REG - Riverstone Credit - Statement re Closing of Revolving Credit Facility

Riverstone Credit Opportunities IncomeAnnouncement

09/12/2022 07:00

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RNS Number : 1422J  Riverstone Credit Opps. Inc PLC  09 December 2022

 

9 December 2022

Riverstone Credit Opportunities Income Plc

Successful Closing of Revolving Credit Facility

Riverstone Credit Opportunities Income ("RCOI"), the LSE-listed energy
infrastructure and energy-transition credit investor, is pleased to announce
the closing of a $15.0 million senior secured revolving credit facility
("RCF") on 7 December 2022. RCOI believes the RCF will enable the Company to
deploy an increased quantity of capital to its attractive pipeline of
sustainability-linked and green loan opportunities, thereby increasing the
earnings power of the portfolio. The facility is expected to enable RCOI to
enter new commitments ahead of anticipated realisations, enabling the fund to
minimise the drag on returns of uninvested capital. The RCF was provided by
funds advised by BC Partners Credit, an international investment firm, and
bears an interest rate of SOFR+650 with a minimum return threshold of 1.1x.
The average interest rate across RCOI's investment portfolio is SOFR+800 with
an average gross and net IRR on exit of 17.2% and 13.5%, respectively(1).

Christopher Abbate, Managing Director of Riverstone Credit, the Company's
Investment Manager said:

"We believe the RCF will provide RCOI with significant flexibility in managing
the challenges posed by our ample pipeline of investment opportunities and our
short duration lending model. It is envisaged that the RCF will enable the
Company to maintain full investment for longer while also amplifying portfolio
returns, meaning the financial benefits of the RCF will far exceed facility
costs. We are excited to put this additional capital to work on our near term
pipeline for the benefit of RCOI's shareholders."

For Riverstone Credit Opportunities Income Plc:

Adam
Weiss
                +1 212 271 2953

 

 J.P. Morgan Cazenove (Corporate Broker):          +44 (0)207 742 4000
 Jérémie Birnbaum (Corporate Finance)
 James Bouverat / Liam MacDonald-Raggett (Sales)

Media Contacts:
 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)

 

For BC Partners:

Simren Priestley
Tel: +44 (0) 20 7009 4722

 
                 Email: simren.priestley@bcpartners.com
(mailto:simren.priestley@bcpartners.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 is strategically repositioning towards 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/) .

 

About BC Partners Credit:

BC Partners Credit was launched in February 2017 and has pursued a strategy
focused on identifying attractive credit opportunities in any market
environment. The platform leverages the broader firm's deep industry and
operating resources to provide flexible financing solutions to middle-market
companies, often in more complex and less competitive market segments.

 For further information, please visit
https://www.bcpartners.com/credit-strategy/
(https://www.bcpartners.com/credit-strategy/) .

 

 

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.

 

1.        The Synthetic Net IRR / MOICs are derived by allocating
inception to date fund expenses and fees by deal for each respective fund
pro-rata based on cumulative invested capital and allocating inception to date
carried interest (accrued and realized) by deal for each respective fund
pro-rata based on total cumulative gains (realized and unrealized) as of the
reporting date and are included in the terminal value as of September 30,
2022.

 

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