Final Results for the period ended 31 Dec 2019
Updated : 10:58
Riverstone Credit Opportunities Income Plc
Final results for the period ended 31 December 2019
London, UK 20 February 2020: Riverstone Credit Opportunities Income Plc ("RCOI" or the "Company") announces its Annual Results for the period (the "Period") from 28 May 2019 to 31 December 2019.
Highlights
§ As of 31 December 2019, RCOI had a NAV of $101.35 million and NAV per share of $1.014.
§ As of 31 December 2019, of the $100 million of cash raised in the IPO, $43.7 million has been cumulatively invested with a total of $81.7 million cumulatively committed.
§ As of today, $61.8 million has been cumulatively invested with a total of $90.4 million cumulatively committed to investments.
Summary Performance
31 December 2019
Key Financials (Audited)
NAV | $101.35 million |
NAV per share | $1.014 |
Market capitalisation | $95.5 million |
Share Price | $0.955 |
Total comprehensive income for the period | $3.35 million |
Quarterly Dividend
§ Riverstone Credit Opportunities Income Plc ("RCOI" or the "Company") is pleased to announce that the interim dividend for the period year ending 31 December 2019 of 2.57 cents per share, has been declared by the Directors, payable on 27 March 2020 to holders of ordinary shares on the register at the close of business on 28 February 2020 (ex-dividend date is 27 February 2020).
§ The Company's factsheet will be located on the Company's website, www.RiverstoneCOI.com.
Project Beach II Execution & Realisation
§ Project Beach II Execution & Realization - RCOI purchased from the market an allocation in a first lien term loan that was previously originated by and currently in the portfolio of Riverstone's private credit funds. The loan was to a sponsor-backed services company that is a leading, independent transloader of proppant in the US. At closing on January 14th, 2020, $8.7mm was committed by RCOI. Subsequently on January 28th, 2020, the loan was repaid early as the borrower obtained a new source of financing. RCOI received $8.9mm on the $8.7mm invested which represented a 64.0% IRR and a 1.02x Multiple on Invested Capital.
Manager Outlook
§ The investment opportunity for RCOI remains robust with several actionable investments in various stages of review and negotiation. The Company continues to actively evaluate new investment opportunities.
§ The Investment Manager believes the lack of financing available to energy companies in the public markets has created a wide investment universe for RCOI to capitalise on.
§ 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.
Reuben Jeffery III, Chairman of RCOI, commented:
"In its first eight months of operation, RCOI has successfully executed upon its strategy and deployed its capital into a diversified portfolio of income-generating investments. As a result, we are pleased to announce a dividend that exceeds our initial targeted distribution for the period."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of Riverstone, added:
"Industry-wide, energy companies have faced significant challenges in accessing capital, and last year's market conditions for financing were especially difficult. This dynamic has created a strong pipeline of investment opportunities for RCOI, as it continues to employ its disciplined approach to generate attractive risk-adjusted returns for shareholders."
- Ends -
RCOI's Prospectus is available to view at: www.RiverstoneCOI.com
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
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