Riverstone Credit Opps. Inc PLC Interim Management Statement (0930R)
25 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMRCOI
RNS Number : 0930R
Riverstone Credit Opps. Inc PLC
25 October 2019
Riverstone Credit Opportunities Income Plc
Interim Management Statement
London, UK 25 October 2019: Riverstone Credit Opportunities
Income Plc ("RCOI" or the "Company") is issuing this Interim
Management Statement ("IMS") for the period from 30 June 2019 to 30
September 2019 (the "period").
Highlights
-- Key Financials (unaudited)
o NAV as at 30 September 2019 $99.78 million
o NAV per share as at 30 September 2019 $0.998
o Market capitalisation at 30 September
2019 $97.5 million
o Share Price at 30 September 2019 $0.975
o Profit/(loss) during period $1.8 million
-- As of 30 September 2019, RCOI had a NAV per share of
$0.998.
-- Of the $100.0 million of cash raised in the IPO, a total of
$55.7 million has been committed to investments of which $29.0
million has been invested. RCOI finished the Period with a cash
balance of $70.2 million (including cash held at the SPVs) and no
debt.
-- During the Period, the Company made commitments to Project
Mariners ($14.9 million), Project Chase ($12.3 million) and Project
Remington ($3.4 million).
Commitments and Investments
As of 25 October 2019, the Company was 56 per cent. committed
and 29 per cent. invested. The portfolio highlights for the 6
investments are summarized below.
Invested
Project Name Subsector Commitment Date Commitment Amount Amount
Yellowstone Midstream 6/13/2019 5.8 5.8
Shiner Exploration & Production 6/13/2019 6.0 3.1
Alp Exploration & Production 6/18/2019 13.3 2.7
Mariners Services 7/11/2019 14.9 13.9
Chase Exploration & Production 7/23/2019 12.3 -
Remington Midstream 8/1/2019 3.4 3.4
------------------ ---------
55.7 29.0
Consolidated Portfolio Key Stats at
Entry As of 24 October 2019
Weighted Avg. Structuring Fee/OID 97.5%
-------------------
Weighted Avg. All-in Coupon at Entry 10.4%
-------------------
Weighted Avg. Undrawn Spread at Entry 4.3%
-------------------
Weighted Avg. Tenor at Entry 2.6 years
-------------------
Weighted Avg. Call Premium at Entry 105.2
-------------------
Security 100% Secured
-------------------
Coupon Type 100% Floating Rate
-------------------
Manager Outlook
-- The Investment Manager continues to focus on originating and
underwriting transactions with strong risk-adjusted returns and has
committed over half the proceeds raised in the IPO.
-- The current investment environment is highly attractive for
deal origination, as the capital markets and bank market have been
largely inaccessible for energy companies, especially those that
are in the small to middle market.
-- Despite the large number of investment opportunities that
have been reviewed, the Investment Manager has remained very
disciplined in deploying capital. 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.
-- While RCOI is 56 per cent. committed at the end of Q3, the
Investment Manager still expects to pay a minimum dividend of 2.2
cents.
Reuben Jeffery III, Chairman of RCOI, commented:
"We are pleased with the progress that RCOI has made in its
first four months of operations, having committed over half of the
fund to transactions. With a robust deal pipeline, we expect that
the portfolio will be substantially committed by the end of 2019.
Consistent with what we promised investors, we expect that RCOI
will be able to announce its first dividend in February of
2020."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of
Riverstone, added:
"The current environment for energy companies, especially within
E&P, continues to be challenging, as commodity prices and
energy equities exhibit significant volatility. However, our credit
investments have proven to be able to generate attractive
risk-adjusted returns consistently while protecting against the
downside during this prolonged industry downturn."
(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 spread.
- 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:
Daniel Lim
+1 212 271 6266
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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