P10 Expands Credit Agreement to $500 Million
P10, Inc. (NYSE: PX), a leading private markets solutions provider, has announced an expanded credit agreement, increasing its total credit capacity to $500 million from new and existing lenders. The amended agreement includes a $175 million senior secured revolving credit facility and a $325 million senior secured term loan facility, with the option to increase by an additional $125 million. This refinancing, led by JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc., and Texas Capital Bank, extends maturities to August 2028. The expanded facilities offer P10 enhanced financial flexibility and a diversified lending syndicate of 14 lenders. The company plans to use the proceeds to pay off existing borrowings and fund organic and inorganic growth initiatives.
P10, Inc. (NYSE: PX), un leader nel settore delle soluzioni per i mercati privati, ha annunciato un accordo di credito ampliato, aumentando la sua capacità creditizia totale a $500 milioni da nuovi e vecchi prestatori. L'accordo modificato include un prestito rotativo garantito senior da $175 milioni e un prestito a termine garantito senior da $325 milioni, con l'opzione di aumentare ulteriormente di $125 milioni. Questa rifinanziamento, guidata da JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. e Texas Capital Bank, estende le scadenze a agosto 2028. Le strutture ampliate offrono a P10 una maggiore flessibilità finanziaria e un sindacato di prestatori diversificato composto da 14 prestatori. L'azienda prevede di utilizzare i proventi per estinguere i prestiti esistenti e finanziare iniziative di crescita organica e inorganica.
P10, Inc. (NYSE: PX), un proveedor líder de soluciones para mercados privados, ha anunciado un acuerdo de crédito ampliado, aumentando su capacidad crediticia total a $500 millones de prestamistas nuevos y existentes. El acuerdo modificado incluye una línea de crédito asegurada a corto plazo de $175 millones y un préstamo a plazo garantizado senior de $325 millones, con la opción de aumentar en un adicional de $125 millones. Este refinanciamiento, liderado por JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. y Texas Capital Bank, extiende los vencimientos hasta agosto de 2028. Las facilidades ampliadas ofrecen a P10 una mayor flexibilidad financiera y un sindicato de prestamistas diversificado de 14 prestamistas. La empresa planea utilizar los ingresos para pagar deudas existentes y financiar iniciativas de crecimiento orgánico e inorgánico.
P10, Inc. (NYSE: PX)는 주요 민간 시장 솔루션 제공업체로서 확대된 신용 계약을 발표하여 총 신용 규모를 신규 및 기존 대출자로부터 $500 백만으로 증가시켰습니다. 수정된 계약에는 $175 백만의 선순위 담보 회전 신용 시설과 $325 백만의 선순위 담보 만기 대출 시설가 포함되며, 추가로 $125 백만을 증가시킬 수 있는 옵션이 있습니다. 이 재융자는 JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. 및 Texas Capital Bank가 주도하여 만기를 2028년 8월로 연장합니다. 확대된 시설은 P10에 향상된 재무 유연성과 14명의 대출자로 이루어진 다각화된 대출 신디케이트를 제공합니다. 회사는 수익금을 기존의 차입금 상환과 유기적 및 비유기적 성장 이니셔티브 자금으로 사용할 계획입니다.
P10, Inc. (NYSE: PX), un fournisseur leader de solutions pour les marchés privés, a annoncé un accord de crédit élargi, augmentant sa capacité de crédit totale à 500 millions USD de la part de nouveaux et d'anciens prêteurs. L'accord modifié comprend une ligne de crédit revolving senior garantie de 175 millions USD et une facilité de prêt à terme senior garantie de 325 millions USD, avec la possibilité d'augmenter de 125 millions USD supplémentaires. Ce refinancement, dirigé par JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc., et Texas Capital Bank, prolonge les échéances jusqu'en août 2028. Les facilités élargies offrent à P10 une flexibilité financière accrue et un syndicat de prêteurs diversifié composé de 14 prêteurs. L'entreprise prévoit d'utiliser les fonds pour rembourser les emprunts existants et financer des initiatives de croissance organique et inorganique.
P10, Inc. (NYSE: PX), ein führender Anbieter von Lösungen für private Märkte, hat eine erweiterte Kreditvereinbarung bekannt gegeben, die ihre gesamte Kreditkapazität auf 500 Millionen USD von neuen und bestehenden Kreditgebern erhöht. Die geänderte Vereinbarung umfasst eine senior gesicherte revolvierende Kreditfazilität in Höhe von 175 Millionen USD sowie eine senior gesicherte Terminfazilität in Höhe von 325 Millionen USD, mit der Option auf eine zusätzliche Erhöhung um 125 Millionen USD. Diese Refinanzierung, die von der JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc. und der Texas Capital Bank angeführt wird, verlängert die Laufzeiten bis August 2028. Die erweiterten Einrichtungen bieten P10 eine verbesserte finanzielle Flexibilität und einen diversifizierten Kreditgeber-Syndikat mit 14 Kreditgebern. Das Unternehmen plant, die Erlöse zu verwenden, um bestehende Kredite abzuziehen und organische sowie anorganische Wachstumsmittel zu finanzieren.
- Increased total credit capacity to $500 million
- Extended loan maturities to August 2028
- Diversified lending syndicate with 14 lenders
- Option to increase credit facilities by an additional $125 million
- Enhanced financial flexibility for organic and inorganic growth initiatives
- None.
Insights
P10's expanded
This credit expansion positions P10 favorably in the competitive private markets solutions sector. The involvement of major financial institutions like JPMorgan Chase, KeyBanc and Texas Capital Bank as lead arrangers enhances P10's credibility. The expanded credit facility could accelerate P10's market share growth, potentially outpacing competitors. Investors should note that while this increased financial capacity is promising, it also comes with higher debt obligations. The success of P10's growth strategy will be important in justifying this expanded credit line. Keep an eye on P10's utilization rate of this facility and its impact on the company's debt-to-equity ratio in upcoming financial reports.
Upsized facilities offer financial flexibility and diversify lending syndicate
JPMorgan Chase Bank, N.A., KeyBanc Capital Markets Inc., and Texas Capital Bank served as Joint Lead Arrangers and Joint Bookrunners
DALLAS, Aug. 05, 2024 (GLOBE NEWSWIRE) -- P10, Inc. (NYSE: PX) (the “Company”), a leading private markets solutions provider, today announced an amended and restated credit agreement that expands the existing total credit capacity to
“Our upsized credit facilities strengthen P10’s balance sheet, while offering ample financial flexibility as we execute our organic and inorganic growth roadmap,” said Amanda Coussens, Executive Vice President, Chief Financial Officer and Chief Compliance Officer. “This successful refinancing which was led by JPMorgan Chase Bank, N.A., KeyBanc Capital Markets, Inc., and Texas Capital Bank, extends maturities for an additional four years to August 2028. I want to thank our lending partners, many of whom we have worked with for years, for their belief in P10’s vision for accelerated growth.”
JPMorgan Chase Bank, N.A., KeyBanc Capital Markets, Inc., and Texas Capital Bank served as Joint Lead Arrangers and Joint Bookrunners. The bank syndicate represents a diversified group of 14 lenders.
The Company will use the loan proceeds to pay off the outstanding borrowings under its existing credit facility and execute previously stated organic and inorganic growth initiatives.
The new agreement provides for a senior secured revolving credit facility in the amount of
About P10
P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of March 31, 2024, P10 has a global investor base of more than 3,600 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.
Forward-Looking Statements
Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 13, 2024, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.
P10 Investor Contact:
info@p10alts.com
P10 Media Contact:
Taylor Donahue
tdonahue@prosek.com
FAQ
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