We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Riverstone Credit Opportunities Income Plc | LSE:RCOI | London | Ordinary Share | GB00BJHPS390 | ORD USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.015 | -1.67% | 0.8825 | 0.865 | 0.90 | 0.885 | 0.87 | 0.885 | 75,005 | 16:35:14 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 8.23M | 5.72M | 0.0630 | 13.81 | 81.5M |
TIDMRCOI
RNS Number : 4715D
Riverstone Credit Opps. Inc PLC
20 October 2022
20 October 2022
Riverstone Credit Opportunities Income
Quarterly Update
Material 7% NAV Growth & Further Successful Realisations
Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, is pleased to announce its quarterly portfolio summary as of 30 September 2022, inclusive of updated quarterly unaudited fair market valuations.
Unaudited Net Asset Value
As of 30 September 2022, the unaudited net asset value per Ordinary Share, including net revenue for the quarter ended 30 September, was $1.10 ($1.02: 30 June 2022) an uplift of 7%.
Period Highlights
-- Material increase in NAV from $1.02 on 30 June 2022 to $1.10 on 30 September 2022. The majority of the increase due to the investment in Seawolf Water Resources at an attractive discount.
-- Established track record of attractive realisations continues:
o FS Crude LLC realised on 16 September 2022 at 14.8 percent gross IRR and 1.23x gross MOIC
o Circulus Holdings realised on 6 October 2022 at 16.6 percent gross IRR and 1.14x gross MOIC
o Epic Propane initial investment realised on 30 September 2022 with nearly $1 million of gains received; in addition, loan amended and extended to 30 September 2026 at attractive economics and converted to sustainability linked loan with Sustainable Fitch providing an SPO
-- Continue to invest capital across infrastructure, infrastructure services and energy transition pipeline to keep the fund committed and dividend stable
o On 1 September 2022, upsize of investment in Hoover Circular Solutions
o On 26 September 2022, secondary investment in a stapled bundle of private securities in Seawolf Water Resources including a first lien term loan along with preferred stock and common equity
Portfolio Summary / Lifetime Key Performance Indicators
-- Portfolio of 100% floating rate, short duration, senior secured loans supporting RCOI's ambition to deliver annual returns to shareholders of 8-10%
-- 33.0% NAV total return(5) since IPO in May 2019 -- 20.6 cents in dividends paid since inception(6)
Market Update
-- Q3 2022 saw volatility increase due to a slowdown in global growth expectations and oil prices dropping by over 10%. Despite this, the Company believes the current energy market environment remains constructive for RCOI's borrowers. By continuing to focus the RCOI portfolio on energy infrastructure and infrastructure services, swings in the commodity markets will have less of a direct impact on the current portfolio and future investments. This was illustrated by the Company's Q3 2022 performance, where RCOI experienced a significant increase in NAV per share in the face of significant volatility.
-- Based on the current unfunded commitments, recent deal activity and potential new investment opportunities, the Investment Manager believes RCOI will remain close to fully committed throughout 2022.
Reuben Jeffery III, Chairman of RCOI, commented:
"Q3 2022 was very encouraging for RCOI given further profitable realisations as well as new commitments in our target sectors. In addition, a significant quarterly increase in NAV was principally attributable to the attractive investment opportunity secured in Seawolf Resources. I believe the Company is well-positioned to continue to provide attractive returns from its portfolio as well as through new senior secured investments from the considerable pipeline of opportunities progressing through due diligence.
Since launch in May 2019 the Company we are pleased that the Company has delivered a total NAV return(5) of 33.0% including 20.6 cents per share in dividend distributions(6) ."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone Credit, the investment adviser, added:
"We are pleased that RCOI's existing portfolio is now majority green and sustainability linked loans across our target sectors, an important milestone. In an active third quarter of 2022, RCOI had $24.8 million of realisations and committed $31.6 million of new capital in three investments, an upsize to Hoover Circular Solutions, the amended EPIC Propane investment and Seawolf Resources. We are pleased to have completed over 10 deal realisations since the start of COVID, all with a blended IRR of 17% over that time period, demonstrating the resilience of our investment strategy.
Hoover Circular Solutions is a company with which we have a long history and intricate familiarity, and which provides essential infrastructure and services to the petrochemicals sector. We believe this upsizing represents a compelling opportunity for RCOI to increase exposure to a short duration investment with a highly attractive yield. Since our initial investment in EPIC Propane, the borrower has been a steady and strong performer, completing construction of a mission-critical piece of energy infrastructure during the tumultuous COVID pandemic. We were pleased to extend this investment which we see as a win for both the borrower and the Company. Finally, despite the stress experienced during the COVID pandemic, Seawolf today is experiencing some of its best operating and financial results of the past four years.
Based on the growing track record of attractive realisation multiples, strong portfolio cash flow and the high level of current investment we believe that going forward our portfolio income will be sufficient to grow the Company in addition to delivering on our dividend target yield of 8-10% per annum and preserving principal."
Cumulative Portfolio Summary
Unrealised Portfolio[1]
Investment Subsector Commitment Cumulative Cumulative Gross Gross Gross % of Gross Name Date Committed Invested Realised Unrealised Realised Par as MOIC Capital Capital Capital Value Capital of 30 ($mm) ($mm) ($mm)(1) ($mm) & September Unrealised 2022(2) Value ($mm) Caliber Midstream(3) Infrastructure Aug-19 4.0 4.0 0.5 0.5 1.0 40.71% 0.24x Hoover Circular Infrastructure Solutions Services Oct-20 15.4 15.4 4.6 12.0 16.6 100.74% 1.08x Imperium3NY Energy 2.49 LLC Transition Apr-21 6.8 5.4 6.7 2.5 9.2 (4) 1.71x Blackbuck Resources LLC Infrastructure Jun-21 11.5 10.2 1.9 9.9 11.8 100.44% 1.16x Circulus Holdings, PBLLC Infrastructure Aug-21 12.3 12.3 4.3 9.7 14.0 103.00% 1.14x Streamline Innovations Infrastructure Inc. Services Nov-21 13.8 6.8 0.7 6.9 7.6 99.12% 1.12x Harland & Wolff Group Holdings Infrastructure PLC Services Mar-22 12.5 12.5 0.7 12.5 13.2 96.98% 1.05x Seawolf Water 14.29 Resources Services Sept-22 9.0 9.0 0.0 14.3 14.3 (4) 1.59x EPIC Propane Pipeline, LP Infrastructure Sept-22 13.9 13.9 0.1 13.9 14.0 99.00% 1.01x $99.2 $89.4 $19.6 $82.1 $101.7 1.14x Direct Lending Consolidated Portfolio Key Stats at Entry As of 30 September 2022 Weighted Avg. Entry Basis 97.1% ------------------- Weighted Avg. All-in Coupon at Entry 8.96 p.a. ------------------- Weighted Avg. Undrawn Spread at Entry 4.1 p.a. ------------------- Weighted Avg. Tenor at Entry 3.1 years ------------------- Weighted Avg. Call Premium at Entry 102.8 ------------------- Security 100% Secured -------------------
Realised Portfolio
Investment Subsector Commitment Realisation Cumulative Cumulative Gross Gross Name Date Date Committed Invested Realised MOIC Capital Capital Capital ($mm) ($mm) ($mm)(1) Rocky Exploration Creek Resources & Production Jun-19 Dec-19 6.0 4.3 4.9 1.15 x Infrastructure CIG Logistics Services Jan-20 Jan-20 8.7 8.7 8.9 1.02 x Mallard Exploration Exploration & Production Nov-19 Apr-20 13.8 6.8 7.7 1.13 x Market Based Multiple Aug-20 Nov-20 13.4 13.4 13.6 1.01 x Project Yellowstone Infrastructure Jun-19 Mar-21 5.8 5.8 7.2 1.23 x Ascent Exploration Energy & Production Jun-19 Jun-21 13.3 13.3 16.1 1.21 x Pursuit Exploration Oil & Gas & Production Jul-19 Jun-21 12.3 12.3 15 1.22 x Infrastructure U.S. Shipping Services Feb-21 Aug-21 6.5 6.5 7.3 1.13 x Aspen Power Partners Infrastructure Dec-20 Oct-21 6.9 3.4 4.3 1.27 x Project Infrastructure Mariners Services Jul-19 Apr-22 13.2 13.2 17.6 1.33x Roaring Fork Midstream Infrastructure Mar-21 Jun-22 5.9 5.9 6.9 1.16x FS Crude, LLC Infrastructure Mar-20 Sept-22 13.7 13.7 16.9 1.23x EPIC Propane Pipeline, LP Infrastructure Dec-19 Sept-22 14.8 14.8 19.6 1.32x $134.4 $122.2 $145.9 1.19x
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 unrealised change in the value of the investment.
For Riverstone Credit Opportunities Income Plc:
Adam Weiss
+1 212 271 2953
J.P. Morgan Cazenove (Corporate Broker) +44 (0)20 7742 4000 William Simmonds Jérémie Birnbaum James Bouverat (Sales)
Media Contacts:
Buchanan
Helen Tarbet Henry Tel: +44 (0) 20 7466 5109 Tel: Wilson Jon Krinks +44 (0) 20 7466 5111 Tel: +44 Verity Parker (0) 20 7466 5199 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 also lends to 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.
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 Gross realised capital is total gross income realised on invested capital.
(2) Includes fair market value of equity and rights where applicable as a percentage of par.
(3) Includes Caliber HoldCo Escrow, Caliber MFC LLC equity, Caliber Midstream Revolver & Priming Facility.
(4) Reflects the total fair market value in millions.
(5) NAV total return equals cumulative paid dividend cents per share and NAV per share as of 30 September 2022 divided by the opening capital net of share issuance costs as of 28 May 2019.
(6) Reflects cumulative dividend cents per share declared as of 30 June 2022 and paid as of 30 September 2022.
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
PFUQKLFFLBLEFBF
(END) Dow Jones Newswires
October 20, 2022 02:00 ET (06:00 GMT)
1 Year Riverstone Credit Opport... Chart |
1 Month Riverstone Credit Opport... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions