REG - Riverstone Credit - Upsizing Investment in Hoover Circular Solutions

Riverstone Credit Opportunities IncomeAnnouncement

09/09/2022 07:00

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RNS Number : 8504Y  Riverstone Credit Opps. Inc PLC  09 September 2022

9 September 2022

Riverstone Credit Opportunities Income Plc

$8.0m Upsizing of Investment in Hoover Circular Solutions

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the
LSE-listed energy infrastructure and energy-transition credit investor, is
pleased to announce the upsizing of its investment in Hoover Circular
Solutions ("Hoover"), a sponsor-backed company that is a global leading
specialty rental provider of containers and mobile asset management solutions
across the energy, industrial, refining, and petrochemical industries.

In October 2020, RCOI participated in a recapitalization of the borrower, with
the equity sponsor investing over $90 million of new cash equity to completely
refinance the capital structure. At closing on 1 October 2020, $7.4 million
was committed by RCOI and $3.8 million was still outstanding as of the recent
quarter end 30 June 2022. On 1 September 2022, RCOI was able to invest an
additional $8.0 million of equity in this first lien, floating rate
investment.

Christopher Abbate, Co-Founder of Riverstone Credit, RCOI's investment adviser
said:

"Hoover Circular Solutions is a company with which we have a long history and
intricate familiarity, and which provides essential infrastructure and
services to the petrochemicals sector. We believe this upsizing represents a
compelling opportunity for RCOI to increase exposure to a short duration
investment with a highly attractive yield."

 

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)

 

 

For Media Enquiries:

 

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 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.

 

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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