Riverstone Credit Opps. Inc PLC 4Q19 Quarterly Portfolio Valuations (3727A)
21 Gennaio 2020 - 8:01AM
UK Regulatory
TIDMRCOI
RNS Number : 3727A
Riverstone Credit Opps. Inc PLC
21 January 2020
Riverstone Credit Opportunities Income Announces 4Q19 Quarterly
Portfolio Valuations
London, UK (21 January 2020) - Riverstone Credit Opportunities
Income ("RCOI") announces its quarterly portfolio summary as of 31
December 2019, inclusive of updated quarterly unaudited fair market
valuations:
Current Portfolio
Gross
Realised
Capital
Gross Gross & 31 Dec
Committed Invested Realised Unrealised Unrealised 2019
Project Commitment Capital Capital Capital Value Value Gross
Name Subsector Date ($mm) ($mm) ($mm)[1] ($mm) ($mm) MOIC2
Yellowstone Midstream 13 June 2019 5.8 5.8 - 6.4 6.4 1.10x
18 June
Alp E&P 2019 13.3 5.7 0.5 5.9 6.4 1.13x
Mariners Services 11 July 2019 12.2 12.2 0.5 12.4 12.9 1.06x
Chase E&P 23 July 2019 12.3 1.6 0.4 1.7 2.1 1.35x
1 August
Remington Midstream 2019 3.4 3.4 0.1 3.5 3.6 1.07x
25 November
Ducks E&P 2019 13.8 6.8 0.2 6.9 7.1 1.04x
19 December
Knox Midstream 2019 14.8 4.0 0.2 4.0 4.2 1.06x
---------- ---------
$75.7 $39.4 $2.0 $40.8 $42.8 1.09x
Realisations
Gross
Gross Gross Realised
Committed Invested Realised Unrealised Capital 31 Dec
Project Commitment Capital Capital Capital Value & Unrealised 2019 Gross
Name Subsector Date ($mm) ($mm) ($mm)(1) ($mm) Value ($mm) MOIC(2)
Shiner E&P 13 June 2019 6.0 4.3 4.9 - 4.9 1.15x
--------- --------- ------------- ------------- ------------- ------------
$6.0 $4.3 $4.9 - $4.9 1.15x
Subsequent Activity in January 2020
Committed Invested
Commitment Capital Capital
Project Name Subsector Date ($mm) ($mm)
10 January
Beach II Services 2020 8.7 8.7
--------- ---------
$8.7 $8.7
Consolidated Portfolio Key Stats at Entry As of 31 December 20192
Weighted Avg. Structuring Fee/OID 97.8%
----------------------
Weighted Avg. All-in Coupon at Entry 10.4% p.a.
----------------------
Weighted Avg. Undrawn Spread at Entry 3.8% p.a.
----------------------
Weighted Avg. Tenor at Entry 2.8 years
----------------------
Weighted Avg. Call Premium at Entry 105.3
----------------------
Security 100% Secured
----------------------
Coupon Type 100% Floating Rate
----------------------
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 unrealized
change in the value on the investment.
Manager Outlook
-- The Investment Manager continues to focus on originating and
underwriting transactions with strong risk-adjusted returns and has
committed over 75 per cent. of 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.
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
[1] Gross realised capital is total gross income realised on
invested capital.
[2] Metrics based on the current portfolio.
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END
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