Riverstone Credit Opportunities Income
Riverstone Credit Opportunities Income Plc
London, UK 9 April 2021: Riverstone Credit Opportunities Income Plc ("RCOI" or the "Company") has announced it has partially realised one investment:
§ Pursuit Oil & Gas - RCOI originally participated in a first lien delayed-draw term loan to a sponsor-backed E&P company with operations focused in the dry gas window of the Eagle Ford Basin. The loan initially closed on 23 July 2019. The Company was able to keep the vast majority of their wells online during the Texas freeze in February 2021, benefiting from the sharp, temporary increase in natural gas prices. This resulted in excess liquidity and a portion of the proceeds were used to paydown 30% of outstanding principal, along with interest and fees at the 2.5% call premium. RCOI's remaining commitment is $8.4 million.
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 various energy subsectors, commodity exposures, technologies and end-markets to provide natural synergies that aim to 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: