London, UK, 12 March 2021

Riverstone Credit Opportunities Income (RCOI): initiation - Niche energy infrastructure lending

Riverstone Credit Opportunities Income (RCOI) is a closed-end fund that invests in mid-market energy company credit mostly via direct loans. Broadly across the sector, the lending includes infrastructure and infrastructure services across conventional and recently renewable energy sources. Energy lending is a specialist niche and RCOI benefits from being part of Riverstone, a leading energy-focused US investment company that has raised $41bn in capital since 2000. The average RCOI loan YTM is 12.5% and despite the pandemic and low oil prices, there have been no portfolio losses. The NAV has been resilient (12% total return since IPO in May 2019), but energy sector and oil price concerns, coupled with low share liquidity, have led to a 20% NAV discount and a dividend of 8.3%.

The shares are trading at a 20% discount to NAV with a trailing dividend yield of 8.3%. RCOI has a policy of distributing all income after expenses and taxes.
 

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