Last checked at 
23 Jan 2023 07:00
23 January 2023
Riverstone Credit Opportunities Income Plc
New Sustainability-Linked Energy Infrastructure Investment
Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, is pleased to announce that Riverstone Investment Group LLC, the Company's investment manager has executed a new $28.6 million sustainability-linked, first lien term loan (the "Term Loan") to a subsidiary of Max Energy Industrial Holdings US LLC ("MAX"). At close on 30 December 2022, RCOI committed $5.0 million. With this investment, RCOI is 102% committed and approaching 100% invested following a draw on its recently announced revolving credit facility. The portfolio remains almost exclusively comprised of green and sustainability-linked loans.
MAX is developing the first carbon-neutral crude oil export terminal on the Gulf Coast of Texas which it believes will lead to increased market share as crude consumers globally seek to reduce their overall carbon footprint. The first lien floating rate term loan has a maturity of 3 January 2024, with annual renewals for a maximum of 3 years in total, and a cash coupon paid of SOFR+650 bps.
Christopher Abbate, Managing Director of Riverstone Credit, said:
"We are pleased to provide this sustainability-linked financing to MAX so that the company can help partners and customers meet their sustainability goals through access to valuable carbon-neutral energy infrastructure. Given the strong asset coverage and short duration, the investment represents an excellent addition to RCOI's fully invested portfolio that is now almost exclusively comprised of independently accredited green and sustainability-linked loans."
For Riverstone Credit Opportunities Income Plc:
Adam Weiss +1 212 271 2953
J.P. Morgan Cazenove (Corporate Broker):
Jérémie Birnbaum (Corporate Finance) +44 0 (207) 742 4000 | |
James Bouverat / Liam MacDonald-Raggett (Sales) |
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Media Contacts:
Buchanan |
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Helen Tarbet Henry Wilson Jon Krinks Verity Parker | Tel: +44 (0) 20 7466 5109 Tel: +44 (0) 20 7466 5111 Tel: +44 (0) 20 7466 5199 Tel: +44 (0) 20 7466 5197 Email: rcoi@buchanan.uk.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 Max Energy
Max Energy is creating a modern and evolved Energy Asset and Trading Company. Throughout its development, it will instill innovation, forward-thinking, and new solutions for its markets and customers. As the world's energy needs and requirements are rapidly changing, Max Energy is prepared to offer value-driven solutions for today and the future. Through its subsidiary Max Midstream, it operates a carbon neutral export terminal at the Port of Calhoun, Texas and linking pipeline on the US Gulf Coast.
For further information about Max Energy and Max Midstream, visit https://www.maxmidstream.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.