TIDMRCOI
RNS Number : 1765R
Riverstone Credit Opps. Inc PLC
25 October 2023
25 October 2023
Riverstone Credit Opportunities Income
Quarterly Update
Full Deployment Sustained Resulting in Robust Q3 Performance
Targeted annual dividend returns of 8-10% on subscribed
capital
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 30 September 2023, in
which full deployment in energy transition investments now means
that shareholders will benefit from the portfolio's high earnings
power and targeted annual dividend returns of 8-10% on subscribed
capital.
Unaudited Net Asset Value
As at 30 September 2023, the unaudited net asset value per
Ordinary Share, including net revenue for the quarter ended 30
September, stayed stable at $1.07 ($1.07: 30 June 2023). The
stability was due to continued strong performance by the unrealised
portfolio.
Portfolio Summary and 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% whilst investing in companies engaged in
the energy transition
-- 39.8% NAV total return(5) since IPO in May 2019 (33.7% at 31 December 2022)
-- 29.6 cents in dividends paid since inception(6)
Portfolio Update
-- Against a backdrop of strong energy market performance, the
global focus on decarbonisation and the Company's unique focus on
short duration lending, the Company remains extremely well
positioned in the current environment with a portfolio of
accredited energy-transition focused investments entirely through
green or sustainability-linked structured loans.
-- Based on current portfolio commitments, as well as the
addition of the revolving credit facility in Q4 2022, the Company
is nearly fully invested as of 30 September 2023.
Reuben Jeffery III, Chairman of RCOI, commented:
"The RCOI portfolio performed strongly in Q3 2023. 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 the elevated value for
our shareholders in the rapidly changing macro environment.
Since launch in May 2019, the Company has now delivered a total
NAV return(5) of 39.8% (33.7% at 31 December 2022) including 29.6
cents per share in dividend distributions(6) ."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone
Credit, the investment adviser, added:
" We continue to be encouraged by the Company's strong
performance and its advantageous positioning in the current
environment. In addition to the attractive financial returns
delivered, we would also highlight that the portfolio consists
entirely of Green and Sustainability-Linked loans that contribute
positively towards the energy transition across a wide variety of
applications. The Company's near complete deployment in such
investments means that shareholders will benefit from full exposure
to the high earnings power of the portfolio's energy transition
investments, which should further supplement available income to
deliver the targeted annual dividend returns of 8-10% on subscribed
capital."
Cumulative Portfolio Summary
Unrealised Portfolio[1]
Investment Subsector Commitment Cumulative Cumulative Gross Gross Gross % of % of 30 30
Name Date Committed Invested Realised Unrealised Realised Par Par Sep Sep
Capital Capital Capital Value Capital as of as of 2023 2023
($mm) ($mm) ($mm)(1) ($mm) & 30 Sep 30 June Gross Net
Unrealised 2023(2) 2023(2) MOIC MOIC
Value
($mm)
Caliber
Midstream(3) Infrastructure Aug-19 4.0 4.0 0.5 0.5 1.0 36.12% 38.44% 0.24x 0.17x
Imperium3NY Energy 0.91 0.91
LLC Transition Apr-21 6.8 5.4 6.7 0.9 7.6 (4) (4) 1.42x 1.34x
Blackbuck
Resources
LLC Infrastructure Jun-21 11.5 11.0 4.1 10.3 14.4 103.19% 102.57% 1.31x 1.23x
Harland
& Wolff
Group Holdings Infrastructure
PLC Services Mar-22 14.6 14.6 1.2 17.9 19.1 106.92% 106.11% 1.31x 1.24x
Seawolf 13.06 12.99
Water Resources Services Sept-22 9.0 9.0 0.6 13.1 13.6 (4) (4) 1.51x 1.44x
EPIC Propane
Pipeline,
LP Infrastructure Sept-22 13.9 13.9 1.9 13.9 15.8 99.33% 99.24% 1.14x 1.06x
Hoover
Circular Infrastructure
Solutions Services Nov-22 13.7 13.7 1.1 14.2 15.4 98.32% 98.18% 1.12x 1.04x
Clean
Energy Energy
Fuels Corp Transition Dec-22 13.9 13.9 1.4 13.9 15.3 99.39% 99.47% 1.11x 1.03x
Max Midstream Infrastructure Dec-22 5.0 5.0 0.4 5.2 5.6 101.38% 100.84% 1.13x 1.05x
Streamline
Innovations Infrastructure
Inc. Services Jun-23 9.9 3.5 0.3 3.6 3.8 99.20% 99.13% 1.08x 1.06x
----------- ----------- --------- ----------- ----------- -------- -------- ------ ------
$102.3 $94.0 $18.2 $93.5 $111.7 1.19x 1.11x
Direct Lending Consolidated Portfolio Key Stats at Entry As of 30 September
2023
Weighted Avg. Entry Basis 97.5%
---------------------------------------------------------------
Weighted Avg. All-In Benchmark Rate 4.6 p.a.
at Entry
---------------------------------------------------------------
Weighted Avg. Floating Rate Spread 7.1 p.a.
at Entry
---------------------------------------------------------------
Weighted Avg. All-in Coupon at Entry 11.7 p.a.
---------------------------------------------------------------
Weighted Avg. Undrawn Spread at Entry 4.0 p.a.
---------------------------------------------------------------
Weighted Avg. Tenor at Entry 3.4 years
---------------------------------------------------------------
Weighted Avg. Call Premium at Entry 102.6
---------------------------------------------------------------
Security 100% Secured
---------------------------------------------------------------
Realised Portfolio
Investment Subsector Commitment Realisation Cumulative Cumulative Gross 30 Sep 30
Name Date Date Committed Invested Realised 2023 Sep
Capital Capital Capital Gross 2023
($mm) ($mm) ($mm)(1) MOIC Net
MOIC
Rocky Creek Exploration 1.15 1.10
Resources & Production Jun-19 Dec-19 6.0 4.3 4.9 x x
Infrastructure 1.02 0.97
CIG Logistics Services Jan-20 Jan-20 8.7 8.7 8.9 x x
Mallard Exploration 1.13 1.08
Exploration & Production Nov-19 Apr-20 13.8 6.8 7.7 x x
Market 1.01 0.96
Based Multiple Aug-20 Nov-20 13.4 13.4 13.6 x x
Project 1.23 1.18
Yellowstone Infrastructure Jun-19 Mar-21 5.8 5.8 7.2 x x
Ascent Exploration 1.21 1.16
Energy & Production Jun-19 Jun-21 13.3 13.3 16.1 x x
Pursuit Exploration 1.22 1.16
Oil & Gas & Production Jul-19 Jun-21 12.3 12.3 15 x x
Infrastructure 1.13 1.07
U.S. Shipping Services Feb-21 Aug-21 6.5 6.5 7.3 x x
Aspen Power 1.27 1.22
Partners Infrastructure Dec-20 Oct-21 6.9 3.4 4.3 x x
Project Infrastructure 1.28
Mariners Services Jul-19 Apr-22 13.2 13.2 17.6 1.33x x
Roaring 1.11
Fork Midstream Infrastructure Mar-21 Jun-22 5.9 5.9 6.9 1.16x x
FS Crude, 1.18
LLC Infrastructure Mar-20 Sept-22 13.7 13.7 16.9 1.23x x
EPIC Propane
Pipeline, 1.27
LP Infrastructure Dec-19 Sept-22 14.8 14.8 19.6 1.32x x
Circulus
Holdings, 1.09
PBLLC Infrastructure Aug-21 Oct-22 12.3 12.3 14.0 1.14x x
Hoover
Circular Infrastructure 1.05
Solutions Services Oct-20 Nov-22 15.4 15.4 17.0 1.10x x
Streamline
Innovations Infrastructure
Inc. Services Nov-21 Jun-23 13.8 6.9 8.9 1.29x 1.23x
$175.9 $156.7 $185.7 1.18x 1.13x
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 Verity Parker +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.
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 Term Loan & 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 2023 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 2023 and paid as of 30 September 2023.
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END
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