REG - Riverstone Credit - Replacement RNS:Successful Sale of Harland & Wolff

Riverstone Credit Opportunities IncomeAnnouncement

29/01/2025 15:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250129:nRSc1683Va&default-theme=true

RNS Number : 1683V  Riverstone Credit Opps. Inc PLC  29 January 2025

REPLACEMENT RNS: SUCCESSFUL SALE OF HARLAND & WOLFF

The following amendments have been made to the "Successful Sale of Harland
& Wolff" announcement released at 07:00:05 on 28 January 2025 under RNS No
9426U:

At the start of the second paragraph, the debt waived by Navantia UK totals
£23 million rather than £20 million as originally stated. Additional wording
has also been included throughout the announcement.

We therefore recommend that all amended text below is read in full.

29 January 2025

------------------------------------------------------------------------------------------------------------------------------------------------------------------------

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Riverstone Credit Opportunities Income

Successful Sale of Harland & Wolff

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the
LSE-listed energy infrastructure and energy-transition credit investor,
announces that following an extensive marketing process run by Rothschild
& Co, the business and assets of the Harland & Wolff Group, including
all 4 operating yards in Belfast, Appledore, Methil and Arnish, but excluding
the Islandmagee Gas Storage project, have been sold via a pre-pack
administration to its customer, Navantia UK. We are very pleased to note that
more than 1,000 jobs were secured as a result of this sale.

The assets have been sold for a cash consideration of £69.9m, as well as the
waiving of the debt of £23m by Navantia UK. Exclusivity was agreed in
October 2024 in exchange for Navantia UK providing debt funding to the Harland
& Wolff Group, and this was linked to an agreement to share recoveries
with Navantia UK on a 50/50 basis in respect of Navantia UK's debt funding. As
part of the transaction, those rights were waived by Navantia UK.

Purchase price consideration along with cash left in the business, after
administrative and deal related expenses, are expected to result in recoveries
of c. £70m to Riverstone Credit Partners ("RCP") and affiliated funds,
including RCOI. The Administrators intend on making an initial distribution to
RCP of c. £44m in the coming days and have estimated that future
distributions will total c. £26m over the coming months. The initial
distribution will fully satisfy the super priority term loan and therefore all
future distributions will be shared pro rata amongst all the Riverstone funds
invested in Harland & Wolff.

In parallel to the process to sell the operating yards, Rothschild & Co
has also run a process to solicit interest in acquiring Harland & Wolff's
Islandmagee Gas Storage project. Once constructed and operational, Islandmagee
salt dome caverns will have the capacity to hold around 500 million cubic
meters of low carbon gas and/or hydrogen, increasing UK gas storage capacity
by c. 33%. Given the shortfall on amounts owed and security held over the
entirety of Harland & Wolff, RCP and affiliated funds hold the economic
interest in Islandmagee. Over the coming days and weeks, RCP will work with
its advisors to assess the optimum strategy and likely timing to maximise the
value of this highly strategic asset.

Taking into account the proceeds from the Harland & Wolff sale, existing
cash balances and the latest estimated valuation of Islandmagee, RCOI confirms
a modest reduction on the 30 September independent valuation of its investment
of c. 4%. We will update shareholders with additional information regarding
distributions and other material developments in the coming weeks.

The transaction was supported by independent advisors: Teneo Financial
Advisory Limited, Rothschild & Co, Bracewell LLP, and Stephenson Harwood
LLP.

 

 

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    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, Riverstone Investment Group LLC, the SEC registered
investment advisor to RCOI, entered into a sub-advisory agreement with
Breakwall Investment Advisor LLC (an SEC registered investment advisor), as
sub-advisor, to provide investment related services to RCOI on January 1,
2024.  Breakwall Capital LP is an independent asset manager that is owned and
operated by certain former members of the Riverstone Credit Partners team.

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  PFUMZGZMKLRGKZM