Riverstone Credit Opps. Inc PLC Portfolio Update (2392E)
March 10 2022 - 1:00AM
UK Regulatory
TIDMRCOI
RNS Number : 2392E
Riverstone Credit Opps. Inc PLC
10 March 2022
Riverstone Credit Opportunities Income Plc
Portfolio Update
London, UK 10 March 2022: Riverstone Credit Opportunities Income
Plc ("RCOI" or the "Company") has announced it has originated one
new investment:
-- Harland & Wolff Group Holdings PLC.(Tkr: HRL LN) - RCOI
participated in a $70.0 million first lien green term loan to a
publicly listed infrastructure operator engaged in the development
and operation of strategic maritime assets across the United
Kingdom. At closing on 9 March 2022, $11.8 million was committed by
RCOI and $7.9 million was drawn of the $35 million committed
facility tranche.
The term loan facility will be split into two tranches:
-- A committed facility of $35 million
-- An uncommitted accordion facility of up to $35 million
The first lien term loan has a maturity of September 2023 and an
estimated all-in yield to maturity of 13.2 percent for RCOI on a
fully-drawn basis. Proceeds from the term loan will be utilised to
fund working capital and capital expenditures associated with the
fabrication of wind turbine generator jackets for the NnG offshore
wind project, to repay existing indebtedness, to fund an interest
reserve account, and to pay transaction fees & expenses. The
Company will also grant Riverstone detachable warrants over new
ordinary shares in the Company ("Warrants") as part of this
transaction. A total of 8,665,380 Warrants will be issued, of which
2,970,987 warrants are for RCOI.
The term loan has been structured as a Green Loan following the
Green Loan Principles published by the LMA, APLMA, and LSTA and a
Sustainability-Linked Loan with performance indicators focused on
social responsibility. Harland & Wolff is incentivised to
upscale its group-wide apprenticeship programme aimed at the local
communities in which it operates. Harland & Wolff plans to
build on its success to-date and seeks further contracts within the
renewables and "green maritime" sectors, such as fabrication
contracts for offshore wind and hydrogen projects, new vessel
builds, retrofits with sustainability credentials and other such
contracts that would promote the UK Government's agenda to
achieving Net Zero by 2050.
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.
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
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END
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