Riverstone Credit Opps. Inc PLC Successful Realisation of Investment in Circulus (3974C)

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RNS Number : 3974C

Riverstone Credit Opps. Inc PLC

11 October 2022

11 October 2022

Riverstone Credit Opportunities Income Plc

Successful Realisation of Investment in Circulus at 16.6% IRR

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, is pleased to announce the successful realisation of its senior secured investment in Circulus Holdings ("Circulus") at a 16.6 percent realised IRR and 1.14x realised MOIC.

On 23 August 2021, RCOI committed $12.5 million in a first lien term loan to Circulus, which is a sponsor-backed producer of post-consumer resin ("PCR") with a focus on plastics derived from recycled low-density polyethylene ("LDPE"). PCR is a material made from recycled plastic, which offers a more sustainable source for packing manufacture. The term loan was structured as a green loan in compliance with the LSTA Green Loan Principles to facilitate and support environmentally sustainable economic activity by financing eligible projects.

On 6 October 2022, Circulus Holdings refinanced this first lien term loan with a new source of growth financing resulting in a full exit for RCOI. This capital will now be redeployed in RCOI's attractive pipeline of infrastructure and energy-transition credit investment opportunities.

Danny Flannery, Managing Director of Riverstone Credit, the Company's Investment Manager said:

"We were pleased to partner with Circulus to further expand our portfolio of credit investments in companies which enable greater environmental sustainability and the transition to net zero. This realisation further strengthens our compelling track record of attractive realisations with this investment generating another strong IRR result for our shareholders.

"We look forward to updating shareholders on deploying the capital against our robust pipeline of new investment opportunities in green loans and sustainability-linked loans in our target sectors where we continue to see a very considerable number of attractive near term opportunities."

For Riverstone Credit Opportunities Income Plc:

   Adam Weiss                                                    [phone] 

Media Contacts:

 
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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 is strategically repositioning towards 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.

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October 11, 2022 02:00 ET (06:00 GMT)