REG - Riverstone Credit - 1Q22 Portfolio Valuations & Recent Activity

Riverstone Credit Opportunities IncomeAnnouncement

22/04/2022 07:00

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RNS Number : 9741I  Riverstone Credit Opps. Inc PLC  22 April 2022

Riverstone Credit Opportunities Income Announces 1Q22 Quarterly Portfolio
Valuations & Recent Activity

London, UK (22 April 2022) - Riverstone Credit Opportunities Income ("RCOI")
announces its quarterly portfolio summary as of 31 March 2022, inclusive of
updated quarterly unaudited fair market valuations:

 

As of 31 March 2022, the unaudited net asset value per Ordinary Share,
including net revenue for the quarter ended 31 March, was $1.03.

 

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 2022(2)  Gross MOIC
 Project Mariners                        Infrastructure Services  Jul-19           13.2                                13.2                               7.3                              10.7                          18.1                                                 111.44%                        1.33 x
 Caliber Midstream(3)                    Midstream                Aug-19           4.0                                 4.0                                0.5                              0.6                           1.1                                                  44.39%                         0.26 x
 Epic Propane Pipeline                   Midstream                Dec-19           14.8                                14.8                               3.0                              15.3                          18.4                                                 101.02%                        1.24 x
 FS Crude                                Midstream                Mar-20           13.7                                13.7                               9.5                              6.8                           16.3                                                 100.04%                        1.19 x
 Hoover Circular Solutions               Infrastructure Services  Oct-20           7.4                                 7.4                                4.3                              4.0                           8.2                                                  100.45%                        1.12 x
 Roaring Fork Midstream                  Midstream                Mar-21           5.9                                 5.9                                0.5                              6.0                           6.6                                                  99.48%                         1.11 x
 Imperium3NY LLC                         Energy Transition        Apr-21           6.8                                 5.4                                1.6                              6.3                           7.9                                                  138.67%                        1.47 x
 Blackbuck Resources LLC                 Infrastructure Services  Jun-21           9.9                                 8.9                                1.3                              8.4                           9.7                                                  99.10%                         1.10 x
 Circulus Holdings, PBLLC                Infrastructure Services  Aug-21           12.3                                12.3                               3.8                              9.3                           13.1                                                 99.05%                         1.07 x
 Streamline Innovations Inc.             Energy Transition        Nov-21           6.9                                 3.8                                0.1                              3.8                           4.0                                                  98.69%                         1.06 x
 Harland & Wolff Group Holdings PLC      Infrastructure Services  Mar-22           11.8                                7.9                                0.1                              8.1                           8.3                                                  98.79%                         1.04x
                                                                                   $106.7                              $97.3                              $32.3                            $79.3                         $111.6                                                                              1.14 x

 

 

 

Realised Portfolio

 Investment Name        Subsector                     Commitment Date  Realisation Date  Cumulative Committed Capital ($mm)  Cumulative Invested Capital ($mm)  Gross Realised Capital ($mm)(1)  Gross MOIC
 Rocky Creek Resources  Exploration & Production      Jun-19           Dec-19            6.0                                 4.3                                4.9                              1.15 x
 CIG Logistics          Infrastructure 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
 Ascent Energy          Exploration & Production      Jun-19           Jun-21            13.3                                13.3                               16.1                             1.21 x
 Pursuit Oil & Gas      Exploration & 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 Partners   Energy 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 March 2022
 Weighted Avg. Entry Basis              97.0%
 Weighted Avg. All-in Coupon at Entry   9.43 p.a.
 Weighted Avg. Undrawn Spread at Entry  4.8 p.a.
 Weighted Avg. Tenor at Entry           3.1 years
 Weighted Avg. Call Premium at Entry    107.8
 Security                               100% Secured

 

 

Manager Outlook

§  Market conditions in Q1 2022 continued to be favorable for the broader
energy industry.  The Investment Manager has continued its focus on energy
infrastructure & infrastructure services and energy transition assets, all
going forward classified as green loans or sustainability linked loans.
Unrealised values continued to increase in Q1 2022, led by Imperium3. The
transition to infrastructure and energy transition assets has helped to
further diversify the portfolio from macro volatility.

§  Based on the current unfunded commitments, various expected upsizes of
existing investments, and potential new investment opportunities, the
Investment Manager believes that RCOI will remain close to fully committed
throughout 2022.

Reuben Jeffery III, Chairman of RCOI, commented:

"Q1 2022 continued to see optimism through strong energy market fundamentals
and increasingly positive performance across the portfolio. The Company
currently has a net asset value per share of $1.03 and is expected to continue
to provide steady income and offer attractive returns for our shareholders."

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

"The beginning of 2022 has been quite strong for RCOI, with the portfolio
comprised of infrastructure, infrastructure services and energy transition
investments. There also remains a strong pipeline of investment opportunities
within these sectors that is very encouraging. So far in 2022, RCOI has
executed one new investment and realised one investment as well; in addition,
both were classified as green loans. The realisation of Imperium3, a
lithium-ion battery manufacturer, occurred in April 2022, resulting in a 32.5%
IRR and 1.25x MOIC. Additionally, the Company will retain our non-dilutable
equity warrants which provides meaningful upside to this investment. In
addition, in March 2022, RCOI participated in a $35 million fist-lien green
loan to Harland & Wolff, a publicly listed infrastructure operator engaged
in the development and operation of strategic maritime assets across the
United Kingdom. RCOI was granted detachable warrants over new ordinary shares
in the Company as part of the transaction"

 

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/
(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 HoldCo Escrow, Caliber MFC LLC equity, Caliber Midstream
Revolver & Priming Facility

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