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23 Oct 2020 07:00
Riverstone Credit Opportunities Income Announces 3Q20 Quarterly Portfolio Valuations & Recent Activity
London, UK (23 October 2020) - Riverstone Credit Opportunities Income ("RCOI") announces its quarterly portfolio summary as of 30 September 2020, inclusive of updated quarterly unaudited fair market valuations:
As of 30 September 2020, the unaudited net asset value per Ordinary Share, including net revenue for the quarter ended 30 September, was $1.008.
Cumulative Portfolio Summary
Unrealised Portfolio[1]
Project Name | Subsector | Commitment Date |
Committed Capital ($mm) | Invested Capital ($mm) | Gross Realised Capital ($mm)[2] | Gross Unrealised Value ($mm) | Gross Realised Capital & Unrealised Value ($mm) | Gross MOIC3 | ||
Yellowstone | Midstream | June 2019 | 5.8 | 5.8 | 0.7 | 6.4 | 7.1 | 1.22x | ||
Alp | E&P | June 2019 | 13.3 | 13.3 | 1.8 | 13.1 | 15.0 | 1.12x | ||
Mariners | Services | July 2019 | 13.2 | 13.1 | 3.3 | 11.3 | 14.6 | 1.12x | ||
Chase | E&P | July 2019 | 12.3 | 10.1 | 1.5 | 10.2 | 11.7 | 1.16x | ||
Remington | Midstream | August 2019 | 3.4 | 3.4 | 0.4 | 3.5 | 3.9 | 1.14x | ||
Knox | Midstream | December 2019 | 14.8 | 13.4 | 0.9 | 13.7 | 14.6 | 1.09x | ||
Sierra | Midstream | March 2020 | 13.7 | 13.7 | 0.9 | 13.4 | 14.4 | 1.05x | ||
Market Based | Multiple | August 2020 | 12.2 | 2.0 | 0.0 | 1.9 | 1.9 | 0.98x | ||
$88.7 | $74.8 | $9.5 | $73.5 | $83.2 | 1.11x | |||||
Realised Portfolio
Project Name | Subsector | Commitment Date | Realisation Date | Committed Capital ($mm) | Invested Capital ($mm) | Gross Realised Capital ($mm)1 | Gross Unrealised Value ($mm) | Gross Realised Capital & Unrealised Value ($mm) | Gross MOIC2 |
| ||||
Shiner | E&P | June 2019 | December 2019 | 6.0 | 4.3 | 4.9 | - | 4.9 | 1.15x |
| ||||
Ducks | E&P | November 2019 | April 2020 | 13.8 | 6.8 | 7.7 | - | 7.7 | 1.13x |
| ||||
Beach II | Services | January 2020 | January 2020 | 8.7 | 8.7 | 8.9 | - | 8.9 | 1.02x |
| ||||
$28.5 | $19.8 | $21.5 | - | $21.5 | 1.09x | |||||||||
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 30 September 20204 | |
Weighted Avg. Entry Basis | 97.2% |
Weighted Avg. All-in Coupon at Entry | 9.9% p.a. |
Weighted Avg. Undrawn Spread at Entry | 4.3% p.a. |
Weighted Avg. Tenor at Entry | 2.7 years |
Weighted Avg. Call Premium at Entry | 105.3 |
Security | 100% Secured |
Coupon Type | 100% Floating Rate |
Manager Outlook
§ RCOI's portfolio continues to demonstrate the competitive advantages of its strategy during an unprecedented time in the markets and continues to opportunistically invest through an ESG focused approach. The Investment Manager's focus on income generation combined with downside protection has allowed the portfolio to continue to generate positive returns and income for shareholders.
§ Commodity prices improved modestly during the third quarter, but global supply and demand dynamics continue to remain uncertain as the coronavirus continues to impact economies around the world. The Investment Manager anticipates that the market will continue to experience volatility and will remain disciplined in its approach to underwriting new transactions. The current market dynamic is expected to generate significant dealflow and opportunities with attractive risk-adjust return profiles, as capital for lower and middle market companies remains scarce.
Reuben Jeffery III, Chairman of RCOI, commented:
"Even though the coronavirus pandemic continues to impact the markets, RCOI has been able to withstand the environment through its disciplined investment strategy. In addition, the Company currently has a net asset value per share of $1.008 and has returned 8 cents per share cumulatively to date since IPO to its shareholders."
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone Credit, added:
"The coronavirus pandemic has continued through a prolonged period of time and is anticipated to persist over the rest of the year. Despite this significant headwind, the RCOI portfolio has continued to perform and remain relatively resilient due to our continued focus on protective provisions. We expect the coming months to provide ample investment opportunities and will remain focused on strict underwriting criteria with an emphasis on generating attractive returns while also mitigating against downside risk, which we believe will continue to benefit shareholders over the long-term."
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. 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 an initial focus on North America. RCOI intends to create a diversified portfolio across basins, commodities, and end-markets to provide natural synergies and hedges that could enhance the overall stability of the portfolio.
For further details, see 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:
Daniel Lim
+1 212 271 6266
[1] Does not include $7.4mm commitment for Boulder II.
2 Gross realised capital is total gross income realised on invested capital.
3 Metrics based on the current portfolio.
4 Excludes market-based opportunities.
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