TIDMRCOI
RNS Number : 1603Z
Riverstone Credit Opps. Inc PLC
21 January 2022
Riverstone Credit Opportunities Income Announces 4Q21 Quarterly
Portfolio Valuations & Recent Activity
London, UK (21 January 2022) - Riverstone Credit Opportunities
Income ("RCOI") announces its quarterly portfolio summary as of 31
December 2021, inclusive of updated quarterly unaudited fair market
valuations:
As of 31 December 2021, the unaudited net asset value per
Ordinary Share, including net revenue for the quarter ended 31
December, was $1.02.
Cumulative Portfolio Summary
Unrealised Portfolio [1]
Investment Subsector Commitment Cumulative Cumulative Gross Gross Gross % of Gross
Name Date Committed Invested Realised Unrealised Realised Par MOIC
Capital Capital Capital Value Capital as of
($mm) ($mm) ($mm)(1) ($mm) & 31 Dec
Unrealised 2021(2)
Value
($mm)
Project Infrastructure 1.31
Mariners Services Jul-19 13.2 13.2 7.1 10.6 17.7 110.00% x
Caliber 0.17
Midstream(3) Midstream Aug-19 3.9 3.9 0.4 0.3 0.7 6.77% x
Epic Propane 1.22
Pipeline Midstream Dec-19 14.8 14.8 2.7 15.4 18.1 101.60% x
1.18
FS Crude Midstream Mar-20 13.7 13.7 9.4 6.8 16.2 100.27% x
Hoover
Circular Infrastructure 1.11
Solutions Services Oct-20 7.4 7.4 4.2 4.0 8.2 100.61% x
Roaring Fork 1.13
Midstream Midstream Mar-21 5.9 4.2 0.4 4.3 4.7 99.88% x
Imperium3NY Energy 1.35
LLC Transition Apr-21 6.8 5.4 1.5 5.8 7.3 128.74% x
Blackbuck
Resources Infrastructure 1.07
LLC Services Jun-21 9.9 8.9 1.1 8.4 9.5 99.27% x
Circulus
Holdings, Infrastructure 1.04
PBLLC Services Aug-21 12.3 12.3 3.6 9.2 12.7 97.79% x
Streamline
Innovations Energy 1.08
Inc. Transition Nov-21 6.9 1.7 0.1 1.7 1.8 98.72% x
------
1.13
$94.8 $85.4 $30.4 $66.5 $96.9 x
Realised Portfolio
Investment Subsector Commitment Realisation Cumulative Cumulative Gross Realised Gross MOIC
Name Date Date Committed Invested Capital
Capital Capital ($mm)(1)
($mm) ($mm)
Rocky Creek Exploration
Resources & Production Jun-19 Dec-19 6.0 4.3 4.9 1.15 x
Infrastructure
CIG 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
Exploration
Ascent 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
U.S. Shipping Midstream Feb-21 Aug-21 6.5 6.5 7.3 1.13 x
Aspen Power Energy
Partners Transition Dec-20 Oct-21 6.9 3.4 4.3 1.27 x
--------------- -----------
$86.8 $74.5 $85.0 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 31 December
2021
Weighted Avg. Entry Basis 96.8%
-------------------
Weighted Avg. All-in Coupon at Entry 9.32 p.a.
-------------------
Weighted Avg. Undrawn Spread at Entry 4.4% p.a.
-------------------
Weighted Avg. Tenor at Entry 3.2 years
-------------------
Weighted Avg. Call Premium at Entry 108.7
-------------------
Security 100% Secured
-------------------
Manager Outlook
-- Despite the recent concerns regarding the omicron variant,
energy markets remained resilient throughout the end of 2021 with
commodity prices remaining near the highs seen in Q3 2021. In
addition, the Investment Manager's on-going shift to energy
infrastructure & infrastructure services and energy transition
assets, continues to further diversify and insulate the portfolio
from commodity price or other macro volatility. Continued optimism
remains across the RCOI portfolio, as the aggregate unrealized
portfolio valuations were up QoQ in Q4 2021.
-- Imperium3, a $6.8 million RCOI commitment in April 2021 to a
lithium-ion battery manufacturer, saw the largest increase in value
in Q4 2021. This was due to a material increase in the value of
equity raised in the second half of 2021 versus the value ascribed
at closing.
-- Based on the current unfunded commitments, expected new deal
activity and potential upsizes of existing investments, the
Investment Manager believes that RCOI will be close to fully
committed and materially invested by the end of Q1 2022.
-- In addition to providing support to the current portfolio
companies, the Investment Manager expects to have ample
opportunities throughout 2022 to deploy capital to target
infrastructure, infrastructure services and energy transition
investment. The portfolio is expected to continue to provide steady
income and offer attractive returns for our shareholders.
Reuben Jeffery III, Chairman of RCOI, commented:
"Set against an encouraging energy market backdrop and strong
fundamentals into the beginning of 2022, we remain very pleased
with the performance of the RCOI vehicle. The Company currently has
a net asset value per share of $1.02 and has returned over 20 cents
per share to investors since the IPO."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone
Credit, added:
"Q4 2021 was the second quarter without any upstream exposure in
the RCOI portfolio or any expected in the foreseeable future. We do
believe there remains a very attractive pipeline of investment
opportunities within the energy infrastructure & infrastructure
services and energy transition sectors. In Q4 2021, RCOI was able
to fully realise one investment and execute one new
sustainability-linked loan. The realisation of Aspen Power
Partners, a first-lien green loan to a community solar developer,
occurred in October 2021, resulting in a 36.0% IRR and 1.27x MOIC.
In addition, in November 2021, RCOI provided a first lien term
sustainability-linked loan to Streamline Innovations, a
sponsor-backed leader in environmentally advanced treatment
solutions and equipment for hydrogen sulfide (H(2) S) in energy,
renewable fuels, wastewater, landfill gas, biogas, and industrial
processes. We remain very optimistic about the opportunity set
available for our target sector and remain focused on steady
capital deployment and consistency of yield."
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. 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 an initial focus on
North America. RCOI intends to create a diversified portfolio
across basins, commodities, 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:
Adam Weiss
+1 212 271 2953
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 Midstream Equity, Term Loan, and
Revolver
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