of investment opportunities to support portfolio growth in primary funds, fund secondaries and direct investments. The extended Loan Facility enables PPET’s Manager to manage the Company’s cash flows and, if need be, draw on the sums available to take advantage of new investment opportunities. The Board is delighted with the continued support from RBSI, Société Générale and State Street, and welcomes Banco Santander to the syndicate.”