TIDMRCOI
RNS Number : 8222W
Riverstone Credit Opps. Inc PLC
20 April 2023
20 April 2023
Riverstone Credit Opportunities Income
Quarterly Update
Full Deployment Sustained Resulting In Robust Q1 Performance
Riverstone Credit Opportunities Income ("RCOI" or the
"Company"), the LSE-listed energy infrastructure and
energy-transition credit investor, is pleased to announce a strong
portfolio performance for the quarter from 1 January to 31 March
2023, inclusive of updated quarterly unaudited fair market
valuations.
Unaudited Net Asset Value
As of 31 March 2023, the unaudited net asset value per Ordinary
Share, including net revenue for the quarter ended 31 March, was
broadly stable at $1.06 ($1.08: 31 December 2022). This slight
reduction was principally due to a movement in the valuation of the
warrants related to a loan that was previously repaid.
Portfolio Summary and Key Performance Indicators
-- Portfolio of 100% floating rate, short duration, senior
secured loans supporting RCOI's ambition to deliver annual returns
to shareholders of 8-10% whilst supporting companies engaged in
supporting the energy transition
-- 34.3% NAV total return(5) since IPO in May 2019 (33.7% at 31 December 2022)
-- 25.6 cents in dividends paid since inception(6)
Portfolio Update
-- Against a backdrop of strong energy market performance, the
global focus on de-carbonisation and the Company's unique focus on
short duration lending, the Company remains extremely well
positioned in the current environment. Further the re-balancing of
the portfolio to accredited energy-transition focused investments
through green or sustainability linked structures is now
complete.
-- Based on the current portfolio commitments, as well as the
addition of the revolving credit facility in Q4 2022, the Company
is nearly fully invested today.
Reuben Jeffery III, Chairman of RCOI, commented:
"The RCOI portfolio performed robustly in Q1 2023, and I believe
the Company is well-positioned to continue to provide shareholders
with attractive returns from its portfolio as well as through new
senior secured investments from the considerable pipeline of
opportunities currently progressing through due diligence.
Underlying rates are as high as they've been in our history, and
now with the Company's capital fully deployed, we expect our
shareholders to benefit from the increased earnings power of the
portfolio in this attractive environment.
Since launch in May 2019, a period that has included volatile
conditions for equity investors and the energy sector, we are
pleased that the Company has delivered a total NAV return(5) of
34.3% (33.7% at 31 December 2022) including 25.6 cents per share in
dividend distributions(6) ."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone
Credit, the investment adviser, added:
" RCOI's portfolio comprises Green and Sustainability-Linked
loans with stable cash income and quality assets. The increase in
rates over the end of 2023 continues to result in higher coupons
for our portfolio, which consists of over 95% floating rate
investments. We are pleased to have maintained near full deployment
and we are actively exploring an attractive and diverse pipeline of
opportunities for refinancing events."
Cumulative Portfolio Summary
Unrealised Portfolio [1]
Investment Subsector Commitment Cumulative Cumulative Gross Gross Gross % of % of 31 31
Name Date Committed Invested Realised Unrealised Realised Par Par Mar Mar
Capital Capital Capital Value Capital as of as of 2023 2023
($mm) ($mm) ($mm)(1) ($mm) & 31 Mar 31 Dec Gross Net
Unrealised 2023(2) 2022(2) MOIC MOIC
Value
($mm)
Caliber
Midstream(3) Infrastructure Aug-19 4.0 4.0 0.5 0.6 1.1 44.71% 40.72% 0.27x 0.21x
Imperium3NY Energy 1.06 2.70
LLC Transition Apr-21 6.8 5.4 6.7 1.1 7.8 (4) (4) 1.45x 1.39x
Blackbuck
Resources
LLC Infrastructure Jun-21 11.5 11.0 2.6 10.9 13.5 101.72% 100.83% 1.23x 1.17x
Streamline
Innovations Infrastructure
Inc. Services Nov-21 13.8 6.8 1.2 7.1 8.4 100.02% 99.57% 1.23x 1.17x
Harland
& Wolff
Group Holdings Infrastructure
PLC Services Mar-22 14.6 14.6 1.4 16.1 17.5 103.29% 102.49% 1.20x 1.14x
Seawolf 12.90 13.02
Water Resources Services Sept-22 9.0 9.0 0.3 12.9 13.2 (4) (4) 1.46x 1.41x
EPIC Propane
Pipeline,
LP Infrastructure Sept-22 13.9 13.9 1.0 13.9 14.9 99.16% 99.08% 1.07x 1.01x
Hoover
Circular Infrastructure
Solutions Services Nov-22 13.7 13.7 0.6 13.9 14.4 98.05% 98.05% 1.05x 0.99x
Clean
Energy Energy
Fuels Corp Transition Dec-22 13.9 13.9 0.5 13.9 14.4 99.08% 99.00% 1.04x 0.98x
Max Midstream Infrastructure Dec-22 5.0 5.0 0.1 5.2 5.2 100.44% 100.00% 1.05x 0.99x
----------- ----------- --------- ----------- ----------- -------- -------- ------ ------
$106.2 $97.3 $14.9 $95.5 $110.4 1.13x 1.08x
Direct Lending Consolidated Portfolio Key Stats at Entry As of 31 March
2023
Weighted Avg. Entry Basis 97.5%
---------------------------------------------------------------
Weighted Avg. All-In Benchmark Rate 4.6 p.a.
at Entry
---------------------------------------------------------------
Weighted Avg. Floating Rate Spread 7.1 p.a.
at Entry
---------------------------------------------------------------
Weighted Avg. All-in Coupon at Entry 11.7 p.a.
---------------------------------------------------------------
Weighted Avg. Undrawn Spread at Entry 4.0 p.a.
---------------------------------------------------------------
Weighted Avg. Tenor at Entry 3.4 years
---------------------------------------------------------------
Weighted Avg. Call Premium at Entry 102.6
---------------------------------------------------------------
Security 100% Secured
---------------------------------------------------------------
Realised Portfolio
Investment Subsector Commitment Realisation Cumulative Cumulative Gross 31 Mar 31
Name Date Date Committed Invested Realised 2023 Mar
Capital Capital Capital Gross 2023
($mm) ($mm) ($mm)(1) MOIC Net
MOIC
Rocky Creek Exploration 1.15 1.10
Resources & Production Jun-19 Dec-19 6.0 4.3 4.9 x x
Infrastructure 1.02 0.97
CIG Logistics Services Jan-20 Jan-20 8.7 8.7 8.9 x x
Mallard Exploration 1.13 1.08
Exploration & Production Nov-19 Apr-20 13.8 6.8 7.7 x x
Market 1.01 0.96
Based Multiple Aug-20 Nov-20 13.4 13.4 13.6 x x
Project 1.23 1.18
Yellowstone Infrastructure Jun-19 Mar-21 5.8 5.8 7.2 x x
Ascent Exploration 1.21 1.16
Energy & Production Jun-19 Jun-21 13.3 13.3 16.1 x x
Pursuit Exploration 1.22 1.16
Oil & Gas & Production Jul-19 Jun-21 12.3 12.3 15 x x
Infrastructure 1.13 1.07
U.S. Shipping Services Feb-21 Aug-21 6.5 6.5 7.3 x x
Aspen Power 1.27 1.22
Partners Infrastructure Dec-20 Oct-21 6.9 3.4 4.3 x x
Project Infrastructure 1.28
Mariners Services Jul-19 Apr-22 13.2 13.2 17.6 1.33x x
Roaring 1.11
Fork Midstream Infrastructure Mar-21 Jun-22 5.9 5.9 6.9 1.16x x
FS Crude, 1.18
LLC Infrastructure Mar-20 Sept-22 13.7 13.7 16.9 1.23x x
EPIC Propane
Pipeline, 1.27
LP Infrastructure Dec-19 Sept-22 14.8 14.8 19.6 1.32x x
Circulus
Holdings, 1.09
PBLLC Infrastructure Aug-21 Oct-22 12.3 12.3 14.0 1.14x x
Hoover
Circular Infrastructure 1.05
Solutions Services Oct-20 Nov-22 15.4 15.4 17.0 1.10x x
$162.1 $149.8 $176.8 1.18x 1.13x
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.
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)
Media Contacts:
Buchanan
Helen Tarbet Henry Tel: +44 (0) 20 7466 5109 Tel:
Wilson Verity Parker +44 (0) 20 7466 5111 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 websites (or any other
website) is incorporated into, or forms part of, this
announcement.
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.
(4) Reflects the total fair market value in millions.
(5) NAV total return equals cumulative paid dividend cents per
share and NAV per share as of 31 March 2023 divided by the opening
capital net of share issuance costs as of 28 May 2019.
(6) Reflects cumulative dividend cents per share declared as of
31 December 2022 and paid as of 31 March 2023.
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END
PFUEAXLNFENDEFA
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April 20, 2023 02:00 ET (06:00 GMT)
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