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.
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END
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