Final results for the half year ended 30 June 2020

RNS Number : 9746V

Riverstone Credit Opps. Inc PLC

13 August 2020

 

Riverstone Credit Opportunities Income   Plc

Final results for the half year ended 30 June 2020

London,  UK 13 August 2020: Riverstone Credit Opportunities Income Plc ("RCOI" or the "Company") announces its Half Year Resultsfor the period (the "Period") from 01 January 2020 to 30 June 2020.

 

Highlights

· Key Financials  

o NAV as at 30 June 2020	$97.66 million
o NAV per share as at 30 June 2020	$1.004
o Market capitalisation at 30 June 2020	$69.08 million
o Profit/(loss) during period	$2.46 million

 

§ As of 30 June 2020, RCOI had a NAV per share of $1.004.

Quarterly Dividend

§  Riverstone Credit Opportunities Income Plc ("RCOI" or the "Company") is pleased to announce the interim dividend for the period ending 30 June 2020 of 1.8 cents per share, has been declared by the Directors, payable on 25 September 2020 to holders of ordinary shares on the register at the close of business on 21 August 2020 (ex-dividend date is 20 August 2020).

§ The Company's factsheet will be located on the Company's website, www.RiverstoneCOI.com.

Manager Outlook

 

§ The Investment Manager's focus on asset-based lending with structural protections and conservative loan-to-value ratios has resulted in relatively strong fundamental performance during very challenging market conditions.   Despite the large number of investment opportunities that have been reviewed, the Investment Manager has remained very disciplined in deploying capital.

§ The current macro environment for energy continues to face a significant amount of volatility as the coronavirus pandemic continues to persist globally. While spot prices for oil have modestly improved, the uncertainty around global demand remains and continues to impact the broader energy market. In light of the current market dynamic, many companies will need access to capital and have limited options for financing. In addition to providing support to existing portfolio companies, the Investment Manager expects to take advantage of opportunities that arise from market dislocations and the limited capital available for energy companies.

Reuben Jeffery III, Chairman of RCOI, commented:

"Even though coronavirus continues to impact the markets, RCOI has been able to weather the current environment through its differentiated investment strategy. A strong emphasis on short duration investments with conservative loan-to-value ratios and protective provisions allows RCOI to yield a dividend to investors despite the turbulence in the broader markets. In addition, the Company executed buybacks during the quarter to return uncommitted capital to shareholders."

David M. Leuschenand Pierre F. Lapeyre Jr., Co-Foundersof Riverstone, added:

"We are currently going through an unprecedented period of history, both within the energy industry as well as the economy more broadly.  RCOI's portfolio has been able to withstand the tremendous difficulties in the market due to its focus on downside protection. We believe this period of limited capital availability can also yield attractive investment opportunities for private capital providers such as RCOI that can support long-term value creation 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 returnspredominantly in the form of income distributions, principally by making senior secured loans to smallandmiddle-market energy companies.The investment strategy is predicated on asset-basedlending, withconservative loan-to-value ratios andstructuralprotective features to mitigate risk.The Company willinvest broadly across energy subsectors globally,withaninitial focus on North America. RCOI intendstocreate a diversified portfolio acrossbasins, commodities, andend-markets to provide naturalsynergies andhedgesthat couldenhance 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 fromhyperlinkson the websites (or any other website) is incorporated into, or forms partof, this announcement.

Media Contacts

For   Riverstone Credit Opportunities Income   Plc:

Daniel Lim

[phone]

 

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