Edison Investment Research Limited
London, UK, 3 May 2021
Riverstone Credit Opportunities Income (RCOI): ESG repositioning continues
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, 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.
The shares are trading at a 16% discount to NAV with a trailing dividend yield of 8.0%. RCOI has a policy of distributing all income after expenses and taxes.
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