Edison Investment Research Limited
London, UK, 30 January 2024
Edison issues update on Riverstone Credit Opportunities Income (RCOI): Continues to deliver an 8-10% dividend yield Riverstone Credit Opportunities Income (RCOI) reported an FY23 NAV total return (TR) of 6.0%, with continued steady income from its fully invested portfolio, though with some headwinds from the valuation of warrants. RCOI paid three quarterly dividends of 2.0 US cents per share for 9M23, and is therefore on track to deliver at least the lower bound of its targeted dividend yield of 8-10% on its IPO price of US$1.00. At the current 18.2% discount to NAV, RCOI's last 12-month dividend translates into an annualised dividend yield of c 10%. RCOI highlighted that, based on existing portfolio commitments, the company was nearly fully invested as at end-September 2023. In December, RCOI announced the successful realisation of the Clean Energy Fuels loan, achieving a 14.9% gross internal rate of return (IRR) and a 1.14x gross multiple on invested capital (MOIC). A successful redeployment of the proceeds would facilitate RCOI's sustained income generation potential. We also note that in December 2023, RCOI announced the amendment and extension of the Blackbuck loan, with its economic terms adjusted for an all-in yield to maturity (YTM) of 17%. RCOI's total portfolio was held at a 1.22x MOIC at end-December 2023, slightly above the 1.18x MOIC on its realised investments since inception. Click here to view the full report. All reports published by Edison are available to download free of charge from its website www.edisongroup.com About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. Having been the first company in-market 17 years ago, Edison has more than 100 employees and covers every economic sector. Headquartered in London, Edison also has offices in New York, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information, please contact Edison: Milosz Papst +44 (0)20 3077 5700investmenttrusts@edisongroup.com Learn more at www.edisongroup.com and connect with Edison on: LinkedIn www.linkedin.com/company/edison-group-/ Twitterwww.twitter.com/Edison_Inv_Res YouTube www.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group. |
1826203 30-Jan-2024
