Last checked at 
22 Apr 2022 07:00
Riverstone Credit Opportunities Income Announces 1Q22 Quarterly Portfolio Valuations & Recent Activity
London, UK (22 April 2022) - Riverstone Credit Opportunities Income ("RCOI") announces its quarterly portfolio summary as of 31 March 2022, inclusive of updated quarterly unaudited fair market valuations:
As of 31 March 2022, the unaudited net asset value per Ordinary Share, including net revenue for the quarter ended 31 March, was $1.03.
Cumulative Portfolio Summary
Unrealised Portfolio[1]
Investment Name | Subsector | Commitment Date | Cumulative Committed Capital ($mm) | Cumulative Invested Capital ($mm) | Gross Realised Capital ($mm)1 | Gross Unrealised Value ($mm) | Gross Realised Capital & Unrealised Value ($mm) | % of Par as of 31 Mar 20222 | Gross MOIC |
Project Mariners | Infrastructure Services | Jul-19 | 13.2 | 13.2 | 7.3 | 10.7 | 18.1 | 111.44% | 1.33 x |
Caliber Midstream3 | Midstream | Aug-19 | 4.0 | 4.0 | 0.5 | 0.6 | 1.1 | 44.39% | 0.26 x |
Epic Propane Pipeline | Midstream | Dec-19 | 14.8 | 14.8 | 3.0 | 15.3 | 18.4 | 101.02% | 1.24 x |
FS Crude | Midstream | Mar-20 | 13.7 | 13.7 | 9.5 | 6.8 | 16.3 | 100.04% | 1.19 x |
Hoover Circular Solutions | Infrastructure Services | Oct-20 | 7.4 | 7.4 | 4.3 | 4.0 | 8.2 | 100.45% | 1.12 x |
Roaring Fork Midstream | Midstream | Mar-21 | 5.9 | 5.9 | 0.5 | 6.0 | 6.6 | 99.48% | 1.11 x |
Imperium3NY LLC | Energy Transition | Apr-21 | 6.8 | 5.4 | 1.6 | 6.3 | 7.9 | 138.67% | 1.47 x |
Blackbuck Resources LLC | Infrastructure Services | Jun-21 | 9.9 | 8.9 | 1.3 | 8.4 | 9.7 | 99.10% | 1.10 x |
Circulus Holdings, PBLLC | Infrastructure Services | Aug-21 | 12.3 | 12.3 | 3.8 | 9.3 | 13.1 | 99.05% | 1.07 x |
Streamline Innovations Inc. | Energy Transition | Nov-21 | 6.9 | 3.8 | 0.1 | 3.8 | 4.0 | 98.69% | 1.06 x |
Harland & Wolff Group Holdings PLC | Infrastructure Services | Mar-22 | 11.8 | 7.9 | 0.1 | 8.1 | 8.3 | 98.79% | 1.04x |
|
|
| $106.7 | $97.3 | $32.3 | $79.3 | $111.6 |
| 1.14 x |
Realised Portfolio
Investment Name | Subsector | Commitment Date | Realisation Date | Cumulative Committed Capital ($mm) | Cumulative Invested Capital ($mm) | Gross Realised Capital ($mm)1 | Gross MOIC |
Rocky Creek Resources | Exploration & Production | Jun-19 | Dec-19 | 6.0 | 4.3 | 4.9 | 1.15 x |
CIG Logistics | Infrastructure Services | Jan-20 | Jan-20 | 8.7 | 8.7 | 8.9 | 1.02 x |
Mallard Exploration | Exploration & Production | Nov-19 | Apr-20 | 13.8 | 6.8 | 7.7 | 1.13 x |
Market Based | Multiple | Aug-20 | Nov-20 | 13.4 | 13.4 | 13.6 | 1.01 x |
Project Yellowstone | Midstream | Jun-19 | Mar-21 | 5.8 | 5.8 | 7.2 | 1.23 x |
Ascent Energy | Exploration & Production | Jun-19 | Jun-21 | 13.3 | 13.3 | 16.1 | 1.21 x |
Pursuit Oil & Gas | Exploration & Production | Jul-19 | Jun-21 | 12.3 | 12.3 | 15.0 | 1.22 x |
U.S. Shipping | Midstream | Feb-21 | Aug-21 | 6.5 | 6.5 | 7.3 | 1.13 x |
Aspen Power Partners | Energy Transition | Dec-20 | Oct-21 | 6.9 | 3.4 | 4.3 | 1.27 x |
|
|
|
| $86.8 | $74.5 | $85.0 | 1.14 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 March 2022 | |
Weighted Avg. Entry Basis | 97.0% |
Weighted Avg. All-in Coupon at Entry | 9.43 p.a. |
Weighted Avg. Undrawn Spread at Entry | 4.8 p.a. |
Weighted Avg. Tenor at Entry | 3.1 years |
Weighted Avg. Call Premium at Entry | 107.8 |
Security | 100% Secured |
Manager Outlook
§ Market conditions in Q1 2022 continued to be favorable for the broader energy industry. The Investment Manager has continued its focus on energy infrastructure & infrastructure services and energy transition assets, all going forward classified as green loans or sustainability linked loans. Unrealised values continued to increase in Q1 2022, led by Imperium3. The transition to infrastructure and energy transition assets has helped to further diversify the portfolio from macro volatility.
§ Based on the current unfunded commitments, various expected upsizes of existing investments, and potential new investment opportunities, the Investment Manager believes that RCOI will remain close to fully committed throughout 2022.
Reuben Jeffery III, Chairman of RCOI, commented:
"Q1 2022 continued to see optimism through strong energy market fundamentals and increasingly positive performance across the portfolio. The Company currently has a net asset value per share of $1.03 and is expected to continue to provide steady income and offer attractive returns for our shareholders."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone Credit, added:
"The beginning of 2022 has been quite strong for RCOI, with the portfolio comprised of infrastructure, infrastructure services and energy transition investments. There also remains a strong pipeline of investment opportunities within these sectors that is very encouraging. So far in 2022, RCOI has executed one new investment and realised one investment as well; in addition, both were classified as green loans. The realisation of Imperium3, a lithium-ion battery manufacturer, occurred in April 2022, resulting in a 32.5% IRR and 1.25x MOIC. Additionally, the Company will retain our non-dilutable equity warrants which provides meaningful upside to this investment. In addition, in March 2022, RCOI participated in a $35 million fist-lien green loan to Harland & Wolff, a publicly listed infrastructure operator engaged in the development and operation of strategic maritime assets across the United Kingdom. RCOI was granted detachable warrants over new ordinary shares in the Company as part of the transaction"
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.
Media Contacts
For Riverstone Credit Opportunities Income Plc:
Adam Weiss
+1 212 271 2953
1 Gross realised capital is total gross income realised on invested capital.
2 Includes fair market value of equity and rights where applicable as a percentage of par.
3 Includes Caliber HoldCo Escrow, Caliber MFC LLC equity, Caliber Midstream Revolver & Priming Facility