- Title:
2Q21 Portfolio Valuations & Recent Activity - Time:
07:00:08 - Date:
23 Jul 2021 - Category:
Corporate updates - ID:
1930G
Riverstone Credit Opportunities Income Announces 2Q21 Quarterly Portfolio Valuations & Recent Activity
London, UK (23 July 2021) - Riverstone Credit Opportunities Income ("RCOI") announces its quarterly portfolio summary as of 30 June 2021, inclusive of updated quarterly unaudited fair market valuations:
As of 30 June 2021, the unaudited net asset value per Ordinary Share, including net revenue for the quarter ended 30 June, was $1.03.
Business Update
In June 2021, RCOI launched a new webcast, called "Energy Expansion", that will be focused on important themes within our sector and include interviews with executives and thought leaders in the industry. Two interviews, one with a community solar CEO and one with counsel discussing sustainable finance, have been completed to date with others expected in the near future. You can find the interviews here: https://www.riverstonecoi.com/market/energy-expansion-webcast
Cumulative Portfolio Summary
Unrealised Portfolio[1]
| Investment Name |
Subsector |
Commitment Date |
Cumulative Committed Capital ($mm) |
Cumulative Invested Capital ($mm) |
Gross Realised Capital ($mm)1 |
Gross Unrealised Value ($mm) |
Gross Realised Capital & Unrealised Value ($mm) |
% of Par as of 30 June 20212 |
Gross MOIC |
| Project Mariners |
Infrastructure Services |
Jul-19 |
13.2 |
13.2 |
6.4 |
10.5 |
16.9 |
107.43% |
1.25 x |
| Caliber Midstream |
Midstream |
Aug-19 |
3.4 |
3.4 |
0.4 |
2.0 |
2.4 |
49.07% |
0.71 x |
| Caliber Midstream Revolver |
Midstream |
Apr-21 |
0.6 |
0.6 |
0.0 |
0.6 |
0.6 |
91.75% |
1.01 x |
| Epic Propane Pipeline |
Midstream |
Dec-19 |
14.8 |
14.8 |
1.9 |
15.4 |
17.3 |
101.33% |
1.17 x |
| FS Crude |
Midstream |
Mar-20 |
13.7 |
13.7 |
9.1 |
6.7 |
15.8 |
98.89% |
1.15 x |
| Hoover Circular Solutions |
Infrastructure Services |
Oct-20 |
7.4 |
7.4 |
4.0 |
4.0 |
8.0 |
100.64% |
1.08 x |
| Aspen Power Partners |
Energy Transition |
Dec-20 |
6.9 |
3.4 |
0.3 |
3.6 |
3.9 |
103.03% |
1.16 x |
| U.S. Shipping |
Midstream |
Feb-21 |
6.5 |
6.5 |
0.4 |
6.5 |
6.9 |
100.35% |
1.07 x |
| Roaring Fork Midstream |
Midstream |
Mar-21 |
5.9 |
2.7 |
0.2 |
2.8 |
3.0 |
99.81% |
1.11 x |
| Imperium3NY LLC |
Energy Transition |
Apr-21 |
6.8 |
5.4 |
1.3 |
4.8 |
6.1 |
109.90% |
1.14 x |
| Blackbuck Resources LLC |
Infrastructure Services |
Jun-21 |
9.9 |
8.9 |
0.2 |
8.9 |
9.0 |
98.50% |
1.02 x |
| |
|
|
$89.0 |
$79.8 |
$24.2 |
$65.7 |
$89.9 |
|
1.12 x |
Realised Portfolio
| Investment Name |
Subsector |
Commitment Date |
Realisation Date |
Cumulative Committed Capital ($mm) |
Cumulative Invested Capital ($mm) |
Gross Realised Capital ($mm)1 |
Gross MOIC2 |
| Rocky Creek Resources |
Exploration & Production |
Jun-19 |
Dec-19 |
6.0 |
4.3 |
4.9 |
1.15 x |
| CIG Logistics |
Infrastructure Services |
Jan-20 |
Jan-20 |
8.7 |
8.7 |
8.9 |
1.02 x |
| Mallard Exploration |
Exploration & Production |
Nov-19 |
Apr-20 |
13.8 |
6.8 |
7.7 |
1.13 x |
| Market Based |
Multiple |
Aug-20 |
Nov-20 |
13.4 |
13.4 |
13.6 |
1.01 x |
| Project Yellowstone |
Midstream |
Jun-19 |
Mar-21 |
5.8 |
5.8 |
7.2 |
1.23 x |
| Ascent Energy |
Exploration & Production |
Jun-19 |
Jun-21 |
13.3 |
13.3 |
16.1 |
1.21 x |
| Pursuit Oil & Gas |
Exploration & Production |
Jul-19 |
Jun-21 |
12.3 |
12.3 |
15.0 |
1.22 x |
| |
|
|
|
$73.4 |
$64.6 |
$73.4 |
1.14 x |
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 June 20214 |
|
| Weighted Avg. Entry Basis |
97.1% |
| Weighted Avg. All-in Coupon at Entry |
9.34 p.a. |
| Weighted Avg. Undrawn Spread at Entry |
4.4% p.a. |
| Weighted Avg. Tenor at Entry |
3.0 years |
| Weighted Avg. Call Premium at Entry |
108.5 |
| Security |
100% Secured |
| Coupon Type |
100% Floating Rate |
Manager Outlook
§ The second quarter continued to see an uptick in oil prices and strengething in supply and demand fundamentals in the market. The portfolio has continued to show resiliency throughout the past year and RCOI is well positioned to capitalise on the increasing market fundamentals through an opportunistic investment strategy and diversified portfolio.
§ The Investment Manager believes the focus on infrastructure, infrastructure services and energy transition investment opportunities will provide downside protection and allow the portfolio to continue to generate positive returns and income for shareholders.
Reuben Jeffery III, Chairman of RCOI, commented:
"Given the vastly improving commodity sector and strong realisations in the first half of 2021, we remain optimistic about RCOI's ability to generate value for shareholders. The Company currently has a net asset value per share of $1.03 and has returned over 17 cents per share to investors since the IPO".
Christopher Abbate and Jamie Brodsky, Co-Founders of Riverstone Credit, added:
"Following the Q2 2021 realisations in Ascent Energy and Pursuit Oil & Gas, we are very pleased with our overall performance in the upstream sector, as well as the fact there is no upstream exposure today. We believe there remains a very attractive pipeline of investment opportunities within the infrastructure, infrastructure services and energy transition sectors, which will allow us continued consistency of yield and principal preservation across our portfolio.
Although RCOI's position in the Caliber Midstream Term Loan was marked down in Q2 2021 as a result of their largest customer declaring bankruptcy in March of 2021, Riverstone remains active in its conversations with the Company, remain confident in our investment and believe an improving macro environment will strengthen the financial health of Caliber in 2H 2021."
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, which span conventional energy as well as low carbon and renewable sources. 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 a primary focus on infrastructure businesses and going forward those with de-carbonization strategies in North America. RCOI intends to create a diversified portfolio across basins, commodities, technologies 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.
For Riverstone Credit Opportunities Income Plc:
Jingcai Zhu
+1 212 271 6261
2Q21 Portfolio Valuations & Recent Activity07:00:0823 Jul 2021Corporate updates1930G