Riverstone Credit Opps. Inc PLC 4Q2020 Portfolio Valuations & Recent Activity (5228M)
22 January 2021 - 6:00PM
UK Regulatory
TIDMRCOI
RNS Number : 5228M
Riverstone Credit Opps. Inc PLC
22 January 2021
Riverstone Credit Opportunities Income Announces 4Q20 Quarterly
Portfolio Valuations & Recent Activity
London, UK (22 January 2021) - Riverstone Credit Opportunities
Income ("RCOI") announces its quarterly portfolio summary as of 31
December 2020, inclusive of updated quarterly unaudited fair market
valuations:
As of 31 December 2020, the unaudited net asset value per
Ordinary Share, including net revenue for the quarter ended 31
December, was $1.043.
Cumulative Portfolio Summary
Unrealised Portfolio [1]
Project Name Subsector Commitment Committed Invested Gross Gross Gross Gross
Date Capital Capital Realised Unrealised Realised MOIC(2)
($mm) ($mm) Capital Value Capital &
($mm)(1) ($mm) Unrealised
Value
($mm)
Exploration &
Alp Production Jun-19 13.3 13.3 7.1 8.4 15.5 1.17 x
Yellowstone Midstream Jun-19 5.8 5.8 0.9 6.4 7.3 1.25 x
Exploration &
Chase Production Jul-19 12.3 12.3 1.8 12.5 14.3 1.16 x
Infrastructure
Mariners Services Jul-19 13.2 13.2 4.0 11.5 15.5 1.16 x
Remington Midstream Aug-19 3.4 3.4 0.4 3.6 4.0 1.18 x
Knox Midstream Dec-19 14.8 14.8 1.2 15.2 16.5 1.11 x
Sierra Midstream Mar-20 13.7 13.7 9.0 6.5 15.5 1.13 x
Infrastructure
Boulder II Services Oct-20 7.4 7.4 3.3 4.4 7.7 1.05 x
Energy
Mirror Transition Dec-20 6.9 3.4 0.1 3.4 3.5 1.03 x
----------
$90.8 $87.3 $27.8 $71.8 $99.6 1.15 x
Realised Portfolio
Project Name Subsector Commitment Realisation Committed Invested Gross Gross
Date Date Capital Capital Realised MOIC(1)
($mm) ($mm) Capital
($mm)(1)
Exploration &
Shiner Production Jun-19 Dec-19 6.0 4.3 4.9 1.15 x
Exploration &
Ducks Production Nov-19 Apr-20 13.8 6.8 7.7 1.13 x
Infrastructure
Beach II Services Jan-20 Jan-20 8.7 8.7 8.9 1.02 x
Market Based Multiple Jul-20 Nov-20 13.4 13.4 13.6 1.01 x
------------
$41.9 $33.2 $35.1 1.06 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 December
2020 (4)
Weighted Avg. Entry Basis 97.4%
-------------------------
Weighted Avg. All-in Coupon at Entry 9.7% p.a.
-------------------------
Weighted Avg. Undrawn Spread at Entry 4.0% p.a.
-------------------------
Weighted Avg. Tenor at Entry 2.7 years
-------------------------
Weighted Avg. Call Premium at Entry 104.6
-------------------------
Security 100% Secured
-------------------------
Coupon Type 100% Floating Rate
-------------------------
Manager Outlook
-- RCOI's portfolio continues to generate value for shareholders
through a combination of current income and capital gains, despite
a prolonged period of economic and commodity price headwinds. The
Investment Manager remains focused on adapting to broader macro
conditions and underwriting transactions that have advantageous
attributes to protect against the downside.
-- Commodity prices improved materially during the fourth
quarter as coronavirus vaccine administration began. However,
longer term global supply and demand dynamics continue to remain
uncertain as vaccination pace continues to face challenges and
travel remains relatively restricted. These dynamics create a
robust transaction pipeline, and the Investment Manager will
continue to focus on investments with the ability to generate
attractive risk-adjusted returns. In addition, the Investment
Manager will also seek to identify opportunities that can
capitalise on secular trends around energy transition
longer-term.
Reuben Jeffery III, Chairman of RCOI, commented:
"Despite the ongoing challenges around the coronavirus pandemic,
the RCOI portfolio continues to be resilient and provide positive
returns to investors. The portfolio has a net asset value of $1.043
per Ordinary Share and has returned 14 cents per share cumulatively
to date since IPO to its shareholders."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone
Credit, added:
"We have continued to actively manage the portfolio through the
difficulties in the broader macro and economic backdrop. RCOI's
unique investment strategy has supported the portfolio's ability to
withstand broader volatility due to structural protections that
mitigate against risk. As we realise additional positions going
forward, we expect to further diversify the portfolio with an
emphasis on investments that are well-positioned to capitalise on a
post-coronavirus market environment."
About Riverstone Credit Opportunities Income Plc :
RCOI seeks to generate consistent Shareholder returns
predominantly in the form of income distributions, principally by
making senior secured loans to small and middle-market energy
companies, which span conventional energy as well as low carbon and
renewable sources. The investment strategy is predicated on
asset-based lending, with conservative loan-to-value ratios and
structural protective features to mitigate risk. The Company will
invest broadly across energy subsectors globally, with a primary
focus on infrastructure businesses and going forward those with
de-carbonization strategies in North America. RCOI intends to
create a diversified portfolio across basins, commodities,
technologies and end-markets to provide natural synergies and
hedges that could enhance the overall stability of the
portfolio.
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.
Media Contacts
For Riverstone Credit Opportunities Income Plc:
Daniel Lim
+1 212 271 6266
1 Gross realised capital is total gross income realised on invested capital.
2 Metrics based on the current portfolio.
3 Excludes market-based opportunities.
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