REG - Riverstone Credit - Successful Realisation of Investment in Circulus

Riverstone Credit Opportunities IncomeAnnouncement

11/10/2022 07:16

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RNS Number : 3974C  Riverstone Credit Opps. Inc PLC  11 October 2022

 

11 October 2022

Riverstone Credit Opportunities Income Plc

Successful Realisation of Investment in Circulus at 16.6% IRR

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the
LSE-listed energy infrastructure and energy-transition credit investor, is
pleased to announce the successful realisation of its senior secured
investment in Circulus Holdings ("Circulus") at a 16.6 percent realised IRR
and 1.14x realised MOIC.

On 23 August 2021, RCOI committed $12.5 million in a first lien term loan to
Circulus, which is a sponsor-backed producer of post-consumer resin ("PCR")
with a focus on plastics derived from recycled low-density polyethylene
("LDPE"). PCR is a material made from recycled plastic, which offers a more
sustainable source for packing manufacture. The term loan was structured as a
green loan in compliance with the LSTA Green Loan Principles to facilitate and
support environmentally sustainable economic activity by financing eligible
projects.

On 6 October 2022, Circulus Holdings refinanced this first lien term loan with
a new source of growth financing resulting in a full exit for RCOI. This
capital will now be redeployed in RCOI's attractive pipeline of infrastructure
and energy-transition credit investment opportunities.

Danny Flannery, Managing Director of Riverstone Credit, the Company's
Investment Manager said:

"We were pleased to partner with Circulus to further expand our portfolio of
credit investments in companies which enable greater environmental
sustainability and the transition to net zero. This realisation further
strengthens our compelling track record of attractive realisations with this
investment generating another strong IRR result for our shareholders.

"We look forward to updating shareholders on deploying the capital against our
robust pipeline of new investment opportunities in green loans and
sustainability-linked loans in our target sectors where we continue to see a
very considerable number of attractive near term opportunities."

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
 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 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/) .

 

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.

 

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