Upsizing Investment in Hoover Circular Solutions

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

[phone]

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

For Media Enquiries:

Buchanan

Helen Tarbet Henry Wilson Jon Krinks Verity Parker

Tel: [phone] 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, 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.

 

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