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JPMorgan Chase, Texas Capital Bank Lead $250MM Credit Facility for P10

December 27, 2021, 08:00 AM
Filed Under: Industry News

P10, a leading private markets solutions provider, announced that it and certain of its subsidiaries, as guarantors, have entered into a $250 million credit facility with a syndicate of banks led by JPMorgan Chase Bank and Texas Capital Bank.

The new credit facility provides for a term loan in the amount of $125 million and a revolving commitment in the amount of $125 million. The company will use the loan proceeds to pay off the outstanding borrowings under its existing credit facility, pay off seller’s notes related to the RCP acquisition, and pay transaction-related expenses, as well as for working capital and other general corporate purposes.

“The new credit facility led by JPMorgan Chase Bank, N.A. and Texas Capital Bank reflects P10’s strong operating model driven by long-term, locked-up capital,” stated Robert Alpert and Clark Webb, Co-CEOs at P10. “Our cost of capital will improve, and interest expense will decline meaningfully. We are thrilled to establish a banking relationship with 14 premier financial institutions, including a Minority Depository Institution and a Community Development Financial Institution.”

Terms of the new credit facility call for a variable interest rate of approximately two and a quarter percent (2.25%) which offers significant savings over the seven percent (7%) interest rate with the previous credit agreement. The credit agreement contains customary financial covenants as well as affirmative and negative covenants customary for transactions of this type.


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