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21 Jan 2020 07:00
Riverstone Credit Opportunities Income Announces 4Q19 Quarterly Portfolio Valuations
London, UK (21 January 2020) - Riverstone Credit Opportunities Income ("RCOI") announces its quarterly portfolio summary as of 31 December 2019, inclusive of updated quarterly unaudited fair market valuations:
Current Portfolio
Project Name | Subsector | Commitment Date |
Committed Capital ($mm) | Invested Capital ($mm) | Gross Realised Capital ($mm)[1] | Gross Unrealised Value ($mm) | Gross Realised Capital & Unrealised Value ($mm) | 31 Dec 2019 Gross MOIC2 | |||||||
Yellowstone | Midstream | 13 June 2019 | 5.8 | 5.8 | - | 6.4 | 6.4 | 1.10x | |||||||
Alp | E&P | 18 June 2019 | 13.3 | 5.7 | 0.5 | 5.9 | 6.4 | 1.13x | |||||||
Mariners | Services | 11 July 2019 | 12.2 | 12.2 | 0.5 | 12.4 | 12.9 | 1.06x | |||||||
Chase | E&P | 23 July 2019 | 12.3 | 1.6 | 0.4 | 1.7 | 2.1 | 1.35x | |||||||
Remington | Midstream | 1 August 2019 | 3.4 | 3.4 | 0.1 | 3.5 | 3.6 | 1.07x | |||||||
Ducks | E&P | 25 November 2019 | 13.8 | 6.8 | 0.2 | 6.9 | 7.1 | 1.04x | |||||||
Knox | Midstream | 19 December 2019 | 14.8 | 4.0 | 0.2 | 4.0 | 4.2 | 1.06x | |||||||
|
|
| $75.7 | $39.4 | $2.0 | $40.8 | $42.8 | 1.09x | |||||||
Realisations
Project Name | Subsector | Commitment Date | Committed Capital ($mm) | Invested Capital ($mm) | Gross Realised Capital ($mm)1 | Gross Unrealised Value ($mm) | Gross Realised Capital & Unrealised Value ($mm) | 31 Dec 2019 Gross MOIC2 |
Shiner | E&P | 13 June 2019 | 6.0 | 4.3 | 4.9 | - | 4.9 | 1.15x |
|
|
| $6.0 | $4.3 | $4.9 | - | $4.9 | 1.15x |
Subsequent Activity in January 2020
Project Name | Subsector | Commitment Date | Committed Capital ($mm) | Invested Capital ($mm) |
Beach II | Services | 10 January 2020 | 8.7 | 8.7 |
|
|
| $8.7 | $8.7 |
Consolidated Portfolio Key Stats at Entry As of 31 December 20192 | |
Weighted Avg. Structuring Fee/OID | 97.8% |
Weighted Avg. All-in Coupon at Entry | 10.4% p.a. |
Weighted Avg. Undrawn Spread at Entry | 3.8% p.a. |
Weighted Avg. Tenor at Entry | 2.8 years |
Weighted Avg. Call Premium at Entry | 105.3 |
Security | 100% Secured |
Coupon Type | 100% Floating Rate |
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 unrealized change in the value on the investment.
Manager Outlook
§ The Investment Manager continues to focus on originating and underwriting transactions with strong risk-adjusted returns and has committed over 75 per cent. of the proceeds raised in the IPO.
§ The current investment environment is highly attractive for deal origination, as the capital markets and bank market have been largely inaccessible for energy companies, especially those that are in the small to middle market.
§ Despite the large number of investment opportunities that have been reviewed, the Investment Manager has remained very disciplined in deploying capital. The focus on asset-based lending with structural protections and conservative loan-to-value ratios provides the portfolio with resilience through commodity and economic cycles.
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] Gross realised capital is total gross income realised on invested capital.
[2] Metrics based on the current portfolio.
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