TIDMRCOI
RNS Number : 3620W
Riverstone Credit Opps. Inc PLC
23 April 2021
Riverstone Credit Opportunities Income Announces 1Q21 Quarterly
Portfolio Valuations & Recent Activity
London, UK (23 April 2021) - Riverstone Credit Opportunities
Income ("RCOI") announces its quarterly portfolio summary as of 31
March 2021, inclusive of updated quarterly unaudited fair market
valuations:
As of 31 March 2021, the unaudited net asset value per Ordinary
Share, including net revenue for the quarter ended 31 March, was
$1.04.
Cumulative Portfolio Summary
Unrealised Portfolio [1]
Investment Subsector Commitment Cumulative Cumulative Gross Gross Gross % of Gross
Name Date Committed Invested Realised Unrealised Realised Par as MOIC
Capital Capital Capital Value Capital & of 31
($mm) ($mm) ($mm)(1) ($mm) Unrealised March
Value 2021(2)
($mm)
Ascent Exploration &
Energy Production Jun-19 13.3 13.3 7.3 8.5 15.8 101.6% 1.19 x
Pursuit Oil Exploration &
& Gas Production Jul-19 12.3 12.3 2.1 12.6 14.7 102.1% 1.19 x
Project Infrastructure
Mariners Services Jul-19 13.2 13.2 6.1 10.3 16.4 105.4% 1.22 x
Caliber
Midstream Midstream Aug-19 3.4 3.4 0.4 3.7 4.1 95.2% 1.20 x
Epic
Propane
Pipeline Midstream Dec-19 14.8 14.8 1.6 15.2 16.7 99.7% 1.13 x
FS Crude Midstream Mar-20 13.7 13.7 9.0 6.6 15.7 98.5% 1.14 x
Hoover
Circular Infrastructure
Solutions Services Oct-20 7.4 7.4 3.8 4.0 7.8 99.6% 1.06 x
Aspen Power Energy
Partners Transition Dec-20 6.9 3.4 0.2 3.5 3.7 100.2% 1.10 x
Roaring
Fork
Midstream Midstream Feb-21 5.9 1.6 0.1 1.7 1.8 99.5% 1.11 x
U.S.
Shipping Midstream Mar-21 6.5 6.5 0.3 6.5 6.8 100.1% 1.04 x
----------- ----------- --------- ----------- ----------- -------- -------
$97.4 $89.6 $31.0 $72.4 $103.4 1.15 x
Realised Portfolio
Investment Subsector Commitment Realisation Cumulative Cumulative Gross Gross MOIC
Name Date Date Committed Invested Realised
Capital Capital Capital
($mm) ($mm) ($mm)(1)
Rocky Creek Exploration &
Resources Production Jun-19 Dec-19 6.0 4.3 4.9 1.15 x
Mallard Exploration &
Exploration Production Nov-19 Apr-20 13.8 6.8 7.7 1.13 x
CIG Infrastructure
Logistics Services Jan-20 Jan-20 8.7 8.7 8.9 1.02 x
Market Based Multiple Aug-20 Nov-20 13.4 13.4 13.6 1.01 x
Project
Yellowstone Midstream Jun-19 Mar-21 5.8 5.8 7.2 1.23 x
------------ ------------ ------------ -----------
$47.8 $39.0 $42.3 1.08 x
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.
Direct Lending Consolidated Portfolio Key Stats at Entry As of 31 March
2021 (4)
Weighted Avg. Entry Basis 97.3%
------------------------
Weighted Avg. All-in Coupon at Entry 9.5% p.a.
------------------------
Weighted Avg. Undrawn Spread at Entry 4.3% p.a.
------------------------
Weighted Avg. Tenor at Entry 2.8 years
------------------------
Weighted Avg. Call Premium at Entry 104.9
------------------------
Security 100% Secured
------------------------
Coupon Type 100% Floating Rate
------------------------
Manager Outlook
-- The macro environment has been volatile for over a year,
since the COVID-19 pandemic caused turmoil starting in March of
last year. Despite this, the portfolio has remained relatively
resilient and has continued to deliver both income generation and
capital appreciation to investors.
-- After experiencing a tremendous downturn for most of 2020,
oil prices improved towards the end of last year and the first
quarter of this year. With COVID-19 vaccinations continuing to
rollout, demand is expected to recover this year, though the
magnitude of the recovery remains uncertain. A more stable market
environment will help facilitate refinancings and exits for the
RCOI portfolio. Meanwhile, the Investment Manager continues to
identify attractive opportunities, including within infrastructure,
infrastructure services and energy transition, its key areas of
focus going forward.
Reuben Jeffery III, Chairman of RCOI, commented:
"As we pass the first anniversary of COVID-19, the RCOI
portfolio has continued to generate value for shareholders in spite
of a historically challenging market backdrop. The unrealised
portfolio is marked at a 1.15x, reflecting a net asset value of
$1.04 per Ordinary Share. The portfolio has returned 16 cents per
share to investors since IPO."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone
Credit, added:
"While we certainly did not predict a prolonged global pandemic
would occur, the relative performance of RCOI has demonstrated the
key competitive advantages of our strategy. Our focus on downside
protection has not only protected principal but also yielded steady
returns to investors. As we look forward, we seek to further
increase the portfolio's exposure to sectors that we expect to see
secular tailwinds and have limited correlation to broader commodity
prices, including infrastructure, infrastructure services and
energy transition."
About Riverstone Credit Opportunities Income Plc :
RCOI seeks to generate consistent Shareholder returns
predominantly in the form of income distributions, principally by
making senior secured loans to small and middle-market energy
companies, which span conventional energy as well as low carbon and
renewable sources. The investment strategy is predicated on
asset-based lending, with conservative loan-to-value ratios and
structural protective features to mitigate risk. The Company will
invest broadly across energy subsectors globally, with a primary
focus on infrastructure businesses and going forward those with
de-carbonization strategies in North America. RCOI intends to
create a diversified portfolio across basins, commodities,
technologies and end-markets to provide natural synergies and
hedges that could enhance the overall stability of the
portfolio.
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.
Media Contacts
For Riverstone Credit Opportunities Income Plc:
Kylie Richards
+1 212-271-2946
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.
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