Riverstone Credit Opps. Inc PLC Successful Amendment and Extension of Blackbuck (7817X)
22 Dicembre 2023 - 10:42AM
UK Regulatory
TIDMRCOI
RNS Number : 7817X
Riverstone Credit Opps. Inc PLC
22 December 2023
22 December 2023
Riverstone Credit Opportunities Income Plc
Successful Amendment and Extension of Blackbuck Resources
Riverstone Credit Opportunities Income ("RCOI" or the
"Company"), the LSE-listed energy infrastructure and
energy-transition credit investor, is pleased to announce a
successful amendment and extension of the Company's investment in
Blackbuck Resources ("Blackbuck"), a sponsor-backed infrastructure
company focused on full-cycle water management solutions, including
treatment, gathering, recycling, storage, and disposal. Sustainable
Fitch, a division of Fitch Group focused on ESG, provided a Second
Party Opinion ("SPO") on the sustainability-linked loan to
Blackbuck. The SPO considers the loan to be aligned with the five
pillars of the LSTA Sustainability-Linked Loan Principles.
As part of this amendment and extension closing, the maturity
was extended to 31 December 2024, and economic terms were adjusted
for an estimated all-in yield to maturity of 17 percent to RCOI. As
part of the amendment, the current exit premium of 106(1) was paid,
reducing the go forward exit premium to zero, resulting in c. $0.6
million in profits to be distributed. In addition, c. $0.1 million
of the loan was repaid to RCOI, resulting in $9.9 million of
principal balance outstanding.
Christopher Abbate, Co-Head of Riverstone Credit, the Company's
Investment Manager said:
"Blackbuck Resources is doing important work in helping its
customers reduce their carbon footprint by piping wastewater away
for disposal and recycling, as opposed to using trucks. We are
pleased to amend and extend this investment to continue our ongoing
focus on the decarbonization of the energy industry and the
construction of new sustainable infrastructure."
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 Verity Parker (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 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.
As indicated on November 6th, 2023's RNS, Riverstone Holdings
LLC and their affiliate Riverstone Investment Group (collectively,
"Riverstone") announced that they intend to enter into an agreement
with Breakwall Capital LP ("Breakwall") to provide sub-management
services (the "Sub-Management Agreement") for all credit vehicles
managed by Riverstone, including RCOI (the "Existing Credit
Vehicles"). Breakwall is a newly formed independent
asset-management firm regulated by the SEC as a Registered
Investment Advisor, owned and operated by the existing Riverstone
Credit Partners team, including Christopher Abbate, Jamie Brodsky
and Daniel Flannery.
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) 6.0% of the outstanding principal amount.
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END
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December 22, 2023 04:41 ET (09:41 GMT)
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