P10 announces $ 250 million debt refinancing

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DALLAS, December 23, 2021 (GLOBE NEWSWIRE) – P10, Inc. (NYSE: PX), a leading provider of solutions for the private markets, today announced that it and some of its subsidiaries, in as guarantors, entered into a $ 250 million loan facility with a syndicate of banks led by JPMorgan Chase Bank, NA and Texas Capital Bank.

The new credit facility provides for a term loan of $ 125 million and a revolving commitment of $ 125 million. The company will use the loan proceeds to repay outstanding borrowings under its existing credit facility, repay 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, NA and Texas Capital Bank reflects P10’s strong operating model based on long-term locked-in capital,” said Robert Alpert and Clark Webb, co-CEOs of P10. “Our cost of capital will improve and interest expense will decrease significantly. We are delighted to establish a banking relationship with 14 leading financial institutions, including a minority depository institution and a community development financial institution.

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

About P10
P10 is a leading provider of multi-asset class private market solutions in the alternative asset management industry. P10’s mission is to provide its investors with differentiated access to a wide range of investment solutions that meet their diverse private market investment needs. As of September 30, 2021, P10 had a global investor base of more than 2,400 investors in 46 states, 29 countries and six continents, which includes some of the largest pension funds, endowments, foundations, company pensions and financial institutions. of the world. Visit www.p10alts.com.

Forward-looking statements
Certain of the statements contained in this press 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. Descriptions words such as “will”, “expect”, “believe”, “estimate”, “continue”, “anticipate”, “intend”, “plan” and similar expressions are intended to identify such statements prospective. Forward-looking statements deal with management’s current expectations and projections regarding our financial condition, results of operations, plans, objectives, future performance and business. The inclusion of any forward-looking information in this press release should not be taken as a representation that future plans, estimates or contemplated expectations will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Forward-looking statements reflect the current plans, estimates and expectations of management and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to differ materially, including risks relating to the following conditions: global and national market and business conditions; the successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our pricing structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; as well as the assumptions relating to our operations, our financial results, our financial situation, our business prospects, our growth strategy; and our ability to deal with the effects of events beyond our control.

The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as the additional risks we face, you should refer to the “Risk Factors” included in our prospectus dated October 20, 2021, filed with the Securities and Exchange Commission (“ SEC ”) of the United States on October 22, 2021 and in our Quarterly Report on Form 10-Q for filing with the SEC, and in our subsequent reports filed from time to time with the Securities and Exchange Commission. The forward-looking statements included in this press release are made only as of the date hereof. We assume 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.

Ownership limitations
The certificate of incorporation of P10 contains certain provisions for the protection of the tax advantages related to the net operating losses of P10. Such provisions generally nullify transfers of shares that would result in the creation of a new 4.99% shareholder or result in the acquisition of additional P10 shares by an existing 4.99% shareholder.

CONTACT: P10 Press and Investor Contact: [email protected]


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