Riverstone Credit Opportunities Income logo

RCOI - Riverstone Credit Opportunities Income News Story

$0.868 0.0  0.0%

Last Trade - 15/10/21

Sector
Financials
Size
Small Cap
Market Cap £57.8m
Enterprise Value £54.5m
Revenue £7.11m
Position in Universe 1187th / 1785

Riverstone Credit - Portfolio Update

RNS Number : 4045B
Riverstone Credit Opps. Inc PLC
10 June 2021
 

Riverstone Credit Opportunities Income Plc

 

Portfolio Update

 

London, UK 10 June 2021: Riverstone Credit Opportunities Income Plc ("RCOI" or the "Company") has announced it has the below update and has additionally realised one investment: 

Riverstone-related Shareholdings' Update

Riverstone Credit Opportunities Income Plc ("RCOI" or the "Company") has been notified that Pierre F. Lapeyre, Jr. sold 2,597,680 ordinary shares, David M. Leuschen sold 2,576,669 ordinary shares, and Riverstone Holdings LLC sold 1,711,132 ordinary shares in the Company. These shares are part of the significant investment made by Riverstone at the time of the IPO and the sales were made in response to increased investor demand, facilitating the company's planned strategy to increase shares available to third party investorsChristopher Abbate and Jamie Brodsky, the key principals at Riverstone Credit Partners, still own all of their ordinary shares and collectively the credit team owns 2,353,900 ordinary shares or 2.6% of the shares outstanding.

Realisation

§ Project Alp Realisation - In June 2019, RCOI committed $13.3 million to a sponsor-backed E&P company with operations focused in the Northern Delaware Basin of New Mexico. In December 2020, RCOI sold 40% of the loan to a third-party, and subsequently, RCOI entered a contract with a trade date of 19 May 2021 to sell the remainder of the loan to a separate third-party. The sale is expected to close the middle of June, resulting in approximately a 19.7% realised IRR and approximately a 1.21x realised MOIC.

 

About Riverstone Credit Opportunities Income Plc:

 

RCOI seeks to generate consistent Shareholder returns predominantly in the form of income distributions, principally by making senior secured loans to small and middle-market energy companies, which span conventional energy as well as low carbon and renewable sources. The investment strategy is predicated on asset-based lending, with conservative loan-to-value ratios and structural protective features to mitigate risk. The Company will invest broadly across energy subsectors globally, with a primary focus on infrastructure businesses and going forward those with de-carbonization strategies in North America. RCOI intends to create a diversified portfolio across various energy subsectors, commodity exposures, technologies and end-markets to provide natural synergies that aim to enhance the overall stability of the portfolio.

For further details, see 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.

 

Media Contacts

 

For Riverstone Credit Opportunities Income Plc:

 

Jingcai Zhu

+1 212 271 6261

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
PFUSSAESUEFSEEM
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.