REG - Riverstone Credit - Harland & Wolff Update

Riverstone Credit Opportunities IncomeAnnouncement

02/08/2024 07:00

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RNS Number : 8899Y  Riverstone Credit Opps. Inc PLC  02 August 2024

2 August 2024

Riverstone Credit Opportunities Income Plc

Harland & Wolff Update

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the
LSE-listed energy infrastructure and energy-transition credit investor, notes
the announcement published 1 August 2024 by Harland & Wolff Group Holdings
Plc ("Harland & Wolff"), the UK quoted company focused on strategic
infrastructure projects and physical asset lifecycle management.

The Company and other funds managed by RCOI's investment manager, Riverstone
Investment Group LLC, (together with its affiliates "Riverstone") are
co-invested in a $115 million loan (the "Existing Facility") to Harland
&Wolff, of which RCOI's contribution is $14.6 million.

In August 2024, credit funds managed by Riverstone provided a $25 million
capital investment in a super priority position (the "Super Priority
Facility") to the existing facility of which the Company is a lender bringing
the total commitments to $140 million. As a condition precedent to injecting
the new capital, the $15 million upsize of the facility completed in February
2024 (in which RCOI did not participate), was recharacterised as part of the
new Super Priority Facility. The Super Priority Facility accrues interest at
SOFR plus 900 bps (100% paid-in-kind), which is the same interest rate as the
Existing Facility, and is subject to a 25% repayment premium. In addition, the
Existing Facility repayment premium was amended to 30%.

The new financing is part of a larger effort to stabilise the liquidity of
Harland & Wolff and help facilitate a long-term capital solution.
Furthermore, as announced by Harland & Wolff, it has formally engaged
Rothschild & Co as financial adviser to assess strategic options and
instituted changes to senior management and the board of directors.

As previously noted, RCOI did not participate in the Super Priority Facility
as it has now entered into managed wind-down (and had previously already
reached its concentration limit in H&W).

The Board is working to expedite the return of cash as soon as practicable
given the ongoing uncertainty. In the meantime, the Company's cash balances
are invested in a money market and are yielding a healthy risk-free return.

The Board is evaluating the appropriate level of dividend to pay for the
second quarter and will provide further information in due course.

For Riverstone Credit Opportunities Income Plc:

Adam
Weiss
                +1 212 271 2953

Media Contacts:

 Buchanan
 Helen Tarbet    Tel: +44 (0) 20 7466 5109

 Henry Wilson    Tel: +44 (0) 20 7466 5111

 Verity Parker   Tel: +44 (0) 20 7466 5197

                 Email: rcoi@buchanan.uk.com (mailto: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.

As previously announced, on January 2, Riverstone Holdings LLC, and their
affiliate Riverstone Investment Group (collectively, "Riverstone") entered
into a sub management agreement for RCOI with Breakwall Capital LP.
Breakwall is an independent asset manager regulated by the SEC as a Registered
Investment Advisor. It is owned and operated by the former members of the
Riverstone Credit Partners team.

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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