Riverstone Credit Opps. Inc PLC Edison issues update on Riverstone Credit Opp. Inc
07 September 2023 - 9:59AM
RNS Non-Regulatory
TIDMRCOI
Riverstone Credit Opps. Inc PLC
07 September 2023
London, UK, 7 September 2023
Edison issues update on Riverstone Credit Opportunities Income
(RCOI)
Riverstone Credit Opportunities Income (RCOI) reported an H123
NAV total return (TR) of 4.1%, with all loan investments in its
portfolio performing to plan (also with respect to key
sustainability performance indicators embedded in the loan terms).
In June 2023, RCOI participated in the refinancing of the
Streamline Innovations loan, which allowed it to realise a gross
internal rate of return (IRR) of 23.6% and multiple on invested
capital (MOIC) of 1.29x on the original US$13.8m loan (after a
holding period of 13 months). RCOI reinvested US$9.9m into a new
loan to Streamline Innovations, with an estimated all-in yield to
maturity of 13%. It declared a quarterly dividend of 2.0 US cents
per share (in line with the previous quarter). At the current c 17%
discount to NAV (including income), the last 12-month (LTM) payment
now implies a c 10% dividend yield.
RCOI's targeted dividend yield of 8-10% on its IPO price of
US$1.00 looks well covered (assuming no portfolio defaults). This
is underpinned by the normalisation in the interest rate
environment (current Secured Overnight Financing Rate, SOFR, of c
5.30%), confidence that RCOI will stay close to fully invested, as
well as key portfolio metrics. These metrics include (on a weighted
average basis as at end-June 2023): 1) a floating rate spread of
710bp, 2) a call premium at entry of 102.6%, 3) a structuring fee
and/or original issue discount of 97.5% par and 4) a moderate loan
to value ratio of 40%.
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