Source - LSE Regulatory
RNS Number : 8222W
Riverstone Credit Opps. Inc PLC
20 April 2023
 

20 April 2023

Riverstone Credit Opportunities Income

Quarterly Update

Full Deployment Sustained Resulting In Robust Q1 Performance

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, is pleased to announce a strong portfolio performance for the quarter from 1 January to 31 March 2023, inclusive of updated quarterly unaudited fair market valuations.

 

Unaudited Net Asset Value

 

As of 31 March 2023, the unaudited net asset value per Ordinary Share, including net revenue for the quarter ended 31 March, was broadly stable at $1.06 ($1.08: 31 December 2022). This slight reduction was principally due to a movement in the valuation of the warrants related to a loan that was previously repaid.

 

Portfolio Summary and Key Performance Indicators

 

·    Portfolio of 100% floating rate, short duration, senior secured loans supporting RCOI's ambition to deliver annual returns to shareholders of 8-10% whilst supporting companies engaged in supporting the energy transition

·    34.3% NAV total return5 since IPO in May 2019 (33.7% at 31 December 2022)

·    25.6 cents in dividends paid since inception6

Portfolio Update

·    Against a backdrop of strong energy market performance, the global focus on de-carbonisation and the Company's unique focus on short duration lending, the Company remains extremely well positioned in the current environment. Further the re-balancing of the portfolio to accredited energy-transition focused investments through green or sustainability linked structures is now complete.  

·    Based on the current portfolio commitments, as well as the addition of the revolving credit facility in Q4 2022, the Company is nearly fully invested today.  

Reuben Jeffery III, Chairman of RCOI, commented:

"The RCOI portfolio performed robustly in Q1 2023, and I believe the Company is well-positioned to continue to provide shareholders with attractive returns from its portfolio as well as through new senior secured investments from the considerable pipeline of opportunities currently progressing through due diligence. Underlying rates are as high as they've been in our history, and now with the Company's capital fully deployed, we expect our shareholders to benefit from the increased earnings power of the portfolio in this attractive environment.

Since launch in May 2019, a period that has included volatile conditions for equity investors and the energy sector, we are pleased that the Company has delivered a total NAV return5 of 34.3% (33.7% at 31 December 2022) including 25.6 cents per share in dividend distributions6."

Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone Credit, the investment adviser, added:

"RCOI's portfolio comprises Green and Sustainability-Linked loans with stable cash income and quality assets. The increase in rates over the end of 2023 continues to result in higher coupons for our portfolio, which consists of over 95% floating rate investments. We are pleased to have maintained near full deployment and we are actively exploring an attractive and diverse pipeline of opportunities for refinancing events."

 

Cumulative Portfolio Summary

Unrealised Portfolio[1]

Investment Name

Subsector

Commitment Date

Cumulative Committed Capital ($mm)

Cumulative Invested Capital ($mm)

Gross Realised Capital ($mm)1

Gross Unrealised Value ($mm)

Gross Realised Capital & Unrealised Value ($mm)

% of Par as of 31 Mar 20232

% of Par as of 31 Dec 20222

31 Mar 2023 Net MOIC

Caliber Midstream3

Infrastructure

Aug-19

4.0

4.0

0.5

0.6

1.1

44.71%

40.72%

0.27x

0.21x

Imperium3NY LLC

Energy Transition

Apr-21

6.8

5.4

6.7

1.1

7.8

1.064

2.704

1.45x

1.39x

Blackbuck Resources LLC

Infrastructure

Jun-21

11.5

11.0

2.6

10.9

13.5

101.72%

100.83%

1.23x

1.17x

Streamline Innovations Inc.

Infrastructure Services

Nov-21

13.8

6.8

1.2

7.1

8.4

100.02%

99.57%

1.23x

1.17x

Harland & Wolff Group Holdings PLC

Infrastructure Services

Mar-22

14.6

14.6

1.4

16.1

17.5

103.29%

102.49%

1.20x

1.14x

Seawolf Water Resources

Services

Sept-22

9.0

9.0

0.3

12.9

13.2

12.904

13.024

1.46x

1.41x

EPIC Propane Pipeline, LP

Infrastructure

Sept-22

13.9

13.9

1.0

13.9

14.9

99.16%

99.08%

1.07x

1.01x

Hoover Circular Solutions

Infrastructure Services

Nov-22

13.7

13.7

0.6

13.9

14.4

98.05%

98.05%

1.05x

0.99x

Clean Energy Fuels Corp

Energy Transition

Dec-22

13.9

13.9

0.5

13.9

14.4

99.08%

99.00%

1.04x

0.98x

Max Midstream

Infrastructure

Dec-22

5.0

5.0

0.1

5.2

5.2

100.44%

100.00%

1.05x

0.99x




$106.2

$97.3

$14.9

$95.5

$110.4

 

 

1.13x

1.08x

 

 

 

 












 

Direct Lending Consolidated Portfolio Key Stats at Entry As of 31 March 2023

 

 

Weighted Avg. Entry Basis

97.5%

 

 

Weighted Avg. All-In Benchmark Rate at Entry

4.6 p.a.

 

 

Weighted Avg. Floating Rate Spread at Entry

7.1 p.a.

 

 

Weighted Avg. All-in Coupon at Entry

11.7 p.a.

 

 

Weighted Avg. Undrawn Spread at Entry

4.0 p.a.

 

 

Weighted Avg. Tenor at Entry

3.4 years

 

 

Weighted Avg. Call Premium at Entry

102.6

 

 

Security

100% Secured

 

Realised Portfolio

Investment Name

Subsector

Commitment Date

Realisation Date

Cumulative Committed Capital ($mm)

Cumulative Invested Capital ($mm)

Gross Realised Capital ($mm)1

31 Mar 2023 Gross MOIC

31 Mar 2023 Net MOIC

Rocky Creek Resources

Exploration & Production

Jun-19

Dec-19

6.0

4.3

4.9

1.15 x

1.10 x

CIG Logistics

Infrastructure Services

Jan-20

Jan-20

8.7

8.7

8.9

1.02 x

0.97 x

Mallard Exploration

Exploration & Production

Nov-19

Apr-20

13.8

6.8

7.7

1.13 x

1.08 x

Market Based

Multiple

Aug-20

Nov-20

13.4

13.4

13.6

1.01 x

0.96 x

Project Yellowstone

Infrastructure

Jun-19

Mar-21

5.8

5.8

7.2

1.23 x

1.18 x

Ascent Energy

Exploration & Production

Jun-19

Jun-21

13.3

13.3

16.1

1.21 x

1.16 x

Pursuit Oil & Gas

Exploration & Production

Jul-19

Jun-21

12.3

12.3

15

1.22 x

1.16 x

U.S. Shipping

Infrastructure Services

Feb-21

Aug-21

6.5

6.5

7.3

1.13 x

1.07 x

Aspen Power Partners

Infrastructure

Dec-20

Oct-21

6.9

3.4

4.3

1.27 x

1.22 x

Project Mariners

Infrastructure Services

Jul-19

Apr-22

13.2

13.2

17.6

1.33x

1.28 x

Roaring Fork Midstream

Infrastructure

Mar-21

Jun-22

5.9

5.9

6.9

1.16x

1.11 x

FS Crude, LLC

Infrastructure

Mar-20

Sept-22

13.7

13.7

16.9

1.23x

1.18 x

EPIC Propane Pipeline, LP

Infrastructure

Dec-19

Sept-22

14.8

14.8

19.6

1.32x

1.27 x

Circulus Holdings, PBLLC

Infrastructure

Aug-21

Oct-22

12.3

12.3

14.0

1.14x

1.09 x

Hoover Circular Solutions

Infrastructure Services

Oct-20

Nov-22

15.4

15.4

17.0

1.10x

1.05 x





$162.1

$149.8

$176.8

1.18x

1.13x

 

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.

For Riverstone Credit Opportunities Income Plc:

Adam Weiss

+1 212 271 2953

 

 

J.P. Morgan Cazenove (Corporate Broker)

+44 (0)20 7742 4000

William Simmonds

 

Jérémie Birnbaum

 

James Bouverat (Sales)


 

 

Media Contacts:

Buchanan

Helen Tarbet

Henry Wilson

Verity Parker

Tel: +44 (0) 20 7466 5109

Tel: +44 (0) 20 7466 5111

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 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.

 

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