Riverstone Credit Opps. Inc PLC Successful Realisation of Investment in Circulus (3974C)
11 October 2022 - 5:00PM
UK Regulatory
TIDMRCOI
RNS Number : 3974C
Riverstone Credit Opps. Inc PLC
11 October 2022
11 October 2022
Riverstone Credit Opportunities Income Plc
Successful Realisation of Investment in Circulus at 16.6%
IRR
Riverstone Credit Opportunities Income ("RCOI" or the
"Company"), the LSE-listed energy infrastructure and
energy-transition credit investor, is pleased to announce the
successful realisation of its senior secured investment in Circulus
Holdings ("Circulus") at a 16.6 percent realised IRR and 1.14x
realised MOIC.
On 23 August 2021, RCOI committed $12.5 million in a first lien
term loan to Circulus, which is a sponsor-backed producer of
post-consumer resin ("PCR") with a focus on plastics derived from
recycled low-density polyethylene ("LDPE"). PCR is a material made
from recycled plastic, which offers a more sustainable source for
packing manufacture. The term loan was structured as a green loan
in compliance with the LSTA Green Loan Principles to facilitate and
support environmentally sustainable economic activity by financing
eligible projects.
On 6 October 2022, Circulus Holdings refinanced this first lien
term loan with a new source of growth financing resulting in a full
exit for RCOI. This capital will now be redeployed in RCOI's
attractive pipeline of infrastructure and energy-transition credit
investment opportunities.
Danny Flannery, Managing Director of Riverstone Credit, the
Company's Investment Manager said:
"We were pleased to partner with Circulus to further expand our
portfolio of credit investments in companies which enable greater
environmental sustainability and the transition to net zero. This
realisation further strengthens our compelling track record of
attractive realisations with this investment generating another
strong IRR result for our shareholders.
"We look forward to updating shareholders on deploying the
capital against our robust pipeline of new investment opportunities
in green loans and sustainability-linked loans in our target
sectors where we continue to see a very considerable number of
attractive near term opportunities."
For Riverstone Credit Opportunities Income Plc:
Adam Weiss +1 212 271 2953
Media Contacts:
Buchanan
Helen Tarbet Henry Tel: +44 (0) 20 7466 5109 Tel: +44
Wilson Jon Krinks Verity (0) 20 7466 5111 Tel: +44 (0) 20
Parker 7466 5199 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 is strategically
repositioning towards 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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END
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