REG - Riverstone Credit - Portfolio Update

Riverstone Credit Opportunities IncomeAnnouncement

10/03/2022 07:00

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RNS Number : 2392E  Riverstone Credit Opps. Inc PLC  10 March 2022

Riverstone Credit Opportunities Income Plc
 
Portfolio Update
 

London, UK 10 March 2022: Riverstone Credit Opportunities Income Plc ("RCOI"
or the "Company") has announced it has originated one new investment:

§ Harland & Wolff Group Holdings PLC.(Tkr: HRL LN) - RCOI participated in
a $70.0 million first lien green term loan to a publicly listed infrastructure
operator engaged in the development and operation of strategic maritime assets
across the United Kingdom. At closing on 9 March 2022, $11.8 million was
committed by RCOI and $7.9 million was drawn of the $35 million committed
facility tranche.

The term loan facility will be split into two tranches:

·      A committed facility of $35 million

·      An uncommitted accordion facility of up to $35 million

 

The first lien term loan has a maturity of September 2023 and an estimated
all-in yield to maturity of 13.2 percent for RCOI on a fully-drawn basis.
Proceeds from the term loan will be utilised to fund working capital and
capital expenditures associated with the fabrication of wind turbine generator
jackets for the NnG offshore wind project, to repay existing indebtedness, to
fund an interest reserve account, and to pay transaction fees & expenses.
The Company will also grant Riverstone detachable warrants over new ordinary
shares in the Company ("Warrants") as part of this transaction. A total of
8,665,380 Warrants will be issued, of which 2,970,987 warrants are for RCOI.

The term loan has been structured as a Green Loan following the Green Loan
Principles published by the LMA, APLMA, and LSTA and a Sustainability-Linked
Loan with performance indicators focused on social responsibility. Harland
& Wolff is incentivised to upscale its group-wide apprenticeship programme
aimed at the local communities in which it operates. Harland & Wolff plans
to build on its success to-date and seeks further contracts within the
renewables and "green maritime" sectors, such as fabrication contracts for
offshore wind and hydrogen projects, new vessel builds, retrofits with
sustainability credentials and other such contracts that would promote the UK
Government's agenda to achieving Net Zero by 2050.

 

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

 

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