Riverstone Credit Opps. Inc PLC Upsizing Investment in Hoover Circular Solutions (8504Y)
09 September 2022 - 4:01PM
UK Regulatory
TIDMRCOI
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
+1 212 271 2953
J.P. Morgan Cazenove (Corporate
Broker) +44 (0)20 7742 4000
William Simmonds
Jérémie Birnbaum
James Bouverat (Sales)
For Media Enquiries:
Buchanan
Helen Tarbet Tel: +44 (0) 20 7466 5109
Henry Wilson Tel: +44 (0) 20 7466 5111
Jon Krinks Tel: +44 (0) 20 7466 5199
Verity Parker Tel: +44 (0) 20 7466 5197
Email: rcoi@buchanan.uk.com
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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