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RCOI Riverstone Credit Opportunities Income Plc

0.915
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
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
  0.00 0.00% 0.915 0.90 0.93 0.00 08:02:32
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 16.13M 12.85M 0.1415 6.43 82.63M

Riverstone Credit Opps. Inc PLC Q1 2024 Portfolio Update & Recent Activity

19/04/2024 7:00am

RNS Regulatory News


RNS Number : 2445L
Riverstone Credit Opps. Inc PLC
19 April 2024
 

19 April 2024

Riverstone Credit Opportunities Income

Quarterly Update

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, is pleased to announce a robust portfolio performance for the quarter ended 31 March 2024.

 

Portfolio Summary and Key Performance Indicators

 

·    Portfolio of 100% floating rate, short duration, senior secured loans, enabling RCOI to deliver annual returns to shareholders of 8-10% from investing in companies engaged in the energy transition

·    43.2% NAV total return5 achieved since IPO in May 2019 (34.3% at 31 March 2023)

·    34.1 cents in dividends paid since inception6



Portfolio Update

·    Against a backdrop of strong energy market performance, the global drive towards decarbonisation and the Company's unique focus on short duration lending, RCOI remains extremely well positioned in the current environment. Further, the re-balancing of the portfolio to accredited energy-transition focused investments through Green or Sustainability-Linked structures is now complete.

 

·    On 4 April 2024, the Company successfully realised its Sustainability-Linked first lien term loan with EPIC Propane at a 16.9 percent gross IRR and a 12.8 percent net IRR and 1.24x gross MOIC and a 1.18x net MOIC.

 

Unaudited Net Asset Value

 

As at 31 March 2024, the unaudited net asset value per Ordinary Share, including net revenue for the quarter, remained stable at $1.06 ($1.06: 31 December 2023), reflecting continued strong performance by the unrealised portfolio.

 

Reuben Jeffery III, Chairman of RCOI, commented:

"The RCOI portfolio once again performed strongly in Q1 2024. The Company continues to be a beneficiary of the current interest rate environment with a strategy focused on floating rate, short duration loans that are designed to capture elevated value for our shareholders in the current macro environment.

"Since launch in May 2019, the Company has delivered a NAV total return5 of 43.2% (34.3% at 31 March 2023) including 34.1 cents per share in dividend distributions6.

"The Board is pleased with the seamless transition to Breakwall Capital as sub-manager and note that the portfolio management team is continuing to perform to the same high standard as they have always done since RCOI's listing.

"The Board remains focused on the upcoming AGM in May 2024, and we are engaging with shareholders to understand their views regarding the future of the Company. Our priority remains optimising the portfolio to ensure long-term value creation for our shareholders and will provide further details in due course."

 

 

Christopher Abbate and Jamie Brodsky, Co-Founders of Breakwall Capital, the Company's sub-manager, added:

"We continue to be encouraged by the Company's strong performance and its highly advantageous positioning in the current environment. In addition to the attractive financial returns delivered, we are pleased that the portfolio now consists entirely of Green and Sustainability-Linked loans that contribute positively towards the energy transition across a wide range of applications. The Company is focused, as ever, on providing strong returns and dividends to investors in order to deliver the targeted annual dividend returns of 8-10% on subscribed capital."

 

Cumulative Portfolio Summary

Unrealised Portfolio[1]

Investment Name

Subsector

Commitment Date

Cumulative Committed Capital ($mm)

Cumulative Invested Capital ($mm)

Gross Realised Capital ($mm)1

Gross Unrealised Value ($mm)

Gross Realised Capital & Unrealised Value ($mm)

% of Par as of 31 Mar 20242

% of Par as of 31 Dec 20232

31 Mar 2024 Net MOIC

Caliber Midstream3

Infrastructure

Aug-19

4.0

4.0

0.6

0.4

1.0

33.52%

35.78%

0.25x

0.07x

Imperium3NY LLC

Energy Transition

Apr-21

6.8

5.4

6.7

0.0

6.7

0.014

0.014

1.25x

1.13x

Blackbuck Resources LLC

Infrastructure

Jun-21

11.5

11.0

6.1

9.2

15.3

98.87%

98.19%

1.39x

1.27x

Harland & Wolff Group Holdings PLC

Infrastructure Services

Mar-22

14.6

14.6

2.0

18.9

20.9

18.604

18.104

1.44x

1.35x

Seawolf Water Resources

Services

Sept-22

9.0

9.0

1.2

12.1

13.3

12.094

12.124

1.47x

1.41x

EPIC Propane Pipeline, LP

Infrastructure

Sept-22

13.9

13.9

2.8

14.4

17.2

103.00%

99.52%

1.24x

1.18x

Hoover Circular Solutions

Infrastructure Services

Nov-22

13.7

13.7

2.1

14.2

16.3

98.59%

98.45%

1.19x

1.13x

Max Midstream

Infrastructure

Dec-22

5.0

5.0

0.9

5.1

6.1

102.09%

101.61%

1.21x

1.16x

Streamline Innovations Inc.

Infrastructure Services

Jun-23

9.9

5.4

0.6

5.4

6.0

99.29%

99.24%

1.12x

1.09x




$88.4

$82.0

$23.0

$79.8

$102.8

 

 

1.25x

1.18x

 

 

 












 

Direct Lending Consolidated Portfolio Key Stats at Entry As of 31 March 2024

 

 

Weighted Avg. Entry Basis

97.5%

 

 

Weighted Avg. All-In Benchmark Rate at Entry

5.3 p.a.

 

 

Weighted Avg. Floating Rate Spread at Entry

7.0 p.a.

 

 

Weighted Avg. All-in Coupon at Entry

12.3 p.a.

 

 

Weighted Avg. Undrawn Spread at Entry

4.0 p.a.

 

 

Weighted Avg. Tenor at Entry

3.4 years

 

 

Weighted Avg. Call Premium at Entry

102.4

 

 

Security

100% Secured

 














 

 

 

Realised Portfolio

Investment Name

Subsector

Commitment Date

Realisation Date

Cumulative Committed Capital ($mm)

Cumulative Invested Capital ($mm)

Gross Realised Capital ($mm)1

31 Mar 2024 Gross MOIC

31 Mar 2024 Net MOIC

Rocky Creek Resources

Exploration & Production

Jun-19

Dec-19

6.0

4.3

4.9

1.15 x

1.13 x

CIG Logistics

Infrastructure Services

Jan-20

Jan-20

8.7

8.7

8.9

1.02 x

1.02 x

Mallard Exploration

Exploration & Production

Nov-19

Apr-20

13.8

6.8

7.7

1.13 x

1.12 x

Market Based

Multiple

Aug-20

Nov-20

13.4

13.4

13.6

1.01 x

1.00 x

Project Yellowstone

Infrastructure

Jun-19

Mar-21

5.8

5.8

7.2

1.23 x

1.16 x

Ascent Energy

Exploration & Production

Jun-19

Jun-21

13.3

13.3

16.1

1.21 x

1.13 x

Pursuit Oil & Gas

Exploration & Production

Jul-19

Jun-21

12.3

12.3

15

1.22 x

1.14 x

U.S. Shipping

Infrastructure Services

Feb-21

Aug-21

6.5

6.5

7.3

1.13 x

1.11 x

Aspen Power Partners

Infrastructure

Dec-20

Oct-21

6.9

3.4

4.3

1.27 x

1.24 x

Project Mariners

Infrastructure Services

Jul-19

Apr-22

13.2

13.2

17.6

1.33 x

1.22 x

Roaring Fork Midstream

Infrastructure

Mar-21

Jun-22

5.9

5.9

6.9

1.16 x

1.11 x

FS Crude, LLC

Infrastructure

Mar-20

Sept-22

13.7

13.7

16.9

1.23 x

1.13 x

EPIC Propane Pipeline, LP

Infrastructure

Dec-19

Sept-22

14.8

14.8

19.6

1.32 x

1.21 x

Circulus Holdings, PBLLC

Infrastructure

Aug-21

Oct-22

12.3

12.3

14.0

1.14 x

1.10 x

Hoover Circular Solutions

Infrastructure Services

Oct-20

Nov-22

15.4

15.4

17.0

1.10 x

1.01 x

Streamline Innovations Inc.

Infrastructure Services

Nov-21

Jun-23

13.8

6.9

8.9

1.29 x

1.22 x

Clean Energy Fuels Corp

Energy Transition

Dec-22

Dec-23

13.9

13.9

15.7

1.14 x

1.10 x





$189.8

$170.6

$201.4

1.18x

1.12x

 

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 Wilson

Verity Parker

Tel: +44 (0) 20 7466 5109

Tel: +44 (0) 20 7466 5111

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.

 

As previously announced, on January 2, Riverstone Holdings LLC, and their affiliate Riverstone Investment Group (collectively, "Riverstone") entered into a sub management agreement for RCOI with Breakwall Capital LLC.  Breakwall is an independent asset manager regulated by the SEC as a Registered Investment Advisor. It is owned and operated by the former members of the Riverstone Credit Partners team.

 

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.

 

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.

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