Edison update on Riverstone Credit
London, UK, 4 October 2022
Edison issues update on Riverstone Credit Opportunities Income (RCOI)
Riverstone Credit Opportunities Income is a closed-end fund that invests in mid-market energy company credit mostly via direct loans. This is a niche sector of low loan to value, delayed draw loans of relatively short duration, often employed as bridge loans by the borrowers. RCOI can invest broadly across the sector but has been repositioning towards entities building infrastructure and providing infrastructure services as well as those focused on the energy transition to zero carbon. Asset quality has been holding up well and the last three loan realisations had gross IRRs of 14-21%, while management sees a good pipeline. We note the fully funded 8.5% dividend yield and the 16% NAV discount. RCOI started a share buyback programme in July, because the board believes the shares do not reflect the portfolio value and high-performing strategy.
The shares are trading at a 16% discount to NAV with a trailing dividend yield of 8.5%. RCOI has a policy of distributing all income after expenses and taxes.
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