P10, Inc. (NYSE: PX) has announced an amended and restated credit agreement that expands its total credit capacity to $500 million from new and existing lenders. The company has stated that this upsized credit facility will strengthen its balance sheet and offer financial flexibility as it executes its growth roadmap.
The refinancing, led by JPMorgan Chase Bank, N.A., KeyBanc Capital Markets, Inc., and Texas Capital Bank, extends the maturities for an additional four years to August 2028. The bank syndicate represents a diversified group of 14 lenders.
The new agreement provides for a senior secured revolving credit facility of $175 million and a senior secured term loan facility of $325 million, with an ability to increase the amount of the credit facilities by up to $125 million, subject to certain conditions.
P10 plans to use the loan proceeds to pay off the outstanding borrowings under its existing credit facility and execute previously stated organic and inorganic growth initiatives.
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.
This development represents a significant increase in the company's credit capacity compared to its previous arrangement and reflects a strong belief in P10's vision for accelerated growth by its lending partners. Following these announcements, the company's shares moved -4.9%, and are now trading at a price of $8.88. If you want to know more, read the company's complete 8-K report here.
