TIDMRCOI
RNS Number : 9238V
Riverstone Credit Opps. Inc PLC
12 August 2022
This is an amended version of the 'Interim Report for Six Months
Ended 30 June 2022' announcement, released on 11 August 2022 at
07:00:12 under RNS Number: 6367V. In the Highlights section the NAV
total return figure for the period has been corrected to 4.6% which
reflects the total return for the six-month period (1.6% reflects
the total return for the 2(nd) Quarter). No other changes have been
made to the announcement.
Riverstone Credit Opportunities Income Plc
Interim Report for Six Months Ended 30 June 2022
High Quality, Diversified Portfolio Delivering Strong, Stable
Cash Generation
Riverstone Credit Opportunities Income ("RCOI" or the
"Company"), the LSE-listed energy infrastructure and
energy-transition credit investor, today announces strong half year
results for the six months ended 30 June 2022.
Highlights:
-- Strong cash generation the portfolio continues to support
dividend distributions in the Company's target range of 8%
-- High income yield delivered to shareholders with 4 cents per
share declared to shareholders calendar year to date, in line with
the Company's target representing an annualized dividend yield of
8.8% for 1H 2022
-- Robust valuation as NAV remains stable with all loans
performing in line with expectations and delivering income as
anticipated
-- High-quality, diversified portfolio with further progress in
strategic rebalancing in increasing the portfolio weighting towards
the energy transition sector
o New investment in the period in London listed infrastructure
operator Harland & Wolff, structured as a Green Loan following
the Green Loan Principles and a Sustainability-Linked Loan with
performance indicators focused on social responsibility
o Successful upsize of RCOI's existing investment in Streamline
Innovations, bringing total capital committed by RCOI to $13.8m
with Sustainable Fitch providing an SPO on the green loan
o Three loans realised in the period, delivering an average
Gross MOIC of 1.27x
-- Share buy-back program resumes - Re-initiated in the second
quarter of 2022 to underline the Board's confidence of the
strategy's high performing and differentiated approach and to
enhance shareholder value. The Company expects to continue with the
program in the near term.
-- NAV total return of 4.6% for the period
-- NAV total return of 25.5% since inception in May 2019, including second quarter of 2022
-- Compelling opportunity pipeline , the Manager is actively
screening a number of highly attractive near-term opportunities
within the infrastructure, infrastructure services and energy
transition sectors, supported by a strong commodity environment
backdrop
Quarterly Distribution:
-- RCOI is pleased to announce that the distribution for the
quarter ending 30 June 2022 of 2.0 cents per share, has been
declared by the Directors, payable on 23 September 2022 to holders
of ordinary shares on the register at the close of business on 19
August 2022 (ex-distribution date is 18 August 2022).
-- The Company's Annual Report and Financial Statements and
quarterly factsheet will be located on the Company's website,
https://www.riverstonecoi.com/ .
Reuben Jeffery III, Chairman of RCOI, commented:
"We are delighted to report on another highly robust period for
the strategy delivering to our shareholders a stable NAV and high
levels of distributed income in line with the targeted 8% yield per
annum paid quarterly. Supporting this distribution are high levels
of income derived from a quality credit portfolio delivering
compelling risk adjusted returns with diverse counterparties in the
infrastructure, infrastructure services and energy transition
sectors.
Since launch in 2019, the Company is proud to have delivered a
total NAV return of 25.5% including 20.6 cents per share in
dividend distributions, including the second quarter of 2022.
Within the last period alone, the Company's three realised
investments delivered an average Gross MOIC of 1.27x. This
consistently attractive return profile combined with the manager's
track record of zero credit losses forms a compelling track record
of value creation for the strategy. We do not believe this
attractive track record is reflected in RCOI's current share price
valuation, currently trading at a 16% discount to NAV and will
continue a share buyback programme to demonstrate our confidence in
the strategy."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone
Credit, the investment adviser, added:
"The first half of 2022 represents another strong six months of
portfolio performance and we are pleased to see the investments
continue to perform in line with our expectations and deliver a
reliable source of regular income for the Company and its
shareholders. In addition to our work in managing the existing
portfolio, we also deployed capital in a new loan with London
listed Harland & Wolff and upsized the Company's existing loan
to Streamline Innovations.
We are actively progressing a pipeline of new opportunities
across our target sectors with compelling risk adjusted
opportunities arising in the target sector in particular and we
look forward to updating shareholders further in due course."
For Riverstone Credit Opportunities Income Plc:
Adam Weiss
+1 212 271 2953
J.P. Morgan Cazenove (Corporate
Broker) +44 (0)20 7742 4000
William Simmonds
Jérémie Birnbaum
James Bouverat (Sales)
For Media Enquiries:
Buchanan
Helen Tarbet Tel: +44 (0) 20 7466 5109
Henry Wilson Tel: +44 (0) 20 7466 5111
Jon Krinks Tel: +44 (0) 20 7466 5199
Verity Parker Tel: +44 (0) 20 7466 5197
Email: rcoi@buchanan.uk.com
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 website (or any other
website) is incorporate into, or forms part of, this
announcement.
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