Riverstone Credit Opps. Inc PLC EPIC Propane Investment Extended (6940C)
October 13 2022 - 2:00AM
UK Regulatory
TIDMRCOI
RNS Number : 6940C
Riverstone Credit Opps. Inc PLC
13 October 2022
13 October 2022
Riverstone Credit Opportunities Income Plc
EPIC Propane Investment Extended, Restructured as a
Sustainability-Linked Loan
c. $1m in Realised Profits From Extension
Riverstone Credit Opportunities Income ("RCOI" or the
"Company"), the LSE-listed energy infrastructure and
energy-transition credit investor, is pleased to announce the
successful amendment and extension of its investment in EPIC
Propane, a sponsor-backed infrastructure company that provides
propane purity offtake transportation to the Gulf Coast export
market. EPIC Propane is part of the broader EPIC Midstream system
that includes over 1,695 miles of crude oil and natural gas liquids
pipelines, collectively referred to as "EPIC".
The loan's maturity was extended to September 2026 and the
optional prepayment feature was amended to add a two-year
make-whole provision. RCOI has realised c. $1m profits from the
extension. All other material economic terms remain the same. As
part of the amendment, the loan was converted to a sustainability
linked loan and all of the economics associated with the original
transaction were realised, including the exit premium.
Additionally, as part of the amendment, RCOI's allocation to the
loan was reduced from $14.8m to $13.9m in order to comply with the
Company's diversification policies.
The newly amended term loan will receive a Secondary Party
Opinion from Sustainable Fitch to confirm the terms of the loan are
aligned with the Sustainability-Linked Loan Principles. EPIC's
sustainability strategy places a large focus on leak detection and
reduction, supported by 1,695 miles of leak detection fibre
installed along its pipelines, which collects real-time data from
the pipeline 24 hours per day. The sustainability performance
target for the transaction is the reduction of reportable releases
from its pipelines, including both natural gas liquids and crude
oil.
Christopher Abbate, Co-Head of Riverstone Credit, the Company's
Investment Manager said:
"Since our initial investment in EPIC Propane, the borrower has
been a steady and strong performer, completing construction of a
mission-critical piece of energy infrastructure during the
tumultuous COVID pandemic. We were pleased to extend this
investment which we see as a win for both the borrower and the
Company.
"We have now achieved over 10 deal realisations since March 2020
with a blended IRR of 17% over that time period and remain very
pleased with portfolio performance as a whole. With the existing
portfolio now re-balanced towards green and sustainability linked
loans and a robust pipeline of similar investment opportunities, we
believe the Company represents a compelling opportunity for
investor value creation."
For Riverstone Credit Opportunities Income Plc:
Adam Weiss +1 212 271 2953
Media Contacts:
Buchanan
Helen Tarbet Henry Tel: +44 (0) 20 7466 5109 Tel: +44
Wilson Jon Krinks Verity (0) 20 7466 5111 Tel: +44 (0) 20
Parker 7466 5199 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 is strategically
repositioning towards 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.
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