Riverstone Credit Opps. Inc PLC Portfolio Update (4045B)
June 10 2021 - 1:00AM
UK Regulatory
TIDMRCOI
RNS Number : 4045B
Riverstone Credit Opps. Inc PLC
10 June 2021
Riverstone Credit Opportunities Income Plc
Portfolio Update
London, UK 10 June 2021: Riverstone Credit Opportunities Income
Plc ("RCOI" or the "Company") has announced it has the below update
and has additionally realised one investment:
Riverstone-related Shareholdings' Update
Riverstone Credit Opportunities Income Plc ("RCOI" or the
"Company") has been notified that Pierre F. Lapeyre, Jr. sold
2,597,680 ordinary shares, David M. Leuschen sold 2,576,669
ordinary shares, and Riverstone Holdings LLC sold 1,711,132
ordinary shares in the Company. These shares are part of the
significant investment made by Riverstone at the time of the IPO
and the sales were made in response to increased investor demand,
facilitating the company's planned strategy to increase shares
available to third party investors . Christopher Abbate and Jamie
Brodsky, the key principals at Riverstone Credit Partners, still
own all of their ordinary shares and collectively the credit team
owns 2,353,900 ordinary shares or 2.6% of the shares
outstanding.
Realisation
-- Project Alp Realisation - In June 2019, RCOI committed $13.3
million to a sponsor-backed E&P company with operations focused
in the Northern Delaware Basin of New Mexico. In December 2020,
RCOI sold 40% of the loan to a third-party, and subsequently, RCOI
entered a contract with a trade date of 19 May 2021 to sell the
remainder of the loan to a separate third-party. The sale is
expected to close the middle of June, resulting in approximately a
19.7% realised IRR and approximately a 1.21x realised MOIC.
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 various energy subsectors,
commodity exposures, technologies and end-markets to provide
natural synergies that aim to 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:
Jingcai Zhu
+1 212 271 6261
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END
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