Riverstone Credit Opps. Inc PLC Statement re Closing of Revolving Credit Facility (1422J)
09 December 2022 - 6:00PM
UK Regulatory
TIDMRCOI
RNS Number : 1422J
Riverstone Credit Opps. Inc PLC
09 December 2022
9 December 2022
Riverstone Credit Opportunities Income Plc
Successful Closing of Revolving Credit Facility
Riverstone Credit Opportunities Income ("RCOI"), the LSE-listed
energy infrastructure and energy-transition credit investor, is
pleased to announce the closing of a $15.0 million senior secured
revolving credit facility ("RCF") on 7 December 2022. RCOI believes
the RCF will enable the Company to deploy an increased quantity of
capital to its attractive pipeline of sustainability-linked and
green loan opportunities, thereby increasing the earnings power of
the portfolio. The facility is expected to enable RCOI to enter new
commitments ahead of anticipated realisations, enabling the fund to
minimise the drag on returns of uninvested capital. The RCF was
provided by funds advised by BC Partners Credit, an international
investment firm, and bears an interest rate of SOFR+650 with a
minimum return threshold of 1.1x. The average interest rate across
RCOI's investment portfolio is SOFR+800 with an average gross and
net IRR on exit of 17.2% and 13.5%, respectively (1) .
Christopher Abbate, Managing Director of Riverstone Credit, the
Company's Investment Manager said:
"We believe the RCF will provide RCOI with significant
flexibility in managing the challenges posed by our ample pipeline
of investment opportunities and our short duration lending model.
It is envisaged that the RCF will enable the Company to maintain
full investment for longer while also amplifying portfolio returns,
meaning the financial benefits of the RCF will far exceed facility
costs . We are excited to put this additional capital to work on
our near term pipeline for the benefit of RCOI's shareholders."
For Riverstone Credit Opportunities Income Plc:
Adam Weiss +1 212 271 2953
J.P. Morgan Cazenove (Corporate Broker): +44 (0)207 742 4000
Jérémie Birnbaum (Corporate
Finance)
James Bouverat / Liam MacDonald-Raggett
(Sales)
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
For BC Partners:
Simren Priestley Tel: +44 (0) 20 7009 4722
Email: simren.priestley@bcpartners.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/ .
About BC Partners Credit:
BC Partners Credit was launched in February 2017 and has pursued
a strategy focused on identifying attractive credit opportunities
in any market environment. The platform leverages the broader
firm's deep industry and operating resources to provide flexible
financing solutions to middle-market companies, often in more
complex and less competitive market segments.
For further information, please visit
https://www.bcpartners.com/credit-strategy/ .
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.
1. The Synthetic Net IRR / MOICs are derived by allocating
inception to date fund expenses and fees by deal for each
respective fund pro-rata based on cumulative invested capital and
allocating inception to date carried interest (accrued and
realized) by deal for each respective fund pro-rata based on total
cumulative gains (realized and unrealized) as of the reporting date
and are included in the terminal value as of September 30,
2022.
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