REG - Riverstone Credit - Successful Upsize of Loan to Harland & Wolff

Riverstone Credit Opportunities IncomeAnnouncement

31/10/2022 07:00

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RNS Number : 5135E  Riverstone Credit Opps. Inc PLC  31 October 2022

 

31 October 2022

Riverstone Credit Opportunities Income Plc

Successful Upsize of Loan to Harland & Wolff

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the
LSE-listed energy infrastructure and energy-transition credit investor, is
pleased to announce the upsize of its investment in Harland & Wolff Group
Holdings PLC ("Harland & Wolff"), a London-listed company focused on
strategic infrastructure projects and physical asset lifecycle management
across five core industries: renewables, oil & gas, defence, cruise &
ferry and commercial.

In March 2022, RCOI committed $12 million to a first lien Green and
Sustainability Linked Term Loan for Harland & Wolff as part of a $35
million funded facility led by Riverstone Credit Partners. On 17 October 2022,
the loan was upsized under the accordion feature by a further $15 million with
RCOI contributing $1.4 million. In aggregate, the loan size is now $56 million
of which $14.1 million is committed by RCOI.

The upsized proceeds will be used to complete the payment of deferred
consideration for the assets of Harland & Wolff (Appledore) Limited in its
entirety, as well as for working capital needs. As part of the financing,
Harland & Wolff has issued 2,151,681 warrants to RCOI at an exercise price
of 5.65 pence per warrant. Total warrants now attributable to RCOI are
5,122,668.

 

Jamie Brodsky, Co-Head of Riverstone Credit, the Company's Investment Manager
said:

"Harland & Wolff has made tremendous strides forward in its strategy since
we funded our initial loan in March 2022. The Company is now active across all
five of its business segments with ongoing projects at each of its yards.
Consistent with our practice of supporting borrowers' growth initiatives over
time, we are pleased to complete this upsize with proceeds used to finalise
the purchase of the Appledore yard and provide ongoing liquidity for existing
projects, as well as anticipated new business milestones."

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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