Riverstone Credit Opps. Inc PLC Refinancing & Upsizing of Streamline Innovations (9649F)
2023年7月13日 - 9:23PM
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RNS Number : 9649F
Riverstone Credit Opps. Inc PLC
13 July 2023
13 July 2023
Riverstone Credit Opportunities Income Plc
Successful Refinancing & Upsizing of Streamline
Innovations
Realisation of Existing RCOI Streamline Innovations Loan with
$2.0 Million Gross Profit
Refinancing Realized 24% Gross IRR
Riverstone Credit Opportunities Income ("RCOI" or the
"Company"), the LSE-listed energy infrastructure and
energy-transition credit investor, is pleased to announce a
successful amendment and extension of the Company's investment in
Streamline Innovations (the "Borrower"), a leader in
environmentally-advanced treatment solutions for the removal of
hydrogen sulfide (H2S) from energy, renewable fuels, wastewater,
and industrial processes.
RCOI realized c. $2.0 million of profits at closing of the
amendment and extension resulting in a 24 percent gross IRR (19
percent net IRR) and a 1.3x gross MOIC (1.2x net MOIC) of the
initial investment in Streamline Innovations. With this upsize,
RCOI remains nearly fully invested, with the portfolio comprising
almost exclusively green loans and sustainability-linked loans.
In November 2021, RCOI participated in a $20.0 million first
lien delayed-draw term loan, of which $6.9 million was committed by
RCOI. In May 2022, RCOI participated in a $25.0 million upsize for
a $45.0 million first lien delayed-draw term loan, bringing RCOI's
total commitment to $13.8 million. The facility was structured as a
green loan with Sustainable Fitch providing a Second Party Opinion
("SPO"). The SPO verifies the facility's alignment to the LSTA
Green Loan Principles with the transaction being compliant with the
four pillars of the LSTA Green Loan Principles and aligned with the
LSTA category of pollution and prevention.
As part of this amendment and extension closing, the facility
was upsized to $55.0 million, the maturity was extended to December
2026, and economic terms were adjusted for an estimated all-in
yield to maturity of 13 percent to RCOI. Additionally, as part of
the amendment, RCOI's allocation to the loan was reduced from $13.8
million to $9.9 million as the result of the investment manger's
allocation policy which aims to allocate each deal based on the
available capital in each fund being invested.
Christopher Abbate, Co-Head of Riverstone Credit, the Company's
Investment Manager said:
"We are pleased to extend this investment and assist the
borrower with additional capital for continued growth to deliver
environmental sustainability benefits to their customers. Since our
initial investment in Streamline, the borrower has performed well
and achieved substantial growth with over 40 H2S treating units
deployed today. Streamline's green solutions allowed its customers
to avoid over 33 million pounds of sulfur dioxide emissions in
2022, representing a more than 40% increase over 2021.
"RCOI is now nearly fully deployed in an attractive and
diversified portfolio of independently accredited green and
sustainability-linked loans that support the Company's target
annual dividend yield of 8%, paid through quarterly distributions.
In a challenging capital markets environment, we believe that this
level of income is very attractive to investors who want a lower
risk exposure to the energy transition."
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 Verity Parker (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 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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