Riverstone Credit Opps. Inc PLC Interim Management Statement (8157N)
May 26 2020 - 2:01AM
UK Regulatory
TIDMRCOI
RNS Number : 8157N
Riverstone Credit Opps. Inc PLC
26 May 2020
Riverstone Credit Opportunities Income Plc
Interim Management Statement
London, UK 26 May 2020: Riverstone Credit Opportunities Income
Plc ("RCOI" or the "Company") is issuing this Interim Management
Statement ("IMS") for the period from 01 January 2020 to 31 March
2020 (the "period").
Highlights
Key Financials (unaudited)
o NAV as at 31 March 2020 $96.95 million
o NAV per share as at 31 March 2020 $0.969
o Market capitalisation at 31 March
2020 $38.7 million
o Profit/(loss) during period $(1.8) million
-- As of 31 March 2020, RCOI had a NAV per share of $0.969.
Quarterly Dividend
-- Riverstone Credit Opportunities Income Plc ("RCOI" or the
"Company") is pleased to announce the interim dividend for the
period ending 31 March 2020 of 1.8 cents per share, has been
declared by the Directors, payable on 26 June 2020 to holders of
ordinary shares on the register at the close of business on 5 June
2020 (ex-dividend date is 4 June 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 has been highly
volatile due to the acceleration of the coronavirus pandemic
globally as well as developments related to OPEC+ which have been
changing rapidly. These dynamics have created significant
dislocations in the energy market, and many small and middle market
companies are expected to need capital. In addition to providing
support to existing portfolio companies, the Investment Manager
expects to take advantage of opportunities that arise from the
difficulties borrowers are facing in terms of access to
financing.
Reuben Jeffery III, Chairman of RCOI, commented:
"Financial markets globally are currently experiencing
tremendous volatility and headwinds due to the global COVID-19
pandemic. Despite this, RCOI is still able to distribute a dividend
and remains focused on managing its portfolio through this
challenging period. In addition, the Company will be returning
uncommitted capital to shareholders through an ongoing share
buy-back program."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of Riverstone, added:
"The energy markets are going through a period of unprecedented
decline. However, RCOI's portfolio has remained resilient on a
relative basis compared to the markets more broadly, and we believe
that its differentiated investment strategy focused on downside
protection will support the ability to protect principal and
weather through this difficult time."
- Ends -
RCOI's Prospectus is available to view at:
www.RiverstoneCOI.com
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. 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 an initial focus on
North America. RCOI intends to create a diversified portfolio
across basins, commodities, and end-markets to provide natural
synergies and hedges that could enhance 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 from hyperlinks on the
websites (or any other website) is incorporated into, or forms part of, this announcement.
Media Contacts
For Riverstone Credit Opportunities Income Plc:
Daniel Lim
+1 212 271 6266
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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