Last checked at 
9 Oct 2020 07:00
Riverstone Credit Opportunities Income Plc
Portfolio Update
London, UK 9 October 2020: Riverstone Credit Opportunities Income Plc ("RCOI" or the "Company") has announced it has originated and executed a new transaction and participated in secondary market opportunities:
§ Project Boulder II - RCOI participated in a recapitalization of a sponsor-backed company that is the leading specialty rental provider of containers and mobile asset management solutions across the energy, industrial, refining, and petrochemical industries. The sponsor invested over $100 million of new cash equity and the lenders, including Riverstone's private credit funds and RCOI put up a total of $225 million to completely refinance the existing capital structure. At closing on 1 October 2020, $7.4 million was committed by RCOI. The first lien term loan has a maturity of October 2024 and an expected all-in yield to maturity of 10.4 per cent for RCOI.
§ Secondary Activity - RCOI opportunistically purchased two loans in the secondary market during Q3 2020. The loans are highly liquid, first lien secured loans to high quality private energy companies. The weighted average yield to maturity on the loans is 5.1%, which is below our stated yield objective, but is significantly higher than the rate earned in cash. As new private investment opportunities arise, such as Project Boulder II, we would expect to sell these loans in the open market. In the interim, we believe these loans further diversify our portfolio and provide additional support for the Company's dividend.
Following the closing of these transactions, RCOI is 96.0 per cent. committed and 91.7 per cent. invested. Capital that has been committed but not yet invested is generating income through undrawn fees. The team continues to actively evaluate a pipeline of additional transactions.
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 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:
Daniel Lim
+1 212 271 6266