TIDMRCOI
RNS Number : 1930G
Riverstone Credit Opps. Inc PLC
23 July 2021
Riverstone Credit Opportunities Income Announces 2Q21 Quarterly
Portfolio Valuations & Recent Activity
London, UK (23 July 2021) - Riverstone Credit Opportunities
Income ("RCOI") announces its quarterly portfolio summary as of 30
June 2021, inclusive of updated quarterly unaudited fair market
valuations:
As of 30 June 2021, the unaudited net asset value per Ordinary
Share, including net revenue for the quarter ended 30 June, was
$1.03.
Business Update
In June 2021, RCOI launched a new webcast, called "Energy
Expansion", that will be focused on important themes within our
sector and include interviews with executives and thought leaders
in the industry. Two interviews, one with a community solar CEO and
one with counsel discussing sustainable finance, have been
completed to date with others expected in the near future. You can
find the interviews here:
https://www.riverstonecoi.com/market/energy-expansion-webcast
Cumulative Portfolio Summary
Unrealised Portfolio [1]
Investment Subsector Commitment Cumulative Cumulative Gross Gross Gross % of Gross
Name Date Committed Invested Realised Unrealised Realised Par as MOIC
Capital Capital Capital Value Capital & of 30
($mm) ($mm) ($mm)(1) ($mm) Unrealised June
Value 2021(2)
($mm)
Project Infrastructure
Mariners Services Jul-19 13.2 13.2 6.4 10.5 16.9 107.43% 1.25 x
Caliber
Midstream Midstream Aug-19 3.4 3.4 0.4 2.0 2.4 49.07% 0.71 x
Caliber
Midstream
Revolver Midstream Apr-21 0.6 0.6 0.0 0.6 0.6 91.75% 1.01 x
Epic Propane
Pipeline Midstream Dec-19 14.8 14.8 1.9 15.4 17.3 101.33% 1.17 x
FS Crude Midstream Mar-20 13.7 13.7 9.1 6.7 15.8 98.89% 1.15 x
Hoover
Circular Infrastructure
Solutions Services Oct-20 7.4 7.4 4.0 4.0 8.0 100.64% 1.08 x
Aspen Power Energy
Partners Transition Dec-20 6.9 3.4 0.3 3.6 3.9 103.03% 1.16 x
U.S.
Shipping Midstream Feb-21 6.5 6.5 0.4 6.5 6.9 100.35% 1.07 x
Roaring Fork
Midstream Midstream Mar-21 5.9 2.7 0.2 2.8 3.0 99.81% 1.11 x
Imperium3NY Energy
LLC Transition Apr-21 6.8 5.4 1.3 4.8 6.1 109.90% 1.14 x
Blackbuck
Resources Infrastructure
LLC Services Jun-21 9.9 8.9 0.2 8.9 9.0 98.50% 1.02 x
-------
$89.0 $79.8 $24.2 $65.7 $89.9 1.12 x
Realised Portfolio
Investment Subsector Commitment Realisation Cumulative Cumulative Gross Gross
Name Date Date Committed Invested Realised MOIC(2)
Capital Capital Capital
($mm) ($mm) ($mm)(1)
Rocky Creek Exploration &
Resources Production Jun-19 Dec-19 6.0 4.3 4.9 1.15 x
CIG Infrastructure
Logistics Services Jan-20 Jan-20 8.7 8.7 8.9 1.02 x
Mallard Exploration &
Exploration Production Nov-19 Apr-20 13.8 6.8 7.7 1.13 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
Ascent Exploration &
Energy Production Jun-19 Jun-21 13.3 13.3 16.1 1.21 x
Pursuit Oil Exploration &
& Gas Production Jul-19 Jun-21 12.3 12.3 15.0 1.22 x
-------------
$73.4 $64.6 $73.4 1.14 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 30 June
2021 (4)
Weighted Avg. Entry Basis 97.1%
-----------------------
Weighted Avg. All-in Coupon at Entry 9.34 p.a.
-----------------------
Weighted Avg. Undrawn Spread at Entry 4.4% p.a.
-----------------------
Weighted Avg. Tenor at Entry 3.0 years
-----------------------
Weighted Avg. Call Premium at Entry 108.5
-----------------------
Security 100% Secured
-----------------------
Coupon Type 100% Floating Rate
-----------------------
Manager Outlook
-- The second quarter continued to see an uptick in oil prices
and strengething in supply and demand fundamentals in the market.
The portfolio has continued to show resiliency throughout the past
year and RCOI is well positioned to capitalise on the increasing
market fundamentals through an opportunistic investment strategy
and diversified portfolio.
-- The Investment Manager believes the focus on infrastructure,
infrastructure services and energy transition investment
opportunities will provide downside protection and allow the
portfolio to continue to generate positive returns and income for
shareholders.
Reuben Jeffery III, Chairman of RCOI, commented:
"Given the vastly improving commodity sector and strong
realisations in the first half of 2021, we remain optimistic about
RCOI's ability to generate value for shareholders. The Company
currently has a net asset value per share of $1.03 and has returned
over 17 cents per share to investors since the IPO".
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone
Credit, added:
"Following the Q2 2021 realisations in Ascent Energy and Pursuit
Oil & Gas, we are very pleased with our overall performance in
the upstream sector, as well as the fact there is no upstream
exposure today. We believe there remains a very attractive pipeline
of investment opportunities within the infrastructure,
infrastructure services and energy transition sectors, which will
allow us continued consistency of yield and principal preservation
across our portfolio.
Although RCOI's position in the Caliber Midstream Term Loan was
marked down in Q2 2021 as a result of their largest customer
declaring bankruptcy in March of 2021, Riverstone remains active in
its conversations with the Company, remain confident in our
investment and believe an improving macro environment will
strengthen the financial health of Caliber in 2H 2021."
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:
Jingcai Zhu
+1 212 271 6261
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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END
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