REG - Riverstone Credit - Interim Report for Six Months Ended 30 June 2022

Riverstone Credit Opportunities IncomeAnnouncement

12/08/2022 17:30

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RNS Number : 9238V  Riverstone Credit Opps. Inc PLC  12 August 2022

This is an amended version of the 'Interim Report for Six Months Ended 30 June
2022' announcement, released on 11 August 2022 at 07:00:12 under RNS Number:
6367V.  In the Highlights section the NAV total return figure for the period
has been corrected to 4.6% which reflects the total return for the six-month
period (1.6% reflects the total return for the 2(nd) Quarter). No other
changes have been made to the announcement.

Riverstone Credit Opportunities Income Plc

Interim Report for Six Months Ended 30 June 2022

High Quality, Diversified Portfolio Delivering Strong, Stable Cash Generation

 

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the
LSE-listed energy infrastructure and energy-transition credit investor, today
announces strong half year results for the six months ended 30 June 2022.

Highlights:

·    Strong cash generation the portfolio continues to support dividend
distributions in the Company's target range of 8%

·    High income yield delivered to shareholders with 4 cents per share
declared to shareholders calendar year to date, in line with the Company's
target representing an annualized dividend yield of 8.8% for 1H 2022

·    Robust valuation as NAV remains stable with all loans performing in
line with expectations and delivering income as anticipated

·    High-quality, diversified portfolio with further progress in
strategic rebalancing in increasing the portfolio weighting towards the energy
transition sector

o  New investment in the period in London listed infrastructure operator
Harland & Wolff, structured as a Green Loan following the Green Loan
Principles and a Sustainability-Linked Loan with performance indicators
focused on social responsibility

o  Successful upsize of RCOI's existing investment in Streamline Innovations,
bringing total capital committed by RCOI to $13.8m with Sustainable Fitch
providing an SPO on the green loan

o  Three loans realised in the period, delivering an average Gross MOIC of
1.27x

·    Share buy-back program resumes - Re-initiated in the second quarter
of 2022 to underline the Board's confidence of the strategy's high performing
and differentiated approach and to enhance shareholder value. The Company
expects to continue with the program in the near term.

·    NAV total return of 4.6% for the period

·    NAV total return of 25.5% since inception in May 2019, including
second quarter of 2022

·    Compelling opportunity pipeline, the Manager is actively screening a
number of highly attractive near-term opportunities within the infrastructure,
infrastructure services and energy transition sectors, supported by a strong
commodity environment backdrop

Quarterly Distribution:

·    RCOI is pleased to announce that the distribution for the quarter
ending 30 June 2022 of 2.0 cents per share, has been declared by the
Directors, payable on 23 September 2022 to holders of ordinary shares on the
register at the close of business on 19 August 2022 (ex-distribution date is
18 August 2022).

·    The Company's Annual Report and Financial Statements and quarterly
factsheet will be located on the Company's
website, https://www.riverstonecoi.com/.

Reuben Jeffery III, Chairman of RCOI, commented:

"We are delighted to report on another highly robust period for the strategy
delivering to our shareholders a stable NAV and high levels of distributed
income in line with the targeted 8% yield per annum paid quarterly. Supporting
this distribution are high levels of income derived from a quality credit
portfolio delivering compelling risk adjusted returns with diverse
counterparties in the infrastructure, infrastructure services and energy
transition sectors.

Since launch in 2019, the Company is proud to have delivered a total NAV
return of 25.5% including 20.6 cents per share in dividend distributions,
including the second quarter of 2022. Within the last period alone, the
Company's three realised investments delivered an average Gross MOIC of 1.27x.
This consistently attractive return profile combined with the manager's track
record of zero credit losses forms a compelling track record of value creation
for the strategy. We do not believe this attractive track record is reflected
in RCOI's current share price valuation, currently trading at a 16% discount
to NAV and will continue a share buyback programme to demonstrate our
confidence in the strategy."

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

"The first half of 2022 represents another strong six months of portfolio
performance and we are pleased to see the investments continue to perform in
line with our expectations and deliver a reliable source of regular income for
the Company and its shareholders. In addition to our work in managing the
existing portfolio, we also deployed capital in a new loan with London listed
Harland & Wolff and upsized the Company's existing loan to Streamline
Innovations.

We are actively progressing a pipeline of new opportunities across our target
sectors with compelling risk adjusted opportunities arising in the target
sector in particular and we look forward to updating shareholders further in
due course."

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)

 

 

For Media Enquiries:

 

Buchanan

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

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

 Jon Krinks      Tel: +44 (0) 20 7466 5199

 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.

 

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 website (or any other website) is
incorporate into, or forms part of, this announcement.

 

 

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