18 October
2024
THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION
Riverstone Credit
Opportunities Income
Investment and Quarterly
Update
Riverstone Credit Opportunities
Income ("RCOI" or the "Company"), the LSE-listed energy
infrastructure and energy-transition credit investor, announces its
portfolio performance for the quarter ended 30 September
2024.
Unaudited Net Asset Value
As at 30 September 2024, the
unaudited net asset value per Ordinary Share, including net revenue
for the quarter, was $0.93 ($1.01: 30 June 2024).
Portfolio Summary and Key Performance
Indicators
·
Portfolio of 100% floating rate, short duration,
senior secured loans, from investing in companies engaged in
driving forward the energy transition
·
32.5% NAV total return5 achieved since
IPO in May 2019
·
36.8 cents in dividends paid since
inception6
Portfolio Update
·
The movement in the Company's NAV was driven
primarily by a reduction in the value of its position in a loan
made to Harland & Wolff ("H&W"). As announced on 19
July 2024, Riverstone Credit Partners
funded an additional $25 million in a super-priority term loan to
provide H&W with adequate liquidity to run its strategic
alternatives process. This new tranche of debt was combined
with $15 million of the previously funded original loan to form a
$40 million super-priority tranche, which bears a repayment penalty
of 20%. While Riverstone's view of the fundamental value of
H&W has not changed materially since 30 June 2024, it is likely
that the super-priority tranche will be fully utilised prior to the
culmination of the strategic alternatives process and therefore the
value of RCOI's original loan (now a $100 million junior facility)
has been subsequently marked downward. Riverstone expects the
strategic alternatives process to conclude in the fourth quarter of
2024 and will provide a further update to shareholders in due
course.
·
On 19 September 2024, the Company successfully
realised its Sustainability-Linked first lien term loan with
Blackbuck Resources at a 17.3 percent gross IRR, a 13.2 percent net
IRR, 1.46x gross MOIC and a 1.33x net MOIC.
·
As announced on 10 September 2024, the Company
also completed a Compulsory Redemption of Ordinary Shares during
the period equal to approximately 25 per cent of the Company's
Ordinary Shares in issue, representing material positive progress
in the Company's recently adopted managed wind-down
strategy.
Cumulative Portfolio Summary
Unrealised Portfolio[1]
|
Investment
Name
|
Subsector
|
Commitment
Date
|
Cumulative Committed Capital
($mm)
|
Cumulative Invested Capital
($mm)
|
Gross Realised Capital
($mm)1
|
Gross Unrealised Value
($mm)
|
Gross Realised Capital &
Unrealised Value ($mm)
|
% of Par as of 30 Sept
20242
|
% of Par as of 30 June
20242
|
30 Sept 2024 Gross
MOIC
|
30 Sept 2024 Net
MOIC
|
|
Caliber
Midstream3
|
Infrastructure
|
Aug-19
|
4.0
|
4.0
|
0.6
|
0.5
|
1.1
|
0.474
|
0.434
|
0.27x
|
0.06x
|
|
Imperium3NY
LLC
|
Energy
Transition
|
Apr-21
|
6.8
|
5.4
|
6.7
|
0.0
|
6.7
|
0.014
|
0.014
|
1.25x
|
1.11x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harland & Wolff Group
Holdings PLC
|
Infrastructure Services
|
Mar-22
|
14.6
|
14.6
|
2.0
|
10.1
|
12.1
|
9.284
|
15.534
|
0.83x
|
0.72x
|
|
Seawolf Water
Resources
|
Services
|
Sept-22
|
9.0
|
9.0
|
2.1
|
11.6
|
13.6
|
11.584
|
11.854
|
1.51x
|
1.43x
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hoover Circular
Solutions
|
Infrastructure Services
|
Nov-22
|
13.7
|
13.7
|
3.0
|
14.4
|
17.4
|
99.74%
|
100.17%
|
1.27x
|
1.19x
|
|
Max
Midstream
|
Infrastructure
|
Dec-22
|
5.0
|
5.0
|
1.3
|
5.2
|
6.5
|
103.19%
|
102.60%
|
1.29x
|
1.22x
|
|
Streamline Innovations
Inc.
|
Infrastructure Services
|
Jun-23
|
9.9
|
5.4
|
1.1
|
5.5
|
6.6
|
100.45%
|
100.54%
|
1.24x
|
1.18x
|
|
|
|
|
$63.0
|
$57.1
|
$16.8
|
$47.2
|
$64.0
|
|
|
1.12x
|
1.02x
|
Realised Portfolio
|
Investment
Name
|
Subsector
|
Commitment
Date
|
Realisation
Date
|
Cumulative Committed Capital
($mm)
|
Cumulative Invested Capital
($mm)
|
Gross Realised Capital
($mm)1
|
30 Sept 2024 Gross
MOIC
|
30 Sept 2024 Net
MOIC
|
|
Rocky Creek
Resources
|
Exploration & Production
|
Jun-19
|
Dec-19
|
6.0
|
4.3
|
4.9
|
1.15
x
|
1.13
x
|
|
CIG
Logistics
|
Infrastructure Services
|
Jan-20
|
Jan-20
|
8.7
|
8.7
|
8.9
|
1.02
x
|
1.02
x
|
|
Mallard
Exploration
|
Exploration & Production
|
Nov-19
|
Apr-20
|
13.8
|
6.8
|
7.7
|
1.13
x
|
1.12
x
|
|
Market
Based
|
Multiple
|
Aug-20
|
Nov-20
|
13.4
|
13.4
|
13.6
|
1.01
x
|
1.00
x
|
|
Project
Yellowstone
|
Infrastructure
|
Jun-19
|
Mar-21
|
5.8
|
5.8
|
7.2
|
1.23
x
|
1.16
x
|
|
Ascent
Energy
|
Exploration & Production
|
Jun-19
|
Jun-21
|
13.3
|
13.3
|
16.1
|
1.21
x
|
1.13
x
|
|
Pursuit Oil &
Gas
|
Exploration & Production
|
Jul-19
|
Jun-21
|
12.3
|
12.3
|
15
|
1.22
x
|
1.14
x
|
|
U.S.
Shipping
|
Infrastructure Services
|
Feb-21
|
Aug-21
|
6.5
|
6.5
|
7.3
|
1.13
x
|
1.10
x
|
|
Aspen Power
Partners
|
Infrastructure
|
Dec-20
|
Oct-21
|
6.9
|
3.4
|
4.3
|
1.27
x
|
1.24
x
|
|
Project
Mariners
|
Infrastructure Services
|
Jul-19
|
Apr-22
|
13.2
|
13.2
|
17.6
|
1.33
x
|
1.21
x
|
|
Roaring Fork
Midstream
|
Infrastructure
|
Mar-21
|
Jun-22
|
5.9
|
5.9
|
6.9
|
1.16
x
|
1.10
x
|
|
FS Crude,
LLC
|
Infrastructure
|
Mar-20
|
Sept-22
|
13.7
|
13.7
|
16.9
|
1.23
x
|
1.1 2
x
|
|
EPIC Propane Pipeline,
LP
|
Infrastructure
|
Dec-19
|
Sept-22
|
14.8
|
14.8
|
19.6
|
1.32
x
|
1.20
x
|
|
Circulus Holdings,
PBLLC
|
Infrastructure
|
Aug-21
|
Oct-22
|
12.3
|
12.3
|
14.0
|
1.14
x
|
1.09 x
|
|
Hoover Circular
Solutions
|
Infrastructure Services
|
Oct-20
|
Nov-22
|
15.4
|
15.4
|
17.0
|
1.10
x
|
1.01
x
|
|
Streamline Innovations
Inc.
|
Infrastructure Services
|
Nov-21
|
Jun-23
|
13.8
|
6.9
|
8.9
|
1.29
x
|
1.22
x
|
|
Clean Energy Fuels
Corp
|
Energy
Transition
|
Dec-22
|
Dec-23
|
13.9
|
13.9
|
15.7
|
1.14
x
|
1.10
x
|
|
EPIC Propane Pipeline,
LP
|
Infrastructure
|
Sept
-22
|
Apr-24
|
13.9
|
13.9
|
17.2
|
1.24x
|
1.18x
|
|
Blackbuck Resources
LLC
|
Infrastructure
|
Jun-21
|
Sept -
24
|
11.5
|
11.0
|
16.1
|
1.46x
|
1.32x
|
|
|
|
|
|
$215.2
|
$195.5
|
$234.8
|
1.20x
|
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 Wilson
Verity Parker
|
Tel: +44 (0) 20 7466
5109
Tel: +44 (0) 20 7466
5111
Tel: +44 (0) 20 7466
5197
|
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.
As previously announced, on January
2, Riverstone Holdings LLC, and their affiliate Riverstone
Investment Group (collectively, "Riverstone") entered into a sub
management agreement for RCOI with Breakwall Capital LP.
Breakwall is an independent asset manager regulated by the SEC as a
Registered Investment Advisor. It is owned and operated by the
former members of the Riverstone Credit Partners team.
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.
