1Q22 Portfolio Valuations & Recent Activity

RNS Number : 9741I

Riverstone Credit Opps. Inc PLC

22 April 2022

 

Riverstone Credit Opportunities Income Announces 1Q22 Quarterly Portfolio Valuations & Recent Activity

London, UK (22 April 2022) - Riverstone Credit Opportunities Income ("RCOI") announces its quarterly portfolio summary as of 31 March 2022, inclusive of updated quarterly unaudited fair market valuations:

As of 31 March 2022, the unaudited net asset value per Ordinary Share, including net revenue for the quarter ended 31 March, was $1.03.

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 31 Mar 20222	Gross MOIC
Project Mariners	Infrastructure Services	Jul-19	13.2	13.2	7.3	10.7	18.1	111.44%	1.33 x
Caliber Midstream3	Midstream	Aug-19	4.0	4.0	0.5	0.6	1.1	44.39%	0.26 x
Epic Propane Pipeline	Midstream	Dec-19	14.8	14.8	3.0	15.3	18.4	101.02%	1.24 x
FS Crude	Midstream	Mar-20	13.7	13.7	9.5	6.8	16.3	100.04%	1.19 x
Hoover Circular Solutions	Infrastructure Services	Oct-20	7.4	7.4	4.3	4.0	8.2	100.45%	1.12 x
Roaring Fork Midstream	Midstream	Mar-21	5.9	5.9	0.5	6.0	6.6	99.48%	1.11 x
Imperium3NY LLC	Energy Transition	Apr-21	6.8	5.4	1.6	6.3	7.9	138.67%	1.47 x
Blackbuck Resources LLC	Infrastructure Services	Jun-21	9.9	8.9	1.3	8.4	9.7	99.10%	1.10 x
Circulus Holdings, PBLLC	Infrastructure Services	Aug-21	12.3	12.3	3.8	9.3	13.1	99.05%	1.07 x
Streamline Innovations Inc.	Energy Transition	Nov-21	6.9	3.8	0.1	3.8	4.0	98.69%	1.06 x
Harland & Wolff Group Holdings PLC	Infrastructure Services	Mar-22	11.8	7.9	0.1	8.1	8.3	98.79%	1.04x
			$106.7	$97.3	$32.3	$79.3	$111.6		1.14 x

 

Realised Portfolio

Investment Name	Subsector	Commitment Date	Realisation Date	Cumulative Committed Capital ($mm)	Cumulative Invested Capital ($mm)	Gross Realised Capital ($mm)1	Gross MOIC
Rocky Creek Resources	Exploration & Production	Jun-19	Dec-19	6.0	4.3	4.9	1.15 x
CIG Logistics	Infrastructure Services	Jan-20	Jan-20	8.7	8.7	8.9	1.02 x
Mallard Exploration	Exploration & Production	Nov-19	Apr-20	13.8	6.8	7.7	1.13 x
Market Based	Multiple	Aug-20	Nov-20	13.4	13.4	13.6	1.01 x
Project Yellowstone	Midstream	Jun-19	Mar-21	5.8	5.8	7.2	1.23 x
Ascent Energy	Exploration & Production	Jun-19	Jun-21	13.3	13.3	16.1	1.21 x
Pursuit Oil & Gas	Exploration & Production	Jul-19	Jun-21	12.3	12.3	15.0	1.22 x
U.S. Shipping	Midstream	Feb-21	Aug-21	6.5	6.5	7.3	1.13 x
Aspen Power Partners	Energy Transition	Dec-20	Oct-21	6.9	3.4	4.3	1.27 x
				$86.8	$74.5	$85.0	1.14 x

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.

Direct Lending Consolidated Portfolio Key Stats at Entry As of 31 March 2022
Weighted Avg. Entry Basis	97.0%
Weighted Avg. All-in Coupon at Entry	9.43 p.a.
Weighted Avg. Undrawn Spread at Entry	4.8 p.a.
Weighted Avg. Tenor at Entry	3.1 years
Weighted Avg. Call Premium at Entry	107.8
Security	100% Secured

Manager Outlook

§ Market conditions in Q1 2022 continued to be favorable for the broader energy industry.  The Investment Manager has continued its focus on energy infrastructure & infrastructure services and energy transition assets, all going forward classified as green loans or sustainability linked loans. Unrealised values continued to increase in Q1 2022, led by Imperium3. The transition to infrastructure and energy transition assets has helped to further diversify the portfolio from macro volatility.

§ Based on the current unfunded commitments, various expected upsizes of existing investments, and potential new investment opportunities, the Investment Manager believes that RCOI will remain close to fully committed throughout 2022.

Reuben Jeffery III, Chairman of RCOI, commented:

"Q1 2022 continued to see optimism through strong energy market fundamentals and increasingly positive performance across the portfolio. The Company currently has a net asset value per share of $1.03 and is expected to continue to provide steady income and offer attractive returns for our shareholders."

Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone Credit, added:

"The beginning of 2022 has been quite strong for RCOI, with the portfolio comprised of infrastructure, infrastructure services and energy transition investments. There also remains a strong pipeline of investment opportunities within these sectors that is very encouraging. So far in 2022, RCOI has executed one new investment and realised one investment as well; in addition, both were classified as green loans. The realisation of Imperium3, a lithium-ion battery manufacturer, occurred in April 2022, resulting in a 32.5% IRR and 1.25x MOIC. Additionally, the Company will retain our non-dilutable equity warrants which provides meaningful upside to this investment. In addition, in March 2022, RCOI participated in a $35 million fist-lien green loan to Harland & Wolff, a publicly listed infrastructure operator engaged in the development and operation of strategic maritime assets across the United Kingdom. RCOI was granted detachable warrants over new ordinary shares in the Company as part of the transaction"

About Riverstone Credit OpportunitiesIncome 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/.

Neither the contents of RCOI's website nor the contents of any website accessible fromhyperlinkson the websites (or any other website) is incorporated into, or forms partof, this announcement.

MediaContacts

 

For Riverstone Credit OpportunitiesIncome Plc:

Adam Weiss

[phone]

 

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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 HoldCo Escrow, Caliber MFC LLC equity, Caliber Midstream Revolver & Priming Facility

 

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