Riverstone Credit Opps. Inc PLC Sustainability-Linked Infrastructure Investment (4533N)
January 23 2023 - 1:00AM
UK Regulatory
TIDMRCOI
RNS Number : 4533N
Riverstone Credit Opps. Inc PLC
23 January 2023
23 January 2023
Riverstone Credit Opportunities Income Plc
New Sustainability-Linked Energy Infrastructure Investment
Riverstone Credit Opportunities Income ("RCOI" or the
"Company"), the LSE-listed energy infrastructure and
energy-transition credit investor, is pleased to announce that
Riverstone Investment Group LLC, the Company's investment manager
has executed a new $28.6 million sustainability-linked, first lien
term loan (the "Term Loan") to a subsidiary of Max Energy
Industrial Holdings US LLC ("MAX"). At close on 30 December 2022,
RCOI committed $5.0 million. With this investment, RCOI is 102%
committed and approaching 100% invested following a draw on its
recently announced revolving credit facility. The portfolio remains
almost exclusively comprised of green and sustainability-linked
loans.
MAX is developing the first carbon-neutral crude oil export
terminal on the Gulf Coast of Texas which it believes will lead to
increased market share as crude consumers globally seek to reduce
their overall carbon footprint. The first lien floating rate term
loan has a maturity of 3 January 2024, with annual renewals for a
maximum of 3 years in total, and a cash coupon paid of SOFR+650
bps.
Christopher Abbate, Managing Director of Riverstone Credit,
said:
"We are pleased to provide this sustainability-linked financing
to MAX so that the company can help partners and customers meet
their sustainability goals through access to valuable
carbon-neutral energy infrastructure. Given the strong asset
coverage and short duration, the investment represents an excellent
addition to RCOI's fully invested portfolio that is now almost
exclusively comprised of independently accredited green and
sustainability-linked loans."
For Riverstone Credit Opportunities Income Plc:
Adam Weiss +1 212 271 2953
J.P. Morgan Cazenove (Corporate Broker):
Jérémie Birnbaum (Corporate
Finance) +44 0 (207) 742 4000
James Bouverat / Liam MacDonald-Raggett
(Sales)
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/ .
About Max Energy
Max Energy is creating a modern and evolved Energy Asset and
Trading Company. Throughout its development, it will instill
innovation, forward-thinking, and new solutions for its markets and
customers. As the world's energy needs and requirements are rapidly
changing, Max Energy is prepared to offer value-driven solutions
for today and the future. Through its subsidiary Max Midstream, it
operates a carbon neutral export terminal at the Port of Calhoun,
Texas and linking pipeline on the US Gulf Coast.
For further information about Max Energy and Max Midstream,
visit https://www.maxmidstream.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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