22 April 2025

LEI: 213800KSL6C11YUB3H11

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Riverstone Credit Opportunities Income

Investment and Quarterly Update

Riverstone Credit Opportunities Income ("RCOI" or the "Company"), the LSE-listed energy infrastructure and energy-transition credit investor, announces its portfolio performance for the quarter ended 31 March 2025.

Portfolio Highlights & Expected Capital Return

NAV/share was $0.88 on 31 March 2025, a decline of $0.04/share over the quarter. This change was largely driven by the Company's investments in Harland & Wolff, Seawolf and Max Midstream. 

The Harland & Wolff administration continues to move forward with an expected distribution of an additional $3.1 million by the end of April.  While the amount being distributed is slightly higher than expected, the total amounts available to the Company on 31 March 2025 are slightly lower than expected as of 31 December 2024. The total reduction in the value of this investment was $1.4 million, or approximately $0.02/share. The key components of the adjustment include the write-off of interest accrued (which is a non-cash adjustment), additional accrued interest for the super-priority facility, and an increased reserve retained to support the development of the Islandmagee project. These were partially offset by favorable foreign exchange movements.  The Company is expecting one final distribution from the Administration in the amount of $1.1million (based on exchange rates as of 31 March 2025).

Seawolf's business remains strong, albeit facing uncertainty given recent market disruptions. Trailing earnings for the first quarter were lower, however, leading to a modest reduction in the value of the equity portion of the investment. The total reduction in the value of this investment was $0.4 million, or $0.01/share.

Max Midstream is working through a number of different refinancing options and requested more time from the administrative agent, on behalf of the Company and other RCP lenders, to execute these plans. Accordingly, the lenders agreed to extend the loan to Max Midstream until the end of June 2025. In connection with the extension, a 2% per month extension fee was assessed and certain provisions within the loan agreement strengthened. Because the extension was pending on 31 March 2025, the loan was initially marked down from its valuation as of 31 December 2024. The total reduction in the value of this investment was $0.2 million or less than $0.01/share. The payment of the extension fee to the Company (equal in aggregate to $0.3 million) subsequent to the quarter end is expected to offset this mark down. The Company remains confident the loan will be repaid in full, albeit over a longer timeframe than previously anticipated.

Due to higher than normal expenses in the quarter ending 31 March 2025, it is anticipated that the Company will only be able to pay a nominal dividend for this quarter.

However, once the Company has received its expected cash payment from Harland & Wolff, it anticipates returning cash to Shareholders equal to approximately $16.0-17.0 million via a mandatory Share redemption. The Company will make a further announcement in due course.

Portfolio Summary and Key Performance Indicators

·    Portfolio of 100% floating rate, short duration, senior secured loans, from investing in companies engaged in driving forward the energy transition

·    29.5% NAV total return⁵ achieved since IPO in May 2019

·    38.8 cents in dividends paid since inception⁶

Cumulative Portfolio Summary

Unrealised Portfolio[1]

Realised Portfolio

The Gross Realised Capital column includes interest, fee income, and principal received. The Gross Unrealised Value column includes the amortization of OID, accrued interest, fees and any unrealised change in the value of the investment.

For Riverstone Credit Opportunities Income Plc:

Adam Weiss

+1 212 271 2953

Media Contacts:

Burson Buchanan

About Riverstone Credit Opportunities Income Plc :

RCOI lends to companies that build and operate the infrastructure used to generate, transport, store and distribute both renewable and conventional sources of energy, and companies that provide services to that infrastructure. RCOI also lends to companies seeking to facilitate the energy transition by decarbonizing the energy, industrial and agricultural sectors, building sustainable infrastructure and reducing or sequestering carbon emissions. The Company seeks to ensure that its investments are having a positive impact on climate change by structuring each deal as either a green loan or a sustainability-linked loan, documented using industry best practices.

As previously announced, on January 2, Riverstone Holdings LLC, and their affiliate Riverstone Investment Group (collectively, "Riverstone") entered into a sub management agreement for RCOI with Breakwall Capital LP.  Breakwall is an independent asset manager regulated by the SEC as a Registered Investment Advisor. It is owned and operated by the former members of the Riverstone Credit Partners team.

For further details, see https://www.riverstonecoi.com/.

Neither the contents of RCOI's website nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.