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Riverstone Credit Opportunities Income Plc

Replacement RNS: Investment and Quarterly Update

Source: RNS
RNS Number : 8579I
Riverstone Credit Opps. Inc PLC
21 October 2024
 

21 October 2024

REPLACEMENT RNS: INVESTMENT AND QUARTERLY UPDATE

The following amendment has been made to the "Investment and Quarterly Update" announcement released at 07:00:05 on 18 October 2024 under RNS No 6820I:

The reference to a 20% repayment penalty borne on the aggregate additional $40 million super-priority loan tranche made by Riverstone Capital Partners to Harland & Wolff has been corrected to refer to a repayment penalty of 25%.

 
All other details remain unchanged.


The full amended text is shown below.

 

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Riverstone Credit Opportunities Income

Investment and Quarterly Update

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, announces its portfolio performance for the quarter ended 30 September 2024.

 

 Unaudited Net Asset Value

 

As at 30 September 2024, the unaudited net asset value per Ordinary Share, including net revenue for the quarter, was $0.93 ($1.01: 30 June 2024).

 

Portfolio Summary and Key Performance Indicators

 

·    Portfolio of 100% floating rate, short duration, senior secured loans, from investing in companies engaged in driving forward the energy transition

·    32.5% NAV total return5 achieved since IPO in May 2019

·    36.8 cents in dividends paid since inception6

 

 Portfolio Update

·    The movement in the Company's NAV was driven primarily by a reduction in the value of its position in a loan made to Harland & Wolff ("H&W").  As announced on 19 July 2024,  Riverstone Credit Partners funded an additional $25 million in a super-priority term loan to provide H&W with adequate liquidity to run its strategic alternatives process.  This new tranche of debt was combined with $15 million of the previously funded original loan to form a $40 million super-priority tranche, which bears a repayment penalty of 25%.  While Riverstone's view of the fundamental value of H&W has not changed materially since 30 June 2024, it is likely that the super-priority tranche will be fully utilised prior to the culmination of the strategic alternatives process and therefore the value of RCOI's original loan (now a $100 million junior facility) has been subsequently marked downward.  Riverstone expects the strategic alternatives process to conclude in the fourth quarter of 2024 and will provide a further update to shareholders in due course.

·    On 19 September 2024, the Company successfully realised its Sustainability-Linked first lien term loan with Blackbuck Resources at a 17.3 percent gross IRR, a 13.2 percent net IRR, 1.46x gross MOIC and a 1.33x net MOIC.

·    As announced on 10 September 2024, the Company also completed a Compulsory Redemption of Ordinary Shares during the period equal to approximately 25 per cent of the Company's Ordinary Shares in issue, representing material positive progress in the Company's recently adopted managed wind-down strategy.

 

Cumulative Portfolio Summary

Unrealised Portfolio[1]

Investment Name

Subsector

Commitment Date

Cumulative Committed Capital ($mm)

Cumulative Invested Capital ($mm)

Gross Realised Capital ($mm)1

Gross Unrealised Value ($mm)

Gross Realised Capital & Unrealised Value ($mm)

% of Par as of 30 Sept 20242

% of Par as of 30 June 20242

30 Sept 2024 Gross MOIC

30 Sept 2024 Net MOIC

Caliber Midstream3

Infrastructure

Aug-19

4.0

4.0

0.6

0.5

1.1

0.474

0.434

0.27x

0.06x

Imperium3NY LLC

Energy Transition

Apr-21

6.8

5.4

6.7

0.0

6.7

0.014

0.014

1.25x

1.11x

 












Harland & Wolff Group Holdings PLC

Infrastructure Services

Mar-22

14.6

14.6

2.0

10.1

12.1

9.284

15.534

0.83x

0.72x

Seawolf Water Resources

Services

Sept-22

9.0

9.0

2.1

11.6

13.6

11.584

11.854

1.51x

1.43x

 












Hoover Circular Solutions

Infrastructure Services

Nov-22

13.7

13.7

3.0

14.4

17.4

99.74%

100.17%

1.27x

1.19x

Max Midstream

Infrastructure

Dec-22

5.0

5.0

1.3

5.2

6.5

103.19%

102.60%

1.29x

1.22x

Streamline Innovations Inc.

Infrastructure Services

Jun-23

9.9

5.4

1.1

5.5

6.6

100.45%

100.54%

1.24x

1.18x




$63.0

$57.1

$16.8

$47.2

$64.0

 

 

1.12x

1.02x

Realised Portfolio

Investment Name

Subsector

Commitment Date

Realisation Date

Cumulative Committed Capital ($mm)

Cumulative Invested Capital ($mm)

Gross Realised Capital ($mm)1

30 Sept 2024 Gross MOIC

30 Sept 2024 Net MOIC

Rocky Creek Resources

Exploration & Production

Jun-19

Dec-19

6.0

4.3

4.9

1.15 x

1.13 x

CIG Logistics

Infrastructure Services

Jan-20

Jan-20

8.7

8.7

8.9

1.02 x

1.02 x

Mallard Exploration

Exploration & Production

Nov-19

Apr-20

13.8

6.8

7.7

1.13 x

1.12 x

Market Based

Multiple

Aug-20

Nov-20

13.4

13.4

13.6

1.01 x

1.00 x

Project Yellowstone

Infrastructure

Jun-19

Mar-21

5.8

5.8

7.2

1.23 x

1.16 x

Ascent Energy

Exploration & Production

Jun-19

Jun-21

13.3

13.3

16.1

1.21 x

1.13 x

Pursuit Oil & Gas

Exploration & Production

Jul-19

Jun-21

12.3

12.3

15

1.22 x

1.14 x

U.S. Shipping

Infrastructure Services

Feb-21

Aug-21

6.5

6.5

7.3

1.13 x

1.10 x

Aspen Power Partners

Infrastructure

Dec-20

Oct-21

6.9

3.4

4.3

1.27 x

1.24 x

Project Mariners

Infrastructure Services

Jul-19

Apr-22

13.2

13.2

17.6

1.33 x

1.21 x

Roaring Fork Midstream

Infrastructure

Mar-21

Jun-22

5.9

5.9

6.9

1.16 x

1.10 x

FS Crude, LLC

Infrastructure

Mar-20

Sept-22

13.7

13.7

16.9

1.23 x

1.1 2 x

EPIC Propane Pipeline, LP

Infrastructure

Dec-19

Sept-22

14.8

14.8

19.6

1.32 x

1.20 x

Circulus Holdings, PBLLC

Infrastructure

Aug-21

Oct-22

12.3

12.3

14.0

1.14 x

 1.09 x

Hoover Circular Solutions

Infrastructure Services

Oct-20

Nov-22

15.4

15.4

17.0

1.10 x

1.01 x

Streamline Innovations Inc.

Infrastructure Services

Nov-21

Jun-23

13.8

6.9

8.9

1.29 x

1.22 x

Clean Energy Fuels Corp

Energy Transition

Dec-22

Dec-23

13.9

13.9

15.7

1.14 x

1.10 x

EPIC Propane Pipeline, LP

Infrastructure

Sept -22

Apr-24

13.9

13.9

17.2

1.24x

1.18x

Blackbuck Resources LLC

Infrastructure

Jun-21

Sept - 24

11.5

11.0

16.1

1.46x

1.32x





$215.2

$195.5

$234.8

1.20x

1.13x

The Gross Realised Capital column includes interest, fee income, and principal received. The Gross Unrealised Value column includes the amortization of OID, accrued interest, fees and any unrealised change in the value of the investment.

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)


 

Media Contacts:

Buchanan

Helen Tarbet

Henry Wilson

Verity Parker

Tel: +44 (0) 20 7466 5109

Tel: +44 (0) 20 7466 5111

Tel: +44 (0) 20 7466 5197

Email: 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.

 

As previously announced, on January 2, Riverstone Holdings LLC, and their affiliate Riverstone Investment Group (collectively, "Riverstone") entered into a sub management agreement for RCOI with Breakwall Capital LP.  Breakwall is an independent asset manager regulated by the SEC as a Registered Investment Advisor. It is owned and operated by the former members of the Riverstone Credit Partners team.

 

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.

 


1 Gross realised capital is total gross income realised on invested capital.

2 Includes fair market value of equity and rights where applicable as a percentage of par.

3 Includes Caliber MFC LLC equity, Caliber Midstream Term Loan & Priming Facility.

4 Reflects the total fair market value in millions.

5 NAV total return equals cumulative paid dividend cents per share and NAV per share as of 30 September 2024 divided by the opening capital net of share issuance costs as of 28 May 2019.

6 Reflects cumulative dividend cents per share declared as of 30 June 2024 and paid as of 30 September 2024.

 

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