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Riverstone Credit Opportunities Income (LSE:RCOI), an LSE-listed investor specializing in energy infrastructure and energy-transition credit, has issued a statement regarding its investment in Harland & Wolff Group Holdings Plc (Harland & Wolff). The announcement follows recent developments related to Harland & Wolff's financial strategy.
Investment Overview
RCOI, alongside other funds managed by Riverstone Investment Group LLC (Riverstone) and its affiliates, is a co-investor in a $115 million loan extended to Harland & Wolff. RCOI's share of this loan totals $14.6 million. In August 2024, Riverstone credit funds provided an additional $25 million capital investment in a new super priority position, increasing the total commitment to $140 million.
Terms of the Super Priority Facility
The new Super Priority Facility has been structured with the same interest rate as the Existing Facility, accruing interest at SOFR plus 900 basis points (100% paid-in-kind). The facility includes a 25% repayment premium, while the repayment premium for the Existing Facility has been adjusted to 30%. This restructuring also included recharacterizing the $15 million upsize of the facility completed in February 2024, which RCOI did not participate in, as part of the Super Priority Facility.
Strategic Moves by Harland & Wolff
The new financing is intended to stabilize Harland & Wolff’s liquidity and support a long-term capital solution. Harland & Wolff has engaged Rothschild & Co as its financial adviser to explore strategic options and has made changes to its senior management and board of directors to better address its financial challenges.
RCOI's Position
RCOI did not participate in the Super Priority Facility due to its entry into managed wind-down and its previous concentration limit with Harland & Wolff. The Company is focused on expediting the return of cash amid ongoing uncertainties. Currently, RCOI’s cash balances are invested in money markets, generating a healthy risk-free return.
