Riverstone Credit Opps. Inc PLC Successful Upsize of Loan to Harland & Wolff (5135E)

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RNS Number : 5135E

Riverstone Credit Opps. Inc PLC

31 October 2022

Riverstone Credit Opportunities Income Plc

Successful Upsize of Loan to Harland & Wolff

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, is pleased to announce the upsize of its investment in Harland & Wolff Group Holdings PLC ("Harland & Wolff"), a London-listed company focused on strategic infrastructure projects and physical asset lifecycle management across five core industries: renewables, oil & gas, defence, cruise & ferry and commercial.

In March 2022, RCOI committed $12 million to a first lien Green and Sustainability Linked Term Loan for Harland & Wolff as part of a $35 million funded facility led by Riverstone Credit Partners. On 17 October 2022, the loan was upsized under the accordion feature by a further $15 million with RCOI contributing $1.4 million. In aggregate, the loan size is now $56 million of which $14.1 million is committed by RCOI.

The upsized proceeds will be used to complete the payment of deferred consideration for the assets of Harland & Wolff (Appledore) Limited in its entirety, as well as for working capital needs. As part of the financing, Harland & Wolff has issued 2,151,681 warrants to RCOI at an exercise price of 5.65 pence per warrant. Total warrants now attributable to RCOI are 5,122,668.

Jamie Brodsky, Co-Head of Riverstone Credit, the Company's Investment Manager said:

"Harland & Wolff has made tremendous strides forward in its strategy since we funded our initial loan in March 2022. The Company is now active across all five of its business segments with ongoing projects at each of its yards. Consistent with our practice of supporting borrowers' growth initiatives over time, we are pleased to complete this upsize with proceeds used to finalise the purchase of the Appledore yard and provide ongoing liquidity for existing projects, as well as anticipated new business milestones."

For Riverstone Credit Opportunities Income Plc:

   Adam Weiss                                                    +1 212 271 2953

Media Contacts:

 
 Buchanan 
 Helen Tarbet Henry          Tel: +44 (0) 20 7466 5109 Tel: +44 
  Wilson Jon Krinks Verity    (0) 20 7466 5111 Tel: +44 (0) 20 
  Parker                      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 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 31, 2022 03:00 ET (07:00 GMT)

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