Edison update on Riverstone Credit
London, UK, 4 October 2022
Edison issues update on Riverstone Credit Opportunities Income (RCOI)
Riverstone Credit Opportunities Income is a closed-end fund that invests in mid-market energy company credit mostly via direct loans. This is a niche sector of low loan to value, delayed draw loans of relatively short duration, often employed as bridge loans by the borrowers. RCOI can invest broadly across the sector but has been repositioning towards entities building infrastructure and providing infrastructure services as well as those focused on the energy transition to zero carbon. Asset quality has been holding up well and the last three loan realisations had gross IRRs of 14-21%, while management sees a good pipeline. We note the fully funded 8.5% dividend yield and the 16% NAV discount. RCOI started a share buyback programme in July, because the board believes the shares do not reflect the portfolio value and high-performing strategy.
The shares are trading at a 16% discount to NAV with a trailing dividend yield of 8.5%. RCOI has a policy of distributing all income after expenses and taxes.
Click here
to view the full report or
here
to sign up to receive research as it is published.
All reports published by Edison are available to download free of charge from its website
About Edison: E dison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.
Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.
Edison is authorised and regulated by the Financial Conduct Authority .
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
For more information, please contact Edison:
Pedro Fonseca +44 (0)20 3077 5700 investmenttrusts@edisongroup.com
Learn more at www.edisongroup.com and connect with Edison on:
LinkedIn www.linkedin.com/company/edison-group-/
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv
Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.
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.
COMPANIES COVERED:
Latest directors dealings
- 2 days ago FRP Advisory Group
- 2 days ago Marks Electrical Group
- 2 days ago CLS Holdings
- 2 days ago QinetiQ Group
- 2 days ago Spectris