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RCOI Riverstone Credit Opportunities Income Plc

0.915
0.00 (0.00%)
13 Jun 2024 - Closed
Delayed by 15 minutes
Riverstone Credit Opport... Investors - RCOI

Riverstone Credit Opport... Investors - RCOI

Share Name Share Symbol Market Stock Type
Riverstone Credit Opportunities Income Plc RCOI London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 0.915 16:35:29
Open Price Low Price High Price Close Price Previous Close
0.90 0.90 0.90 0.915 0.915
more quote information »

Top Investor Posts

Top Posts
Posted at 10/6/2021 21:16 by rambutan2
So that's 6.9m shares gone into new hands, although nothing showing (as yet) on the advfn trades over the last week. And a decent realisation:

Riverstone Credit Opportunities Income Plc
Portfolio Update

London, UK 10 June 2021: Riverstone Credit Opportunities Income Plc ("RCOI" or the "Company") has announced it has the below update and has additionally realised one investment:

Riverstone-related Shareholdings' Update

Riverstone Credit Opportunities Income Plc ("RCOI" or the "Company") has been notified that Pierre F. Lapeyre, Jr. sold 2,597,680 ordinary shares, David M. Leuschen sold 2,576,669 ordinary shares, and Riverstone Holdings LLC sold 1,711,132 ordinary shares in the Company. These shares are part of the significant investment made by Riverstone at the time of the IPO and the sales were made in response to increased investor demand, facilitating the company's planned strategy to increase shares available to third party investors . Christopher Abbate and Jamie Brodsky, the key principals at Riverstone Credit Partners, still own all of their ordinary shares and collectively the credit team owns 2,353,900 ordinary shares or 2.6% of the shares outstanding.

Realisation

-- Project Alp Realisation - In June 2019, RCOI committed $13.3 million to a sponsor-backed E&P company with operations focused in the Northern Delaware Basin of New Mexico. In December 2020, RCOI sold 40% of the loan to a third-party, and subsequently, RCOI entered a contract with a trade date of 19 May 2021 to sell the remainder of the loan to a separate third-party. The sale is expected to close the middle of June, resulting in approximately a 19.7% realised IRR and approximately a 1.21x realised MOIC.
Posted at 18/5/2021 04:15 by rambutan2
The Company lends to companies working to drive change and deliver solutions across the energy sector, spanning renewable as well as conventional sources, with a primary focus on infrastructure assets. The Company’s aim is to build a portfolio that generates an attractive and consistent risk-adjusted return for investors, as well as drive positive action with regard to climate change by structuring loans as Green Loans or Sustainability-Linked Loans.

RCOI pays dividends quarterly in April, July, October and January. It has an 8–10% target annualised yield based on its $1.00 per share initial public offering (IPO) price.

The first continuation vote for the Company will be proposed at the AGM of the Company to be held in 2027, on the eighth anniversary of admission. (see also pg59-61 of prospectus)

No base management fee charged. A performance fee will be charged quarterly if return hurdles are achieved, with an annual reconciliation. There are 3 tiers of fees: 0% if distributable income is < 4%; 20% if distributable income is between 4-8% and 30% if distributable income is > 8%.The profit share is payable quarterly with an annual reconciliation in the last quarter of the year. The annual profit share payable is subject to a cap of 5% of net asset value and a potential adjustment in the event the Company suffers a capital loss. There is no catch up.

On December 7, 2022, the Company’s SPVs entered a senior secured RCF agreement for $15.0 million to enter into new commitments ahead of anticipated realisations, enabling the Company to minimise the drag on returns of uninvested capital. Pursuant to the RCF agreement, the interest rate per annum on each borrowing under the RCF can be referenced to SOFR + 6.50% with a 100bps SOFR floor.

Interview with the managers from May 2021:


Research notes (paid for):


E-mail: ir@riverstonecredit.com

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