REG - Riverstone Credit - Successful Amendment and Extension of Blackbuck

Riverstone Credit Opportunities IncomeAnnouncement

22/12/2023 09:45

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RNS Number : 7817X  Riverstone Credit Opps. Inc PLC  22 December 2023

 

22 December 2023

Riverstone Credit Opportunities Income Plc

Successful Amendment and Extension of Blackbuck Resources

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the
LSE-listed energy infrastructure and energy-transition credit investor, is
pleased to announce a successful amendment and extension of the Company's
investment in Blackbuck Resources ("Blackbuck"), a sponsor-backed
infrastructure company focused on full-cycle water management solutions,
including treatment, gathering, recycling, storage, and disposal. Sustainable
Fitch, a division of Fitch Group focused on ESG, provided a Second Party
Opinion ("SPO") on the sustainability-linked loan to Blackbuck. The SPO
considers the loan to be aligned with the five pillars of the LSTA
Sustainability-Linked Loan Principles.

As part of this amendment and extension closing, the maturity was extended to
31 December 2024, and economic terms were adjusted for an estimated all-in
yield to maturity of 17 percent to RCOI. As part of the amendment, the current
exit premium of 106(1) was paid, reducing the go forward exit premium to zero,
resulting in c. $0.6 million in profits to be distributed. In addition, c.
$0.1 million of the loan was repaid to RCOI, resulting in $9.9 million of
principal balance outstanding.

 

Christopher Abbate, Co-Head of Riverstone Credit, the Company's Investment
Manager said:

"Blackbuck Resources is doing important work in helping its customers reduce
their carbon footprint by piping wastewater away for disposal and recycling,
as opposed to using trucks. We are pleased to amend and extend this investment
to continue our ongoing focus on the decarbonization of the energy industry
and the construction of new sustainable infrastructure."

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 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.

 

As indicated on November 6th, 2023's RNS, Riverstone Holdings LLC and their
affiliate Riverstone Investment Group (collectively, "Riverstone") announced
that they intend to enter into an agreement with Breakwall Capital LP
("Breakwall") to provide sub-management services (the "Sub-Management
Agreement") for all credit vehicles managed by Riverstone, including RCOI (the
"Existing Credit Vehicles"). Breakwall is a newly formed independent
asset-management firm regulated by the SEC as a Registered Investment Advisor,
owned and operated by the existing Riverstone Credit Partners team, including
Christopher Abbate, Jamie Brodsky and Daniel Flannery.

 

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.

 

 

(1) 6.0% of the outstanding principal amount.

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