Riverstone Credit reports 20% IRR on Streamline Innovations loan exit

LONDON - Riverstone (LON:RSER) Credit Opportunities Income Plc (RCOI) announced Monday that it successfully exited its first lien green term loan with Streamline Innovations, achieving a 20% gross internal rate of return (IRR) and a 1.33x gross multiple on invested capital.

The LSE-listed energy infrastructure and energy-transition credit investor reported a modest increase in its net asset value (NAV) per share to $0.90 as of June 30, up $0.02 from the previous quarter. The company attributed the growth to improved valuations, extension fees, and tax refunds from its remaining loan investments.

RCOI also completed a compulsory redemption of approximately 28% of its ordinary shares in May, which the company described as "material positive progress" in its managed wind-down strategy. Additionally, the firm received a $3.5 million cash payment from Harland & Wolff on May 12.

The company’s portfolio consists entirely of floating rate, senior secured loans with short durations, focused on companies involved in the energy transition sector. Since its IPO in May 2019, RCOI has achieved a 31.5% NAV total return and paid 38.9 cents in dividends.

RCOI’s unrealized portfolio includes investments in various sectors including infrastructure services, energy transition, and traditional infrastructure. The company’s realized portfolio shows returns ranging from 1.01x to 1.46x gross multiple on invested capital across various investments.

In January, Riverstone Holdings LLC and Riverstone Investment Group entered into a sub-management agreement for RCOI with Breakwall Capital LP, an SEC-regulated independent asset manager owned by former members of the Riverstone Credit Partners team.

The information in this article is based on a press release statement from Riverstone Credit Opportunities Income.

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