Riverstone Credit Opportunities Income - Continues to benefit from healthy yields
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.
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