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Riverstone Credit Opportunities Income

LN: RCOI

Market Cap$77m

Last Close $0.85

RCOI’s objective is to generate stable current income and growth in net asset value by investing in a diversified portfolio of senior secured loans to mid-market energy infrastructure and infrastructure service-focused companies across conventional and low-carbon/renewable energy sources. There is a focus on US companies, but RCOI invests across end-markets to provide synergies and hedges to enhance portfolio stability.

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Investment summary

Riverstone Credit Opportunities Income (RCOI) 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 (LTV), 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 energy transition to zero carbon. Its most recent loans have been green certified and/or had sustainability-linked clauses with step-up penalties for non-compliance; all-in yields on new loans have remained good in the range of 11–13.5%. RCOI is trading at a significant discount to NAV (16%) despite an attractive, fully funded 8% dividend yield (RCOI pays all proceeds after expenses and with no fixed management charge) and all its investment exits have been profitable.

Content on Riverstone Credit Opportunities Income
Riverstone Credit Opportunities Income – ESG repositioning continues
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Riverstone – executive interview
Investment companies | Edison TV | 13 December 2021
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