Riverstone Credit Opps. Inc PLC Successful Upsize of Loan to Harland & Wolff (5135E)
October 31 2022 - 2:00AM
UK Regulatory
TIDMRCOI
RNS Number : 5135E
Riverstone Credit Opps. Inc PLC
31 October 2022
31 October 2022
Riverstone Credit Opportunities Income Plc
Successful Upsize of Loan to Harland & Wolff
Riverstone Credit Opportunities Income ("RCOI" or the
"Company"), the LSE-listed energy infrastructure and
energy-transition credit investor, is pleased to announce the
upsize of its investment in Harland & Wolff Group Holdings PLC
("Harland & Wolff"), a London-listed company focused on
strategic infrastructure projects and physical asset lifecycle
management across five core industries: renewables, oil & gas,
defence, cruise & ferry and commercial.
In March 2022, RCOI committed $12 million to a first lien Green
and Sustainability Linked Term Loan for Harland & Wolff as part
of a $35 million funded facility led by Riverstone Credit Partners.
On 17 October 2022, the loan was upsized under the accordion
feature by a further $15 million with RCOI contributing $1.4
million. In aggregate, the loan size is now $56 million of which
$14.1 million is committed by RCOI.
The upsized proceeds will be used to complete the payment of
deferred consideration for the assets of Harland & Wolff
(Appledore) Limited in its entirety, as well as for working capital
needs. As part of the financing, Harland & Wolff has issued
2,151,681 warrants to RCOI at an exercise price of 5.65 pence per
warrant. Total warrants now attributable to RCOI are 5,122,668.
Jamie Brodsky, Co-Head of Riverstone Credit, the Company's
Investment Manager said:
"Harland & Wolff has made tremendous strides forward in its
strategy since we funded our initial loan in March 2022. The
Company is now active across all five of its business segments with
ongoing projects at each of its yards. Consistent with our practice
of supporting borrowers' growth initiatives over time, we are
pleased to complete this upsize with proceeds used to finalise the
purchase of the Appledore yard and provide ongoing liquidity for
existing projects, as well as anticipated new business
milestones."
For Riverstone Credit Opportunities Income Plc:
Adam Weiss +1 212 271 2953
Media Contacts:
Buchanan
Helen Tarbet Henry Tel: +44 (0) 20 7466 5109 Tel: +44
Wilson Jon Krinks Verity (0) 20 7466 5111 Tel: +44 (0) 20
Parker 7466 5199 Tel: +44 (0) 20 7466 5197
Email: rcoi@buchanan.uk.com
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 is strategically
repositioning towards 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.
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END
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