Riverstone Credit Opps. Inc PLC Portfolio Update (0911W)
21 April 2021 - 4:00PM
UK Regulatory
TIDMRCOI
RNS Number : 0911W
Riverstone Credit Opps. Inc PLC
21 April 2021
Riverstone Credit Opportunities Income Plc
Portfolio Update
London, UK 21 April 2021: Riverstone Credit Opportunities Income
Plc ("RCOI" or the "Company") has announced it has originated one
new investment:
-- Imperium3 New York, Inc - RCOI participated in a $63.0
million first lien delayed-draw term loan to a lithium-ion battery
company that will commercialize high performing lithium-ion
batteries by developing a large-scale manufacturing facility in
Endicott, NY. In addition to having a first lien on the
manufacturing assets, the credit facility is supported by two
parent guarantors: Charge CCCV ("C4V"), which is a research and
development company based in Binghamton, New York with patented
discoveries in battery composition, and Magnis Energy Technologies
Limited ("Magnis") [ASX: MNS]. Once producing at scale, the company
will be the first U.S. battery cell supplier not captive to an
original equipment manufacturer and supply various underserved
industrial end-markets.
Riverstone Credit Partners L.P. ("RCP") originated and
structured the investment. At closing on 16 April 2021, $6.8 mil
lion was committed by RCOI and $5.4 million was drawn at closing.
The first lien term loan has a maturity of April 2025 and an
estimated all-in yield to maturity of 22.8% for RCOI on a
fully-drawn basis. The yield is made up of upfront fees, a drawn
coupon and exit fees that are higher than the average in the rest
of the portfolio. The deal marks the second investment in a rapidly
growing pipeline of energy transition and de-carbonization
investments.
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 various energy subsectors,
commodity exposures, technologies and end-markets to provide
natural synergies that aim to 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:
Kylie Richards
+1 212 271 2946
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END
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