TIDMRCOI
RNS Number : 9741I
Riverstone Credit Opps. Inc PLC
22 April 2022
Riverstone Credit Opportunities Income Announces 1Q22 Quarterly
Portfolio Valuations & Recent Activity
London, UK (22 April 2022) - Riverstone Credit Opportunities
Income ("RCOI") announces its quarterly portfolio summary as of 31
March 2022, inclusive of updated quarterly unaudited fair market
valuations:
As of 31 March 2022, the unaudited net asset value per Ordinary
Share, including net revenue for the quarter ended 31 March, was
$1.03.
Cumulative Portfolio Summary
Unrealised Portfolio[1]
Investment Subsector Commitment Cumulative Cumulative Gross Gross Gross % of Gross
Name Date Committed Invested Realised Unrealised Realised Par MOIC
Capital Capital Capital Value Capital as of
($mm) ($mm) ($mm)(1) ($mm) & 31 Mar
Unrealised 2022(2)
Value
($mm)
Project Infrastructure 1.33
Mariners Services Jul-19 13.2 13.2 7.3 10.7 18.1 111.44% x
Caliber 0.26
Midstream(3) Midstream Aug-19 4.0 4.0 0.5 0.6 1.1 44.39% x
Epic Propane 1.24
Pipeline Midstream Dec-19 14.8 14.8 3.0 15.3 18.4 101.02% x
1.19
FS Crude Midstream Mar-20 13.7 13.7 9.5 6.8 16.3 100.04% x
Hoover
Circular Infrastructure 1.12
Solutions Services Oct-20 7.4 7.4 4.3 4.0 8.2 100.45% x
Roaring Fork 1.11
Midstream Midstream Mar-21 5.9 5.9 0.5 6.0 6.6 99.48% x
Imperium3NY Energy 1.47
LLC Transition Apr-21 6.8 5.4 1.6 6.3 7.9 138.67% x
Blackbuck
Resources Infrastructure 1.10
LLC Services Jun-21 9.9 8.9 1.3 8.4 9.7 99.10% x
Circulus
Holdings, Infrastructure 1.07
PBLLC Services Aug-21 12.3 12.3 3.8 9.3 13.1 99.05% x
Streamline
Innovations Energy 1.06
Inc. Transition Nov-21 6.9 3.8 0.1 3.8 4.0 98.69% x
Harland &
Wolff Group Infrastructure
Holdings PLC Services Mar-22 11.8 7.9 0.1 8.1 8.3 98.79% 1.04x
------
1.14
$106.7 $97.3 $32.3 $79.3 $111.6 x
Realised Portfolio
Investment Subsector Commitment Realisation Cumulative Cumulative Gross Realised Gross MOIC
Name Date Date Committed Invested Capital
Capital Capital ($mm)(1)
($mm) ($mm)
Rocky Creek Exploration
Resources & Production Jun-19 Dec-19 6.0 4.3 4.9 1.15 x
Infrastructure
CIG Logistics Services Jan-20 Jan-20 8.7 8.7 8.9 1.02 x
Mallard Exploration
Exploration & Production Nov-19 Apr-20 13.8 6.8 7.7 1.13 x
Market Based Multiple Aug-20 Nov-20 13.4 13.4 13.6 1.01 x
Project
Yellowstone Midstream Jun-19 Mar-21 5.8 5.8 7.2 1.23 x
Exploration
Ascent Energy & Production Jun-19 Jun-21 13.3 13.3 16.1 1.21 x
Pursuit Oil Exploration
& Gas & Production Jul-19 Jun-21 12.3 12.3 15.0 1.22 x
U.S. Shipping Midstream Feb-21 Aug-21 6.5 6.5 7.3 1.13 x
Aspen Power Energy
Partners Transition Dec-20 Oct-21 6.9 3.4 4.3 1.27 x
--------------- -----------
$86.8 $74.5 $85.0 1.14 x
The Gross Realised Capital column includes interest, fee income,
and principal received. The Gross Unrealised Value column includes
the amortization of OID, accrued interest, fees and any unrealised
change in the value of the investment.
Direct Lending Consolidated Portfolio Key Stats at Entry As of 31 March
2022
Weighted Avg. Entry Basis 97.0%
------------------
Weighted Avg. All-in Coupon at Entry 9.43 p.a.
------------------
Weighted Avg. Undrawn Spread at Entry 4.8 p.a.
------------------
Weighted Avg. Tenor at Entry 3.1 years
------------------
Weighted Avg. Call Premium at Entry 107.8
------------------
Security 100% Secured
------------------
Manager Outlook
-- Market conditions in Q1 2022 continued to be favorable for
the broader energy industry. The Investment Manager has continued
its focus on energy infrastructure & infrastructure services
and energy transition assets, all going forward classified as green
loans or sustainability linked loans. Unrealised values continued
to increase in Q1 2022, led by Imperium3. The transition to
infrastructure and energy transition assets has helped to further
diversify the portfolio from macro volatility.
-- Based on the current unfunded commitments, various expected
upsizes of existing investments, and potential new investment
opportunities, the Investment Manager believes that RCOI will
remain close to fully committed throughout 2022.
Reuben Jeffery III, Chairman of RCOI, commented:
"Q1 2022 continued to see optimism through strong energy market
fundamentals and increasingly positive performance across the
portfolio. The Company currently has a net asset value per share of
$1.03 and is expected to continue to provide steady income and
offer attractive returns for our shareholders."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone
Credit, added:
"The beginning of 2022 has been quite strong for RCOI, with the
portfolio comprised of infrastructure, infrastructure services and
energy transition investments. There also remains a strong pipeline
of investment opportunities within these sectors that is very
encouraging. So far in 2022, RCOI has executed one new investment
and realised one investment as well; in addition, both were
classified as green loans. The realisation of Imperium3, a
lithium-ion battery manufacturer, occurred in April 2022, resulting
in a 32.5% IRR and 1.25x MOIC. Additionally, the Company will
retain our non-dilutable equity warrants which provides meaningful
upside to this investment. In addition, in March 2022, RCOI
participated in a $35 million fist-lien green loan to Harland &
Wolff, a publicly listed infrastructure operator engaged in the
development and operation of strategic maritime assets across the
United Kingdom. RCOI was granted detachable warrants over new
ordinary shares in the Company as part of the transaction"
About Riverstone Credit Opportunities Income Plc :
RCOI lends to companies that build and operate the
infrastructure used to generate, transport, store and distribute
both renewable and conventional sources of energy, and companies
that provide services to that infrastructure. RCOI also lends to
companies seeking to facilitate the energy transition by
decarbonizing the energy, industrial and agricultural sectors,
building sustainable infrastructure and reducing or sequestering
carbon emissions. The Company seeks to ensure that its investments
are having a positive impact on climate change by structuring each
deal as either a green loan or a sustainability-linked loan,
documented using industry best practices.
For further details, see https://www.riverstonecoi.com/ .
Neither the contents of RCOI's website nor the contents of any
website accessible from hyperlinks on the
websites (or any other website) is incorporated into, or forms part of, this announcement.
Media Contacts
For Riverstone Credit Opportunities Income Plc:
Adam Weiss
+1 212 271 2953
1 Gross realised capital is total gross income realised on invested capital.
(2) Includes fair market value of equity and rights where
applicable as a percentage of par.
(3) Includes Caliber HoldCo Escrow, Caliber MFC LLC equity,
Caliber Midstream Revolver & Priming Facility
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