TIDMRCOI
RNS Number : 1110J
Riverstone Credit Opps. Inc PLC
15 August 2019
Riverstone Credit Opportunities Income Plc
Final results for the half year ended 30 June 2019
London, UK 15 August 2019: Riverstone Credit Opportunities
Income Plc ("RCOI" or the "Company") announces its Half Year
Results for the period (the "Period") from 28 May 2019 to 30 June
2019.
Highlights
-- As of 30 June 2019, RCOI had a NAV per share of $0.985.
-- Of the $100 million of cash raised in the IPO, in the 34 days
to Period end, $6.0 million has been invested with a total of $25.2
million committed to investments.[1] RCOI finished the Period with
a cash balance of $93.2 million (including cash held at the SPVs)
and no debt.
Summary Performance
30 June 2019
NAV $98.48 million
NAV per share $0.985
Market capitalisation $100.00 million
Share Price $1.00
Total comprehensive income for the period $0.48 million
Commitments and Investments
During the Period, the Company made the following
commitments:
-- Committed $5.9 million to Project Yellowstone
-- Committed $6.0 million to Project Shiner
-- Committed $13.3 million to Project Alp
Subsequent Events
Subsequent to the Period end, the Company committed an
additional $30.6 million as follows:
-- Committed $14.9 million to Project Mariners
-- Committed $12.3 million to Project Chase
-- Committed $3.4 million to Project Remington
As of 14 August 2019, the Company was 24 per cent. invested and
56 per cent. committed. The portfolio highlights pro forma for the
six investments today are summarised below based on committed
capital.
Consolidated Portfolio Key Stats at Entry As of 14 August
2019
Weighted Average Structuring Fee/OID 97.5
Weighted Average Drawn Coupon at Entry 10.6%
Weighted Average Undrawn Spread at Entry 4.3%
Weighted Average Tenor at Entry 2.6 Years
Weighted Average Call Premium at Maturity 105.2
Security 100% Secured
Coupon Type 100% Floating Rate
Manager Outlook
-- The investment opportunity for RCOI remains robust with
several actionable investments in various stages of review and
negotiation. The Company continues to actively evaluate new
investment opportunities and expects to be substantially committed
by the end of the year.
-- The Investment Manager believes the lack of financing
available to energy companies in the public markets has created a
wide investment universe for RCOI to capitalise on.
-- The focus on asset-based lending with structural protections
and conservative loan-to-value ratios provides the portfolio with
resilience through commodity and economic cycles.
Reuben Jeffery III, Chairman of RCOI, commented:
"We are pleased with the successful IPO and establishment of
RCOI. Supported by one of the largest energy investment platforms
globally, the investment team is well-positioned to invest the
portfolio in attractive opportunities and generate a consistent
dividend for shareholders"
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of
Riverstone, added:
"The market opportunity for energy credit continues to be very
strong. Despite challenges in the macro environment, there remains
a growing need for capital as the demand for energy is expected to
continue increasing over the long-term. With its debt focused
strategy, RCOI is well-positioned to take advantage of the current
market dynamic to produce strong returns with downside
protection."
[1] Loans that are committed are loans with signed definitive
documentation where a structuring fee and/or original issue
discount have been earned and the Company earns an undrawn spread.
Loans that are invested are loans with signed definitive
documentation where a structuring fee and/or original issue
discount have been earned, the Company has funded the loan to the
borrower and the Company is earning a drawn coupon.
- Ends -
RCOI's Prospectus is available to view at:
www.RiverstoneCOI.com
About Riverstone Credit Opportunities Income Plc:
RCOI seeks to generate consistent Shareholder returns
predominantly in the form of income distributions, principally
by making senior secured loans to small and middle-market energy
companies. The investment strategy is predicated on asset-based
lending, with conservative loan-to-value ratios and structural
protective features to mitigate risk. The Company will invest
broadly across energy subsectors globally, with an initial focus on
North America. RCOI intends to create a diversified portfolio
across basins, commodities, and end-markets to provide natural
synergies and hedges that could enhance the overall stability of
the portfolio.
For further details, see 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:
Brian Potskowski
Fraser Johnston-Donne
+44 20 3206 6300
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END
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