Q1 2023 Portfolio Update & Recent Activity

RNS Number : 8222W

Riverstone Credit Opps. Inc PLC

20 April 2023

 

20 April 2023

Riverstone Credit Opportunities Income

Quarterly Update

Full Deployment Sustained Resulting In Robust Q1 Performance

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, is pleased to announce a strong portfolio performance for the quarter from 1 January to 31 March 2023, inclusive of updated quarterly unaudited fair market valuations.

Unaudited Net Asset Value

As of 31 March 2023, the unaudited net asset value per Ordinary Share, including net revenue for the quarter ended 31 March, was broadly stable at $1.06 ($1.08: 31 December 2022). This slight reduction was principally due to a movement in the valuation of the warrants related to a loan that was previously repaid.

Portfolio Summary and Key Performance Indicators

· Portfolio of 100% floating rate, short duration, senior secured loans supporting RCOI's ambition to deliver annual returns to shareholders of 8-10% whilst supporting companies engaged in supporting the energy transition

· 34.3% NAV total return⁵ since IPO in May 2019 (33.7% at 31 December 2022)

· 25.6 cents in dividends paid since inception⁶

Portfolio Update

· Against a backdrop of strong energy market performance, the global focus on de-carbonisation and the Company's unique focus on short duration lending, the Company remains extremely well positioned in the current environment. Further the re-balancing of the portfolio to accredited energy-transition focused investments through green or sustainability linked structures is now complete. 

· Based on the current portfolio commitments, as well as the addition of the revolving credit facility in Q4 2022, the Company is nearly fully invested today.  

Reuben Jeffery III, Chairman of RCOI, commented:

"The RCOI portfolio performed robustly in Q1 2023, and I believe the Company is well-positioned to continue to provide shareholders with attractive returns from its portfolio as well as through new senior secured investments from the considerable pipeline of opportunities currently progressing through due diligence. Underlying rates are as high as they've been in our history, and now with the Company's capital fully deployed, we expect our shareholders to benefit from the increased earnings power of the portfolio in this attractive environment.

Since launch in May 2019, a period that has included volatile conditions for equity investors and the energy sector, we are pleased that the Company has delivered a total NAV return⁵ of 34.3% (33.7% at 31 December 2022) including 25.6 cents per share in dividend distributions⁶."

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

" RCOI's portfolio comprises Green and Sustainability-Linked loans with stable cash income and quality assets. The increase in rates over the end of 2023 continues to result in higher coupons for our portfolio, which consists of over 95% floating rate investments. We are pleased to have maintained near full deployment and we are actively exploring an attractive and diverse pipeline of opportunities for refinancing events."

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 20232	% of Par as of 31 Dec 20222	31 Mar 2023 Gross MOIC	31 Mar 2023 Net MOIC
Caliber Midstream3		Infrastructure	Aug-19	4.0	4.0	0.5	0.6	1.1	44.71%	40.72%	0.27x	0.21x
Imperium3NY LLC		Energy Transition	Apr-21	6.8	5.4	6.7	1.1	7.8	1.064	2.704	1.45x	1.39x
Blackbuck Resources LLC		Infrastructure	Jun-21	11.5	11.0	2.6	10.9	13.5	101.72%	100.83%	1.23x	1.17x
Streamline Innovations Inc.		Infrastructure Services	Nov-21	13.8	6.8	1.2	7.1	8.4	100.02%	99.57%	1.23x	1.17x
Harland & Wolff Group Holdings PLC		Infrastructure Services	Mar-22	14.6	14.6	1.4	16.1	17.5	103.29%	102.49%	1.20x	1.14x
Seawolf Water Resources		Services	Sept-22	9.0	9.0	0.3	12.9	13.2	12.904	13.024	1.46x	1.41x
EPIC Propane Pipeline, LP		Infrastructure	Sept-22	13.9	13.9	1.0	13.9	14.9	99.16%	99.08%	1.07x	1.01x
Hoover Circular Solutions		Infrastructure Services	Nov-22	13.7	13.7	0.6	13.9	14.4	98.05%	98.05%	1.05x	0.99x
Clean Energy Fuels Corp		Energy Transition	Dec-22	13.9	13.9	0.5	13.9	14.4	99.08%	99.00%	1.04x	0.98x
Max Midstream		Infrastructure	Dec-22	5.0	5.0	0.1	5.2	5.2	100.44%	100.00%	1.05x	0.99x
				$106.2	$97.3	$14.9	$95.5	$110.4			1.13x	1.08x
	Direct Lending Consolidated Portfolio Key Stats at Entry As of 31 March 2023
	Weighted Avg. Entry Basis					97.5%
	Weighted Avg. All-In Benchmark Rate at Entry					4.6 p.a.
	Weighted Avg. Floating Rate Spread at Entry					7.1 p.a.
	Weighted Avg. All-in Coupon at Entry					11.7 p.a.
	Weighted Avg. Undrawn Spread at Entry					4.0 p.a.
	Weighted Avg. Tenor at Entry					3.4 years
	Weighted Avg. Call Premium at Entry					102.6
	Security					100% Secured

Realised Portfolio

Investment Name	Subsector	Commitment Date	Realisation Date	Cumulative Committed Capital ($mm)	Cumulative Invested Capital ($mm)	Gross Realised Capital ($mm)1	31 Mar 2023 Gross MOIC	31 Mar 2023 Net MOIC
Rocky Creek Resources	Exploration & Production	Jun-19	Dec-19	6.0	4.3	4.9	1.15 x	1.10 x
CIG Logistics	Infrastructure Services	Jan-20	Jan-20	8.7	8.7	8.9	1.02 x	0.97 x
Mallard Exploration	Exploration & Production	Nov-19	Apr-20	13.8	6.8	7.7	1.13 x	1.08 x
Market Based	Multiple	Aug-20	Nov-20	13.4	13.4	13.6	1.01 x	0.96 x
Project Yellowstone	Infrastructure	Jun-19	Mar-21	5.8	5.8	7.2	1.23 x	1.18 x
Ascent Energy	Exploration & Production	Jun-19	Jun-21	13.3	13.3	16.1	1.21 x	1.16 x
Pursuit Oil & Gas	Exploration & Production	Jul-19	Jun-21	12.3	12.3	15	1.22 x	1.16 x
U.S. Shipping	Infrastructure Services	Feb-21	Aug-21	6.5	6.5	7.3	1.13 x	1.07 x
Aspen Power Partners	Infrastructure	Dec-20	Oct-21	6.9	3.4	4.3	1.27 x	1.22 x
Project Mariners	Infrastructure Services	Jul-19	Apr-22	13.2	13.2	17.6	1.33x	1.28 x
Roaring Fork Midstream	Infrastructure	Mar-21	Jun-22	5.9	5.9	6.9	1.16x	1.11 x
FS Crude, LLC	Infrastructure	Mar-20	Sept-22	13.7	13.7	16.9	1.23x	1.18 x
EPIC Propane Pipeline, LP	Infrastructure	Dec-19	Sept-22	14.8	14.8	19.6	1.32x	1.27 x
Circulus Holdings, PBLLC	Infrastructure	Aug-21	Oct-22	12.3	12.3	14.0	1.14x	1.09 x
Hoover Circular Solutions	Infrastructure Services	Oct-20	Nov-22	15.4	15.4	17.0	1.10x	1.05 x
				$162.1	$149.8	$176.8	1.18x	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

[phone]

J.P. Morgan Cazenove (Corporate Broker)	[phone]
William Simmonds
Jérémie Birnbaum
James Bouverat (Sales)

 

 

Media Contacts:

Buchanan

Helen Tarbet Henry Wilson Verity Parker

Tel: [phone] Tel: [phone] Tel: [phone] Email:   [e-mail]

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, seehttps://www.riverstonecoi.com/.

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

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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.

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 31 March 2023 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 31 December 2022 and paid as of 31 March 2023.

 

END

 

 

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