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Portfolio

Portfolio

Current Portfolio

Project Alp

RCOI participated in a $55.0 million first lien delayed-draw term loan to a sponsor-backed E&P company with operations focused in the Northern Delaware Basin of New Mexico. The term loan closed in June 2019. At closing, $13.3 million was committed by RCOI. The first lien term loan has a maturity of June 2022 and an all-in expected yield to maturity of 13.7% on a fully drawn basis. Use of proceeds is to fund capital expenditures in Lea County, NM subject to compliance with an Approved Plan of Development and to pay fees, costs and expenses related to the term loan.

Project Boulder II

RCOI participated in a recapitalization of a sponsor-backed company that is the leading specialty rental provider of containers and mobile asset management solutions across the energy, industrial, refining, and petrochemical industries. The sponsor invested over $100 million of new cash equity and the lenders, including Riverstone’s private credit funds and RCOI put up a total of $225 million to completely refinance the existing capital structure. At closing in October 2020, $7.4 million was committed by RCOI. The first lien term loan has a maturity of October 2024 and an expected all-in yield to maturity of 10.4% for RCOI.

RCOI participated in a $50.0 million first lien delayed-draw term loan to a sponsor-backed E&P company with operations focused in the dry gas window of the Eagle Ford Basin. The term loan closed in July 2019. At closing, $12.3 million was committed by RCOI. The first lien term loan has a maturity of July 2021 and an all-in expected yield to maturity of 13.3% on a fully drawn basis. Use of proceeds from the credit facility is to fund capital expenditures in Webb and La Salle Counties, other capital expenditures relating to existing and future upstream assets, and operating expenses.

RCOI participated in a $75.0 million first lien delayed-draw term loan to a sponsor-backed midstream company that will provide propane purity offtake transportation to the Houston, TX export market. The term loan closed in December 2019. At closing, $14.8 million was committed by RCOI. The first lien term loan has a maturity of December 2022 and an all-in expected yield to maturity of 11.6% on a fully drawn basis. Use of proceeds from the credit facility is for the construction of a new propane pipeline from Robstown and Corpus Christi, TX to Sweeney, TX.

RCOI originally participated in a $140.0 million first lien term loan for a privately-held company that provides vessel and logistic services including cargo handling and towing, as well as tugboat, ship assist, and escort services predominantly focused on the energy sector. At initial closing in July 2019, $14.9 million was committed by RCOI. RCOI subsequently sold a portion of its position to third parties, resulting in a $12.3 million commitment as of 31 March 2020. On 13 April 2020, RCOI participated in a new $7.0 million pari-passu revolver tranche to provide working capital liquidity to the company, with a commitment of $1.0 million, bringing total RCOI exposure to $13.3 million. The first lien term loan and revolver have a maturity of July 2022 and an all-in expected yield to maturity of 12.6% on a fully drawn basis. Use of proceeds of the term loan is to fund the recapitalisation of the Company to settle all indebtedness, fund the refurbishment of two motor vessels, and to pay fees, costs and expenses related to the term loan. Use of proceeds of the revolver is to fund working capital and pay costs and expenses related to the revolver.

RCOI participated in a $10.0 million upsize of RCP’s commitment to a $65.0 million first lien Holdco term loan for a sponsor-backed Bakken focused midstream company that provides crude oil and natural gas gathering and processing, produced water transportation and disposal, and freshwater sourcing and transportation. RCP closed the initial $65.0 million financing in June 2018. The term loan upsize closed in August 2019. At closing, $3.4 million was committed by RCOI. The first lien holdco term loan has a maturity of June 2022 and an all-in expected yield to maturity of 12.3% on a fully drawn basis. Use of proceeds, combined with an Opco revolving credit facility draw, was to fund an acquisition.

RCOI participated in a $75.0 million first lien term loan to a sponsor-backed midstream company that provides crude gathering, storage and blending services to a diversified footprint of producers in the core of the Delaware Basin. The term loan closed in March 2020. At closing, $13.7 million was committed by RCOI. The first lien term loan has a maturity of March 2023 and an all-in expected yield to maturity of 11.7% on a fully drawn basis. Use of proceeds from the credit facility is to fund the acquisition of the crude gathering and terminaling system from its parent company, fund capex associated with the standalone system, and pay transaction fees and expenses associated with the transaction.

RCOI participated in a $25.0 million upsize of RCP’s commitment to a $105.0 million first lien term loan for a privately-owned, midstream company that provides fluids management, primarily produced water hauling, flow-back management, and salt-water disposal infrastructure in the SCOOP, STACK, and MERGE plays in Central Oklahoma. RCP closed the initial $105.0 million financing in November 2018. The term loan upsize closed in May 2019. At closing, $5.8 million was committed by RCOI and is fully invested. The first lien term loan has a maturity of November 2021 and an all-in expected yield to maturity of 13.6% on a fully drawn basis. Use of proceeds was to fund an acquisition.

Realized Portfolio

RCOI purchased from the market an allocation in a first lien term loan that was previously originated by and currently in the portfolio of Riverstone’s private credit funds. The sale closed in January 2020. At closing, $8.7 million was committed by RCOI. The first lien term loan has a maturity date of September 2020. The loan was provided to a sponsor-backed services company that is a leading, independent transloader of proppant in the US with a significant presence in the Permian, Eagle Ford and Haynesville.

RCOI participated in a $65.0 million first lien delayed-draw term loan to a sponsor-backed exploration & production company focused on the acquisition and unconventional development of oil and gas properties in the DJ Basin of Colorado. The term loan closed in November 2019. At closing, $13.8 million was committed by RCOI. The first lien term loan has a maturity of November 2022 and an all-in expected yield to maturity of 14.1% on a fully drawn basis. Use of proceeds is to repay the existing RBL, fund D&C activity in northeast Weld County subject to a plan of development, fund midstream and certain leasehold extension payments and pay related transaction fees and expenses. RCOI participated in a $55.0 million first lien delayed-draw term loan to a sponsor-backed E&P company with operations focused in the Northern Delaware Basin of New Mexico.

RCOI participated in a $25 million upsize of RCP’s original commitment to a sponsor-backed exploration & production pure-play Eagle Ford shale operator that has amassed a ~27k net acre position in Lavaca and Dewitt counties. At closing, $6 million was committed by RCOI with a small portion invested through Q2 2019. The first lien term loan has a maturity of July 2021 and an all-in expected yield to maturity of 16.1% on a fully drawn basis. Use of proceeds of the upsize is to drill and complete five wells in Lavaca County and fund associated midstream capital spend.